Processed Seafood and Seafood Processing Equipment Market
Increasing Consumption of Easy-To-Make and Ready-To-Cook Seafood Is Promoting the Processed Seafood and Seafood Processing Equipment Market.
Processed Seafood & Seafood Processing Equipment Market size was estimated at $1.52 billion in 2020 and is projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Once the seafood products are harvested they are usually processed or packed for sale to different retail stores and restaurants. The processer converts the whole seafood for example a whole fish or shellfish is to various forms such as steaks, fish fillets or another frozen item, canned fish and smoked fish and more. Proper, reliable processing and packaging prevents degradation and ensures a high-quality product. National Oceanic and Atmospheric Administration (NOAA) estimated that Americans had spent $102billion on fishery products in the year 2017. Popular species include halibut, salmon, tuna, shrimp, lobster, crab, oyster and scallops.
Seafood can be processed manual as well as automated. According to the Food and Agriculture Organization of the United Nations (FAO), freshwater fish are often processed manually, with the skilled workers using a variety of knives, this is commonly seen in small processing plants. The large processing units require automated systems to yield abundant quality quickly. Growing public health perception and growing disposable income, coupled with a change in customer preference towards the slaughtering equipment that does not degrade the quality of seafood products are the main factors anticipated to drive the growth of global seafood and seafood processing equipment market
Processed Seafood & Seafood Processing Equipment Market Segment Analysis - By Product
The product segment of Processed Seafood and Seafood Processing Equipment Market is segmented in to Frozen, Canned, Smoked and Dried. The frozen product type segment accounted for the largest and the fastest market share owing to their easy availability and easy to cook properties. The frozen Seafood segment is estimated to retain a dominant position with a substantial market share during the forecast period 2021-2026 owing to the longer shelf life, managed smell and improved texture.
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Processed Seafood & Seafood Processing Equipment Market Segment Analysis - By the Type
By Type the Processed Seafood and Seafood Processing Equipment Market is segmented in to Fish, Shrimps, Crabs, Crustaceans and Molluscs. The fish segment accounted for the largest market share owing to the demand and trade of processed fish products in the market. The perishable qualities of the fish make it mandatory for the fisherman and the harvesters to process them. The key types of proceeded fish available in the market are canned, degutting, salting, fermentation, drying and smoking. These processes then lead to the production and improvements in taste, texture and color and also increase the shelf life while the Crustaceans are predicted to grow at the fastest CAGR of 5.4% owing to their extensive usage in the cosmetic, pharmaceutical and food industry as they are packed with zinc, a mineral that reduces the inflammation on skin.
Processed Seafood & Seafood Processing Equipment Market Segment Analysis - By Geography
Based on Geography the global Processed Seafood and Seafood Processing Equipment Market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific dominated the market share with 40.44% in the year 2020 owing to the increased Processed Seafood consumption. Whereas, Europe market is anticipated to register fastest growth rate owing to the high demand for improved-quality systems from major industries in this region.
Processed Seafood & Seafood Processing Equipment Market Drivers
Increased Seafood consumption:
Seafood and processed seafood are widely consumed in almost all parts of the world owing to its nutritional properties that boosts the heart and brain health, helps maintaining good eyesight and excellent properties in fighting against depression. They are widely consumed in restaurants and other food service centres as fish is commonly used in preparation of many food items like stews, sandwich, wraps and more which are available from mid-priced to high-end restaurants. Such wide range of applicability of seafood in various food items is fuelling the market's growth.
Processed Seafood & Seafood Processing Equipment Market Challenges
Rising Pollution:
Eating Seafood is great for the health but it is making tough in recent days owing to the rising pollution in water bodies like oceans which could cause a mild to severe poisoning. Seafood mercury content is excess in seafood this is predicted to hinder the development of baby that is why pregnant women are advised to avoid seafood. Frozen type seafood mostly get defrosted in transportation if not maintained in proper temperatures and left aside too long before cooking is another major constraint. Amongst all, the rising concerns on additives used in processing seafood is the main factor which is likely to hinder Processed Seafood and Seafood Processing Equipment Markets growth.
Processed Seafood & Seafood Processing Equipment Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in Processed Seafood and Seafood Processing Equipment Market. In 2019, Processed Seafood and Seafood Processing Equipment Market share is fragmented by top ten players present in the market. Processed Seafood and Seafood Processing Equipment Market top 10 companies are Maine Harvest ASA., Freiremar S.A., Leigh Fisheries Ltd., Wm Morrison Supermarkets plc, Seattle Fish Company, Lee Fishing Company, Thai Union Group, John Westfoods Ltd., Middleby Corporation , Royal Greenland A/S, Cuulong Fish JSC and Abba Seafoods AB.
Acquisition/Product launches:
On March 26 2018, the market player Middleby Corporation has acquired Ve.Ma.C. Srl, a leading manufacturer of food processing industry.
Key Takeaways
Geographically, Asia-Pacific Seafood and Seafood Processing Equipment Market accounted for 40.44% revenue share in 2020.
Increasing consumption of easy to make and ready to cook seafood is promoting the Processed Seafood and Seafood Processing Equipment Market.
Europe is anticipated to register fastest growth rate in terms of revenue owing to the high demand for improved-quality systems from major industries in this region.
Related Reports :
A. Processed Seafood Market
B. Canned Seafood Market
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