According to the current analysis of Reports and Data, the global Processed Seafood & Seafood Processing Equipment Market was valued at USD 1.4 Billion in 2018 and is expected to reach USD 2.18 Billion by the year 2026, at a CAGR of 5.7%. Seafood comprises of all bony fishes, mollusks and shellfishes. Millions of people across the globe depend on these as their primary nutrient source. Health benefits provided by these foods are the major reason for their increasing demand. It is a good source of protein and contains less fat as compared to other animal protein sources. It is highly beneficial for heart patients on account of its low cholesterol. Additionally, it contains essential vitamins necessary for human bodies such as vitamin B, iodine, zinc, and potassium. A rise in disposable income has led to high demand for these products in developing economies. Growing heart diseases and cholesterol has urged people to shift to more nutritious and healthy products for consumption. Moreover, increasing awareness regarding the benefits of aquatic food items coupled with the introduction of new processing techniques is expected to drive the industry for processed seafood equipment. Increasing investments and expansion of the seafood processing industry is expected to drive the growth for processed seafood market. For example, on April 23, 2018, Hofseth Aalesund AS announced about its investment plans in BAADER, one of the leading food processing companies; this investment is expected to expand the production capacity of the fillet.
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The major industrial players are adopting various strategies like expansion, partnerships, mergers & acquisitions, the launch of new product and adoption of advanced technologies to sustain in the competitive environment. For instance, on December 27, 2017, Thai Union launched its Fishing Vessel Improvement Program and Vessel Code of Conduct (VCoC) to offer clear guidance to the fishing vessel. The market for aquaculture food items equipment is propelled by a growing population, increasing demand for aquaculture food items, the emergence of new entrants and changing lifestyle and taste preferences of the population. However, strict government regulations regarding fishing activities, environmental concerns, and high setup cost are expected to hinder the market growth of this processed aquaculture food items market.
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Further key findings from the report suggest
- This sector converts the whole fish or shellfish caught by the fishermen or produced through aquaculture operations into consumable items that are sold in the retail stores and restaurants.
- This industry is growing at a CAGR of 6.2% in the Asia Pacific followed by Europe and North America, with 5.5% and 5.4% CAGR, respectively. High demand for processed and canned aquatic food products due to the changing lifestyle coupled with increasing health concerns is expected to drive the growth for seafood processing equipment.
- As of 2018, the Fish product segment is the dominating sub-segment in the Seafood Processing Equipment which holds 44.1% of the global market. Asian Pacific regional market is the chief revenue-generating source for this product segment, followed by Europe and North America regions.
- The commercial segment consumed by Americans primarily came from three major different sources: U.S. commercial fisheries, U.S. aquaculture production, or imports brought into the U.S. from other countries.
- Around 50% of the fish caught in the U.S regions were from the Pacific Ocean within the Alaska region and consisted of Pacific cod, flounders, hake, ocean perch, Alaska pollock, and rockfishes.
- Consumers in the U.S. spend around two-thirds of their annual expenditure on buying aquaculture food substances either from the retail stores, in restaurants or other types of foodservice businesses.
- According to the Seafood Health Facts organization, the total value of imported edible and non-edible fish products was USD 38.4 billion in 2017, an increase of USD 2.5 billion (7.0%) was observed as compared to the imports of 2016.
- Among the developing countries of Asia Pacific, China is the largest producer of aquatic food items in the world and is followed by India, Vietnam, and Bangladesh.
- Despite variation in the availability of these products in different regions of the world, a wide range of options are available to the consumers, which is expected to drive the demand for this industry.
- Increasing research activities coupled with increased funding is expected to drive the demand for seafood processing equipment. For instance, on May 24, 2019, a research institute for fisheries products, published that a stockfish can be stored longer than 2 years if it is stored in dry and cool conditions.
- Various strategies are used for enhancing the smell, texture, taste, and flavor of fish products to increase the consumption of aquaculture food items among the population. For instance, according to research conducted by Nofima AS company, the unpleasant smell and flavor of the raw fish can be removed by using the lactic acid fermentation process.
- Key participants include 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.
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For the purpose of this report, Reports and Data has 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; 2016–2026)
Equipment Type (Revenue, USD Million; 2016–2026)
Product Type (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
- Food Specialty Stores
- Convenient Stores
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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