Our business model

Our business model

Marel’s business model is based on providing full-line solutions, software and services to the food processing industry, one of the most important value chains in the world.

With an emphasis on innovation, close partnership with customers and global reach across local markets, this model supports our vision of a world where quality food is produced sustainably and affordably.

Marel is focused on four business segments: Poultry, Meat, and Fish, in addition to Plant, Pet and Feed. Our revenue streams consist of projects, standard equipment and recurring sales of parts, services and software. Marel's strong track record of growth is evident in our journey from 45 employees at the time of listing in 1992, to around 7,000 employees working in more than 30 countries today. Our customer base is diverse, ranging from large international processors to local suppliers, with active customers in more than 140 countries.

Revenue in 2023

Our place in the value chain

Intelligent full-line integration

Marel's product line includes standalone equipment, integrated systems and full production lines, all controllable with our software solution Innova. Service support comes from our local presence on every continent.

Solutions at work

Marel is focused on putting its advanced, automated systems and solutions to work. That applies to every step of food processing, or from the farm gate to dispatch into various customer channels worldwide.

Full-line efficiency

Marel’s integrated line approach is made up of standard and modular building blocks that increase operational efficiency and minimize the risk of errors.

Innova Software Platform Change Wide Test2

Key industry segments

Poultry

Marel offers the most comprehensive product range of poultry processing solutions in the industry and has the largest installed base worldwide. We provide in-line poultry processing solutions for all processing steps. The growing duck market has become a third pillar within poultry processing alongside broilers and turkey. This has enabled Marel to leverage its global sales and service network and to expand into new markets.

Meat

Marel supplies advanced equipment and systems to the red meat industry, with a focus on primary processing, cut-up and deboning solutions for processors supplying products to retail and foodservice. Following the acquisitions of MPS, Sulmaq, MAJA and TREIF, we are now a full-line supplier from farm gate to finished pack. The recently added portfolio of interleaving, stacking, loading and slicing solutions from Sleegers strengthens our portfolio in the case-ready and prepared food segments.

Fish

Marel is the leading global supplier of advanced standalone equipment and integrated systems to the fish industry. We provide innovative solutions and software for processing whitefish and salmon, both farmed and wild, onboard and ashore. With the ongoing integration of the 2021 Curio and Valka acquisitions, we have been focused on accelerating our innovation roadmap, setting strategic direction and strengthening the Fish segment to drive further growth.

Plant, pet and feed

In 2022, Marel acquired Wenger, a worldwide leader in processing solutions centered around pet food, plant-based proteins and aqua feed. The acquisition was a platform investment into complementary and attractive new growth markets for Marel, which today form our fourth business segment. Over 60% of Wenger’s revenues derive from pet food, and the company has a global leading position within its focus market segments. Wenger has a strong foothold in the North American market, and over 40% of revenues come from services.

Balanced and resilient business model

Marel’s business model is based on providing full-line solutions and services to the food processing industry, one of the most important value chains in the world. With an emphasis on innovation, close partnership with customers, and global and local reach, this model supports our vision of a world where quality food is produced sustainably and affordably.

Our revenue streams consist of sales of standard equipment, major projects, and recurring sales of parts, services, and software licenses. We have a global customer base diversified across different industries, product mixes, and geographical areas, allowing us to achieve and maintain strong profitability throughout economic cycles.

Balance across segments, regions and business mix

Global reach, local presence

Throughout the years, Marel has built up a unique sales and service network that covers six continents. This extensive global reach and local presence are instrumental to our operational resilience and our ability to engage with, service and support our customers effectively. Our team of around 7,500 employees, located in more than 30 countries, allows us to serve companies of all sizes, ranging from the largest international food processing leaders to local niche producers, smaller retailers and butchers in more than 140 countries.

Mixed revenue streams drive resilience and synergies

Marel’s presence across various protein industries and regions optimizes our ability to transfer technical know-how, solutions and expertise. We build upon our technological advances in one industry by implementing them in another. This balance minimizes reliance on single industries and markets, reducing cyclicality and exposure to market demand fluctuations. Similarly, our customer base is very diversified, with no single customer contributing more than 5% of annual revenues.

Strong partnership with customers

Marel’s strong brand and unique product and service offering have earned customer loyalty to our solutions from the world’s leading food processors. Our longstanding partnerships are solid, built on teamwork and common goals across industries and borders. To read more about our business segments and customer stories highlighting our strong and long-standing customer relationships, please refer to the 2023 Annual Report.

Annual Report 2023

Innovating with our customers

We collaborate with customers to bring new and innovative solutions to life. Our customers bring best-in-class knowledge and fresh perspectives to the table, and together we push the boundaries of new food processing equipment, digital solutions and services. From idea to prototype, we are proud to work with forward-thinking food processors who are eager to test and co-create new solutions within their own plants and at our demo centers.

Building long-term partnerships

We build and maintain long-lasting relationships with our customers, going beyond initial engagement to become a reliable service and maintenance partner. This way, we can maximize the value we bring throughout the lifespan of our solutions and services, delivering benefits for both our customers and our company. The figure below shows an example of the types of revenues generated over a 10-year customer engagement period beginning with a greenfield project.

Our business model

Revenue in 2023

Our place in the value chain

Intelligent full-line integration

Solutions at work

Full-line efficiency

Key industry segments

Poultry

Meat

Fish

Plant, pet and feed

Balanced and resilient business model

Balance across segments, regions and business mix

Global reach, local presence

Mixed revenue streams drive resilience and synergies

Strong partnership with customers

Innovating with our customers

Building long-term partnerships

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