The global processed seafood market is projected to reach USD 267.3 billion (EUR 237.7 billion) by 2023, with the seafood processing equipment sector expected to reach USD 1.9 billion (EUR 1.6 billion) in that same timespan, according to a new report from research firm MarketsandMarkets.
In 2018, the market for seafood processing equipment was valued at USD 1.4 billion (EUR 1.2 billion); MarketsandMarkets expects the sector to expand at a compound annual growth rate (CAGR) of 5.6 percent from 2018 to 2023. The global processed seafood market, meanwhile, is forecasted by the firm to grow at a CAGR of 5.2 percent during the five-year period.
The report said the fish segment is expected to grow at the highest CAGR for the global processed seafood market for the forecasted period, due to the “highly-perishable attribute of fishes, which make it imperative for harvesters to process them.” Dried, salted, fermented, and smoked fish are among the processed fish types currently available on the market, MarketsandMarkets said, with phases of processing including washing, degutting, salting, fermentation, drying, and smoking contributing to the development of flavor, color, and texture of the products, as well as improving product storage capacities.
Scaling equipment is expected to see the highest growth in the seafood processing equipment market during the forecast period, due to the increased demand for processed seafood products, according to the report. While available in both automatic and manual formats, manual scaling equipment for seafood involves significant time and effort, MarketsandMarkets noted.
“On the other hand, electrical handheld scalers save a lot of processing time and are easy to use. Other types of automatic scalers include equipment that have rotating drums with rough edges or a stainless mesh. In these types of scaling equipment, the product is placed inside the drum, which is then rotated, causing it to tumble, and eventually leading to the removal of their scales,” the firm explained in a press release for the "Processed Seafood & Seafood Processing Equipment Market by Type (Fish, Crustaceans, Mollusks), Equipment Type (Slaughtering, Gutting, Scaling, Filleting, Skinning, Smoking, Curing & Filling), End Product, Seafood Type, Region -Global Forecast to 2023" report.
As far as market share for processed seafood is concerned, the Asia Pacific region – including China, Japan, Vietnam, and Thailand – is projected to account for the largest share for the forecast period, with Europe estimated to account for the largest share in 2018. Seafood processing is becoming one of the fastest-growing food processing sectors in the Asia Pacific region, the report said.
“The processed seafood industry in the Asia Pacific region is witnessing growth due to the busy lifestyles of customers. The processed seafood market in the region is also currently undergoing a significant transformation in response to rapid urbanization and diet diversification. In addition, consumer demands for convenience and processed seafood provide prospects for the growth and diversification in the region's food sector,” MarketsandMarkets explained in its release.
Major vendors in the global processed seafood market are Middleby Corporation (US), GEA Group Aktiengesellschaft (Germany), and John Bean Technologies Corporation (US). Some of the other players that hold a significant share in the market, according to MarketsandMarkets, include Marel hf. (Iceland), the BAADER-Group (Germany), Uni-Food Technic A/S (Denmark), Skaginn 3X (Iceland), Arenco AB (Denmark), Zhengda Food Machinery Co. Ltd (China), and KROMA A/S (Denmark).
In the global seafood processing equipment market, major vendors include Charoen Pokphand Foods Plc. (Thailand), Maruha Nichiro Corporation (Japan), and Nippon Suisan Kaisha, Ltd. (Japan). Some of the other players that hold a significant share in the market, per the report, are Thai Union Frozen Products Public Company Limited (Thailand), Mowi ASA (Norway), Leroy Seafood Group ASA (Norway), Nueva Pescanova Group (Spain), High Liner Foods Inc (Canada), Royal Greenland A/S (Denmark), and Clearwater Seafoods Incorporated (Canada).
