“Growth in the aquaculture industry and an increased seafood trade are projected to drive the overall growth of the processed seafood & seafood processing equipment market.”
The global seafood processing equipment market size 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. The global processed seafood market size is projected to grow from USD 207.6 billion in 2018 to USD 267.3 billion by 2023, at a CAGR of 5.2% during the forecast period. The processed seafood & seafood processing equipment market is driven by factors such as growth in the aquaculture industry, the rise in seafood trade, increased consumption of processed seafood products, and increased health consciousness among consumers. However, the requirement of capital investment, along with a low replacement frequency of these equipment is projected to hinder the growth of the market.
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“The fish segment is estimated to dominate the processed seafood market in 2018.”
The fish segment is estimated to account for the largest share in 2018, in terms of value. The market for processed fish is estimated to dominate the processed seafood market in 2018. The initial phases of fish processing include washing, degutting, salting, fermentation, drying, and smoking. These processes further contribute to the development and changes in the flavor, texture, and color of processed seafood products, and improve its storage characteristics. The increasing demand for processed seafood products is projected to further encourage innovations in the processing of fish products.
“The slaughtering equipment segment is projected to account for the larger market share during the forecast period for the seafood processing equipment market.”
The slaughtering equipment segment is estimated to dominate the seafood processing equipment market in 2018. The smoking, curing, & filling segment is projected to be the fastest-growing segment in the market during the forecast period. The increasing demand for processed seafood products and the growing adoption of automated processing equipment have driven the growth of the seafood slaughtering equipment market.
“The Asia Pacific is projected to be the fastest-growing region in the processed seafood market.”
The Asia Pacific market accounted for the largest share in 2017. The market in this region is mainly driven by the growth in the China and Vietnam markets. The market in this region is driven by high production levels of seafood in the region, which leads to an increased demand for seafood and encourages exports and consumption, resulting in the increased growth potential for processed seafood products. Furthermore, South East Asian countries are also the major consumers of exotic seafood products such as urchins and turtles, which makes them substantial shareholders in the market.
- By Company Type: Tier 1: 30%, Tier 2: 30%, and Tier 3: 40%
- By Designation: C-level: 20%, D-level: 30%, and Managers: 50%
- By Region: North America: 15%, Europe: 15%, Asia Pacific: 30%, South America: 20%, and RoW: 20%
The processed seafood market comprises major manufacturers such as the Middleby Corporation (US), GEA Group Aktiengesellschaft (Germany), John Bean Technologies Corporation (US), 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 seafood processing equipment market comprises major manufacturers such as Charoen Pokphand Foods Plc. (Thailand), Maruha Nichiro Corporation (Japan), Nippon Suisan Kaisha, Ltd. (Japan), 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). The study includes an in-depth competitive analysis of these key players in the food diagnostics market, with their company profiles, recent developments, and the key market strategies.
The study covers the processed seafood & seafood processing equipment market across segments. It aims at estimating the market size and growth potential across different segments such as type, seafood type, equipment type, end-product, and region. The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall processed seafood & seafood processing equipment market and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.