A new report from Allied Market Research projects that the global seafood processing equipment market’s value will increase by more than USD 1 billion (EUR 900 million) by 2026.
The global seafood processing equipment sector, which was estimated to have reached USD 2.26 billion (EUR 2 billion) in 2018, is expected to grow to USD 3.47 billion (EUR 3.13 billion) come 2026, with a CAGR of 5.7 percent, according to the report.
A booming aquaculture industry, seafood trade developments, a rise in consumption of processed seafood, and an influx in demand from food processors for automated equipment were all cited by Allied Market Research as growth drivers for the sector. Conversely, declines in seafood population and less use of automated equipment due to high capital expenditure are expected to dampen growth to a certain extent, researchers said.
“Nevertheless, innovation in seafood processing technologies is expected to create a number of opportunities in the industry,” Allied Market Research said in a press release.
The filleting segment will most likely continue to reign for the global seafood processing equipment market moving forward into 2026, the report found. As of 2018, the filleting segment accounted for one-fourth of market share in this particular industry, analysts noted. Meanwhile, the deboning segment is exhibiting the faster CAGR – an expected 6.2 percent until 2026, Allied Market Research said.
Seafood processing equipment designated for finfish held two-thirds of the global market in 2018, the largest share, according to the research firm. Because finfish species are often tender, easy to digest, and offer vital nutrients, this segment will continue to see boosted growth, according to analysts. With as CAGR of 5.9 percent forecasted from 2019-2026, the mollusks segment is one to watch, Allied Market Research confirmed.
The report identified the Asia-Pacific region and North America as major boon areas for seafood processing equipment expansion.
“Based on geography, the Asia-Pacific region contributed to nearly two-thirds of the global seafood processing equipment market share in 2018 and is anticipated to rule the roost throughout the estimated period. The Asia-pacific aquaculture sector is highly promising and has grown drastically over the recent years. This is attributed to the ample accessibility of cheap labor, land, and other natural resources. Asian countries also contribute to nearly 88 percent of the world's farmed food production of which 96 percent are engaged in fish farming. The same region would also cite the fastest CAGR of 5.80 percent by 2026. However, North America appears as the second highest shareholder in terms of revenue,” the report said.
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