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Market Summary

The global Processed Seafood & Seafood Processing Equipment market was valued at USD 2.1 Billion in 2019 and is expected to reach USD 3.98 Billion by the year 2027, at a CAGR of 6.1%. Aquaculture food items contain high source of vitamins and nutrients. The demand for aquatic food items is constantly growing, due to an increase in demand for food items. Fish is one of the food item widely consumed across the world due to its considerably high content of protein.

To cater the fast paced changing needs and preferences of the consumers, the seafood processed food items industry is uninterruptedly transforming. Global seafood consumption has doubled over almost past five decades, based on a research carried out by Joint Research Center (JRC). Sea food comprises of very low contents of fat and cholesterol thus, making it beneficial for the consumers with severe heart condition and also for those suffering from obesity.

As compared to other processed food products the share of globally traded seafood processed products and seafood processing equipment is substantially high and is up surging continuously. During the processing activity of seafood products, several additives are mixed to improve the smell of the seafood items, to increase their shelf life, texture, color and flavor among other processes. It is projected that rising exports of such products is likely to boost the overall growth of the global market in the forecast period because processing develops the durability of products and thus, decreases the quantity of spoilage as seafood products are highly perishable in nature. Moreover, the manufacturers are implementing strategies like mergers and acquisitions, expansions, collaboration, partnerships and new product launch in order to withstand the position in a viable environment. However, the increasing growing demand supply gap along with unawareness among population of less developed regions is likely to restrict the overall growth of the global market across regions.

Product Type Outlook:

In the context of product types, the segmentation is executed as frozen, smoked, canned and dried among other product types where, it observed that frozen product type segment is accounted for the largest market share in the global market in 2019. Frozen seafood products segment is projected to hold the dominant position with its significant market share during the forecast period as well, owing to longer shelf life, controlled smell and improved texture among other factors. However, frozen processed seafood is likely to defrost during transportation if not kept in refrigerators with required controlled temperature or left too long before initiating cooking, these issues may hinder the quality of the product thus, affecting the development of the market.

Seafood and processed seafood are expansively consumed in cafes and restaurants and other foodservice centers as fish are habitually used in the preparation of many food items like sizzlers, gourmet dishes, soups, pasta, sandwiches, wraps and other dishes available in every mid-priced and high-end restaurant. Such wide applicability of seafood in several food items is expected to propel the growth and development of the market globally.

Equipment Type Outlook:

Due to growing implementation of processing devices by the seafood manufacturers and increase in requirement for canned seafood along with reduction in spoilage, the seafood processing and seafood processing equipment market is expected to rise with a great pace in the upcoming years. In terms of equipment the market is classified into slaughtering, gutting, scaling and filleting among other equipment.

For the production of seafood processing, equipment is selected in such a way that it can be enabled to manufacture preserves of several kinds. However, excessive installation charges together with cost of the devices and rise in occurrence of conventional techniques among low income and developing countries is anticipated to obstruct the industrial growth of the global market through the upcoming years.

Regional Outlook:

According to the regional analysis, it is estimated that Asia Pacific region accounts for the largest market share in 2019 and will continue to hold the dominant market position in the upcoming years as well. The reason for the largest market share is rise in standard of living, improvement in the purchasing power of the people. Besides, key market players and new entrants are seeking tremendous potential from the developing countries of this region including, India, China, Japan and Indonesia along with Malaysia and rest of Asia Pacific due to wide consumer base, changes in tastes and preferences and increase in foreign investments among others. Regions of North America and Latin America are expected to grow at a considerably higher CAGR due to usage of technologically advanced equipment, awareness among people and also because fish is considered as one of their staple foods.

Market-O-Nomics

As of 2019, the Fish product segment is the dominating one in the Processed Seafood & Seafood Processing Equipment industry, which holds 45.1% of the global share. Asian Pacific region is the chief revenue-generating source for this product segment, followed by Europe and North America regions

Asia Pacific region held the largest market share of about 44% in 2019 and is expected to dominate the market during the forecast period while growing with the highest CAGR. The consumption of seafood products is expected to grow rapidly in China and India owing to an increase in population and growing health concerns

Crustacean type market is expected to reach a value of USD 524.6 million owing to high demand for crabs, lobsters, shrimps, and prawns from various end-users like restaurants, retail stores, cafes, and other foodservice businesses

The scaling devices type is dominating the equipment type market and is expected to hold 30.1% of the total market share of this industry. An increase in demand for scaled fish is the primary factor contributing to the industrial growth of this segment

Filleting is the second-largest equipment market, growing at a CAGR of 5.7% during the forecast period. Filleting equipment provides precision and time effective filleting operation coupled with high demand for fillets from restaurants and cafes are expected to propel the demand for this segment

Europe is expected to hold a share of 21.9% by the end of the forecast period. Increasing demand for high-quality systems from several major players coupled with increasing demand for high-quality seafood products is anticipated to fuel the growth for seafood processing equipment

The Gutting equipment type segment is likely to register a CAGR of 5.4% during 2019-2027

Slaughtering equipment is expected to experience a high CAGR of 5.8% 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

Companies considered and profiled in this market study

Middleby Corporation (US), GEA Group (Germany), John Bean Technologies Corporation (US), The BAADER-Group (Germany), Grieg Seafood, Skaginn 3X (Iceland), Guolian Aquatic Products, Zhengda Food Machinery Co. Ltd (China), Marine Harvest and Thai Union Frozen Products.

The players operating in the market have undertaken a number of strategies related to the market in the period 2017-2020. The key highlight is:

In June 2020, Mixter’s Wixter Market launched new national frozen seafood brand. This brand will enable the company’s reach to wider extents of the world thus, in turn, increasing the demand for frozen seafood in the global market

In July 2020, Einhamar Seafood has announced to install the FleXicut system at the company’s processing plant in Grindavík. With FleXicut, Einhamar will increase automation levels in its production, improving both its processes as well as final product

Start-up Traction

The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. Some of them include ThisFish, LoveTheWild, SmartCatch, Hachimenroppi, Tessol, Shoretrade, FishLog and AquaConnect among other startups all over the world.

Deals Landscape

Mergers and Acquisitions are an integral part of the budding industries. Along with the companies operating in the market, other key market players have also been entering the industry

In June 2020, The Middleby Corporation announced an exclusive partnership with Taffer’s Tavern, a newly-developed, modern tavern concept. Such partnerships and collaboration are likely to boost the market growth due to initiations of efficient innovations and wide exposures on an international level

Expert Insights:

According to the industrial experts’ analysis, the processed seafood equipment industry is constantly providing effective and efficient devices solutions for the complex processing operations, thus lowering the cost of the operations and increasing the demand for processed and canned seafood. It is also believed that existing key market players along with new entrants should extensively focus on building strategic measures, make use of technologically advanced equipment along with new innovative ideas to boost the demand of products in the global processed seafood & seafood processing equipment market in the upcoming years. Furthermore, major factors positively driving the market growth are economic development, growing population and change in lifestyle and rising disposable income, particularly in developing countries.

Segments Covered in the report

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2017 to 2027. The scope of the report can be defined as:

For the purpose of this study, Reports and Data have segmented the Processed Seafood & Seafood Processing Equipment market on the basis of type, equipment type, product type, end use, and region:

Type (Revenue, USD Million; 2017–2027)

Fish

Crustaceans

Mollusks

Others

Equipment Type (Revenue, USD Million; 2017–2027)

Slaughtering

Gutting

Scaling

Filleting

Others

Product Type (Revenue, USD Million; 2017–2027)

Frozen

Smoked

Canned

Dried

Others

End Use (Revenue, USD Million; 2017–2027)

Hypermarkets

Supermarkets

Food Specialty Stores

Convenient Stores

Others

Regional Outlook (Revenue in USD Million; 2017–2027)

North America U.S Canada

Europe Germany France U.K Spain Italy Rest of the Europe

Asia Pacific China India Japan Rest of Asia-Pacific

Middle East & Africa

Latin America Brazil

