Market Outlook
The seafood Processing Market size is projected to reach approximately USD 3.15 Billion by 2027 at a CAGR of 5.97% between 2020 and 2027. The growth of the market can be attributed to the increasing demand for processed seafood across the globe. The tremendous growth of the aquaculture industry in the recent past has contributed to the seafood processing market growth. Aquaculture production increased by approximately 4 million tonnes from 2015 to 2016. This is driving the demand for quality equipment for the processing of seafood.
Moreover, the focus on food safety and implementation of food quality regulations in various countries are leading seafood processors to invest in high-quality processing equipment at their seafood processing plants. The rising demand for convenience foods, especially among the increasing working population with hectic schedules, is contributing to the growth of the global frozen seafood, industry. The global convenience food market was valued at approximately USD 245 billion in 2018. The increasing number of small- to medium-scale fisheries in the underdeveloped countries in Asia and Africa is further boosting the growth of the seafood processing market.
Key Players
Pisces Fish Machinery Inc. (US), Optimar AS (Norway), Uni-Food Technic A / S (Denmark), GEA Group (Germany), Marel (Iceland), The Middleby Corporation (US), Baader Linco Inc. (US), SEAC AB (Sweden), Arenco AB (Sweden), JBT Corporation (US), Skaginn 3X (Iceland), Zhengda Food Machinery Co., Ltd (China), Seafood Technology Limited (UK), T.C. Food Equipment, Inc. (the US), and KROMA A/S (Denmark) are some key players in the seafood processing products industry that are listed by MRFR.
Market Segmentation
The segmented study of the seafood processing market is done by category, equipment type, and seafood type.The equipment type-based segments of the seafood processing industry analysis are deboning equipment, scaling equipment, gutting equipment, and filleting equipment among others. The filleting equipment segment is likely to surge at a rapid pace during the review period owing to the surge in preference for processed seafood in fillets forms. In addition, the growing focus of key players on several innovations is creating the need for installing filleting equipment that can favor the expansion of the market.
The category-based segments of the seafood processing products industry are Single-Function Equipment and Multi-Function Equipment. The multi-function equipment segment of the market is expected to register a decent CAGR in the review period owing to an upsurge in investments by companies dealing in seafood processing. The rise in focus of seafood processor companies in increasing production efficiency and their inclination toward automated solutions that can serve multiple functions can prompt the market rise soon. The multi-function equipment segment of the worldwide seafood processing market can expand at a high pace in the review tenure.
The seafood type-based segments of the seafood processing market are fish, mollusks, and crustaceans among others. The fish segment is anticipated to dominate the worldwide seafood processing market through the forecast tenure. The availability and production of a wide variety of fish for the consumption of humans can drive the market segment.
Regional Analysis
In North America, the surge in sales of canned and frozen fish fillets due to their convenience can drive the regional processed seafood market in the study term. The growth of the North American seafood processing market can be attributed to the growing preference for seafood cuisine and their increasing sales in fillets form. The availability of effective seafood processing infrastructure equipped with effective filleting equipment machinery can prompt the regional market in the study period.
In Europe, the availability of robust seafood processors infrastructure empowered with multi-function equipment can boost the expansion of the market soon. The inclination of seafood processors towards the adoption of automation solutions can
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