Key Trends Shaping the Processed Seafood & Seafood Processing Equipment Market

March 20 22:22 2020
Key Trends Shaping the Processed Seafood & Seafood Processing Equipment Market

MarketsandMarkets™
The Asia Pacific market accounted for the largest share in the processed seafood market. The seafood processing market is projected to grow, as the food processing sector is projected to witness the fastest growth in this region.

The report Processed Seafood & Seafood Processing Equipment Market by Type (Fish, Crustaceans, Mollusks), Equipment Type (Slaughtering, Gutting, Scaling, Filleting, Skinning, Smoking, Curing & Filling), End Product, Seafood Type, Region -Global Forecast to 2023″, The processed seafood market is projected to reach USD 267.3 billion by 2023, at a CAGR of 5.2% from 2018. The seafood processing equipment market is projected to grow from USD 1.4 billion in 2018 to USD 1.9 billion by 2023, at a CAGR of 5.6% during the forecast period.

Processed Seafood Market

By type, the fish segment is projected to be the largest revenue contributor in the processed seafood market during the forecast period.

The perishable attributes of fishes make it imperative for fisheries and harvesters to process them. The major types of processed fishes available in the market include dried, salted, fermented, and smoked. The initial phases of fish processing include washing, degutting, salting, fermentation, drying, and smoking. These processes then contribute to the development and changes in the flavor, texture, and color, and also improves its shelf life. An increase in the demand and trade of processed fish products are factors that are further projected to drive the growth of this market.

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Increased demand for slaughtering equipment that does not degrade the quality of seafood products is a key factor, due to which the segment is projected to account for a larger market share during the forecast period in the seafood processing equipment market.

Of the various equipment type, the market is estimated to be dominated by the slaughtering segment in 2018. There are different types of fish slaughtering equipment available in the market, which include electric, manual, automatic, and semi-automatic. While all these equipment types have specific usages, slaughtering equipment are majorly adopted by manufacturers of processed seafood products, on the basis of the type of fish cuts required. There are four common types of fish cut, namely, round cut, contoured cut, straight cut, and slant cut. During the slaughter process, the quality of various types of seafood such as salmon degrade. In such cases, manufacturers use equipment that protects these products from deterioration in quality by using humane techniques of stunning and bleeding. Therefore, it remains imperative for manufacturers to use proper fish slaughtering equipment, to enable superior quality processed seafood products.

The Asia Pacific is projected to account for the largest market share in the processed seafood market during the forecast period.

Europe is estimated to account for the largest market share in 2018. The Asia Pacific region includes countries such as China, Japan, Vietnam, and Thailand. The seafood processing market is also witnessing one of the fastest-growing food processing sectors in this region. The processed seafood industry in the Asia Pacific region is witnessing growth due to the busy lifestyles of customers. The processed seafood market in the region is also currently undergoing a significant transformation in response to rapid urbanization and diet diversification. In addition, consumer demands for convenience and processed seafood provide prospects for the growth and diversification in the region’s food sector.

Major vendors in the global processed seafood market are Middleby Corporation (US), GEA Group Aktiengesellschaft (Germany), and John Bean Technologies Corporation (US). Some of the other players that hold a significant share in the market include Marel hf. (Iceland), the BAADER-Group (Germany), Uni-Food Technic A/S (Denmark), Skaginn 3X (Iceland), Arenco AB (Denmark), Zhengda Food Machinery Co. Ltd (China), and KROMA A/S (Denmark). The major vendors in the global seafood processing equipment market are Charoen Pokphand Foods Plc. (Thailand), Maruha Nichiro Corporation (Japan), and Nippon Suisan Kaisha, Ltd. (Japan). Some of the other players that hold a significant share in the market include Thai Union Frozen Products Public Company Limited (Thailand), Mowi ASA (Norway), Leroy Seafood Group ASA (Norway), Nueva Pescanova Group (Spain), High Liner Foods Inc (Canada), Royal Greenland A/S (Denmark), and Clearwater Seafoods Incorporated (Canada).

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