Processed Seafood & Seafood Processing Equipment Market - Forecast(2023 - 2028)
Processed Seafood & Seafood Processing Equipment Market Overview
Processed Seafood & Seafood Processing Equipment Market size is estimated at $212.6 billion in 2020, projected to grow at a CAGR of 5.2% during the forecast period 2021-2026. Seafood contains protein, omega 3 fatty acids, vitamins and minerals which are helpful for heart health, improves eyesight and brain power. The various sea foods processing equipment like filleting, assists in the production of good quality of processed Frozen Seafood products for improved taste and longer shelf-life. The marine creatures/aquatic animals are kept in fish factory for the processing of seafood like frozen seafood, canned seafood by using food processing technology or equipment such as gutting, slaughtering and others. Processed Seafood & Seafood Processing Equipment Industry growth is attributed to the increasing global consumption of processed seafood and rise in seafood trade. Freshwater fish is often processed manually, according to the UN's Food and Agriculture Organization, with competent personnel using a variety of knives. This is prevalent in small processing factories. Large processing units necessitate automated technologies in order to produce high-quality results fast driving the Processed Seafood & Seafood Processing Equipment Industry.
By Geography: North America (U.S, Canada and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina and Rest of South America) and Row (Middle East and Africa).
- Processed Seafood & Seafood Processing Equipment market growth is being driven owing to the increasing demand of health and wellness frozen seafood products by global consumer base.
- Geographically, Asia-Pacific Processed Seafood & Seafood Processing Equipment Market held the largest revenue share of 39% in 2020 owing to consumer demand for convenience and processed seafood in the region's food sector provides significant expansion opportunities and diversification in the region. The scope of the Processed Seafood & Seafood Processing Equipment Market for various regions will be provided in the final report.
- The Processed Seafood & Seafood Processing Equipment industry is driven by demand for protein-rich products.
- High installation fees, as well as the cost of equipment and the rise in the usage of conventional processes in low-income and developing countries, are constraining market expansion in the Processed Seafood & Seafood Processing Equipment industry.
Processed Seafood & Seafood Processing Equipment Market: Market Share (%) by Region, 2020
Processed Seafood & Seafood Processing Equipment Market Segment Analysis – By Type:
Based on Type, Fish Segment accounted for the largest revenue market share in 2020 owing to rising fish consumption and increased demand for low-fat and high-quality protein, which is expected to drive market expansion. Fish is one of the protein foods that must be handled with care. It is a necessary and dependably inexpensive nutritional component all throughout the world. Furthermore, fish is a high-protein, low-fat food with a variety of health benefits. White-fleshed fish, in particular, is lower in fat than any other animal protein source, and oily fish is high in omega-3 fatty acids, which are essential for prenatal and postnatal neurological development. Crustaceans segment is anticipated to grow with the fastest CAGR of 5.4% in the forecast period 2021-2026 owing towards healthy fats and micronutrients, growing health benefits. It aids in the prevention of hair loss, maintenance of healthy bones, improvement of cognitive performance, reduction of menstrual cramps, elimination of bad cholesterol, and reduction of the danger of lung and prostate cancer resulting in segment growth.
Processed Seafood & Seafood Processing Equipment Market Segment Analysis – By Equipment Type:
Based on Equipment Type, Filleting accounted for the largest revenue market share in 2020. The equipment removes the skin and scales, as well as minces the fish. As a result, the market is expected to develop as the food processing industry increases its demand for automated equipment to suit customer demand for fish and frozen seafood delicacies driving the Processed Seafood & Seafood Processing Equipment Market. Slaughtering is projected to witness the fastest CAGR of 5.7% during the forecast period 2021-2026 owing to innovative techniques used for seafood slaughtering process including percussive and electric stunning which provides easy and time effective method for slaughtering a huge lot of fish at the same time. Seafood contains vitamins A, B, and D, as well as omega-3 fatty acids. It is rich in calcium, phosphorus minerals, such as iron, zinc, iodine, magnesium and potassium aiding growth to the segment.
Processed Seafood & Seafood Processing Equipment Market Segment Analysis – By Geography:
Based on Geography, Asia-Pacific Processed Seafood & Seafood Processing Equipment Market accounted for the 39% revenue share in 2020 owing to the presence of large consumer base. China's economic performance, which is bolstered by large-scale investments in technology like filleting and research, is favourable to regional development. China's food and beverage business is likely to undergo significant changes in order to address issues such as economic inequity and urbanization, among others. North America is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to increasing consumption of protein rich food.
Processed Seafood & Seafood Processing Equipment Market - Drivers
The Growing Seafood Demand Globally:
Owing to nutritional benefits, seafood and processed seafood are widely consumed in practically every corner of the world, boosting heart and brain health, aiding in the maintenance of healthy eyesight, and having outstanding antidepressant characteristics processing through filleting. They are popularly consumed at restaurants and other food service establishments since fish is regularly used in the manufacture of a variety of food items such as stews, sandwiches, wraps, frozen seafood and more, which are accessible in restaurants ranging in price from mid-priced to high-end which aids to the market development.
Processed Seafood & Seafood Processing Equipment Market - Challenges
Growing Environmental Concerns:
The seafood processing equipment market is likely to be restrained by rising concerns about the safety and quality of seafood as a result of variances in food standards within and across nations. Furthermore, manufacturers have little control over where raw fish, frozen seafood and seafood come from, as these inputs are influenced by a wide range of man-made and natural factors. It involves pollution of the ocean, which has resulted in the prohibition of products originating from certain water bodies. Unfortunately, because not all environmental threats are caused by humans, environmental rules alone cannot ensure adequate supply levels. The Processed Seafood & Seafood Processing Equipment market's growth is also hampered by the changes in weather patterns can disrupt the ability to capture wild fish, and natural disasters can result in fish kills.
Processed Seafood & Seafood Processing Equipment Market - Landscape:
Product releases, mergers and acquisitions, joint ventures, and international expansion are among the key strategies employed by the Processed Seafood & Seafood Processing Equipment Market. Lee Fishing Filleting Company, Thai Union Group, John Westfoods Ltd., Middleby Corporation , Royal Greenland A/S and Maine Harvest ASA., Freiremar S.A., Leigh Fisheries Ltd., Wm Morrison Supermarkets plc, Seattle Fish Company, Abba Seafoods AB and Cuulong Fish JSC are among the top ten companies in the Processed Seafood & Seafood Processing Equipment market.
- In May, 2021, Thai Union Group acquired Rügen Fisch, a German manufacturer of shelf-stable seafood products. This acquisition illustrates the tremendous value it has provided and sustained commitment to the market.
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