Processed Seafood Market worth $267.3 Billion and Seafood Processing Equipment Market worth $1.9 Billion by 2023

The report "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" The processed seafood market is projected to reach USD 267.3 billion by 2023, at a CAGR of 5.2% from 2018. The seafood processing equipment market is projected to grow from USD 1.4 billion in 2018 to USD 1.9 billion by 2023, at a CAGR of 5.6% during the forecast period.

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The fish segment is projected to grow at the highest CAGR in the global processed seafood market during the forecast period.

The fish segment is projected to be the fastest-growing segment due to the highly perishable attribute of fishes, which make it imperative for harvesters to process them. The major types of processed fishes available in the market include dried, salted, fermented, and smoked. The initial phases of fish processing include washing, degutting, salting, fermentation, drying, and smoking. These processes then contribute to the development and changes in the flavor, texture, and color, and also improved its storage characteristics.

The scaling equipment segment is projected to witness the highest growth in the seafood processing equipment market during the forecast period, due to the increased demand for processed seafood products.

The scaling equipment segment is projected to record the highest CAGR during the forecast period. Scaling equipment is mainly available in two types, namely, manual and automatic. Seafood products can be scaled manually. However, it involves a lot of time and effort. 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.

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The Asia Pacific is projected to account for the largest market share in the processed seafood market during the forecast period.

Europe is estimated to account for the largest market share in 2018. The Asia Pacific region includes countries such as China, Japan, Vietnam, and Thailand. The seafood processing market is also witnessing one of the fastest-growing food processing sectors in this region. 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.

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 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). The major vendors in the global seafood processing equipment market are 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 include 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).

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