Processed Seafood Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast For 2017 - 2025

Seafood production has gradually increased over the past decade and seafood have grown familiar and appreciated by consumers globally, even in regions situated away from the sea. Since many years, the increase in production of seafood was due to bigger boats, better catching techniques and gears and to the utilization of new fishing grounds. Seafood processing is a technique to add value to the seafood so that it is convenient for the seafood consumers to eat and cook.

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With progress in time, developed nations has made seafood available in distant places with the help of freezing and transport by truck, rail and air. Numerous socio-economic factors, including urbanization, change in family structure, increase in working population, have contributed to key modification in the demand for sea food products. Increasing disposable income, reduced time for domestic household work, and increase in professional activities have resulted in increased demand for processed sea food products worldwide. The demand is reflected in growing sale of steaks, fillets, small sized fish and fried mixed fish at the expenses of whole larger fish. The development of processed seafood has followed the growing trend of modernized kitchens and has diversified seafood offering with the introduction of multiple products from the same seafood. For instance, a range of canned tuna salads (American, Mexican, Niçoise, etc.), canned tuna in oil or in brine, fresh loins, frozen steaks, sashimi and others.

A multiple variety processing system is formulated in which shrimp, fish, algae and mussels are the key stored products. Seafood processing activities include freezing, cold storing, drying, canning and smoking among others. Processing helps in preservation of seafood, which is highly perishable in nature by improving shelf-life. On the basis of equipment type. the global market for processed sea food is segregated into slaughter machines, scaling machines, gutting machines, deboning machines, filleting machines, curing and smoking machines, skinning machines and others.

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Major drivers of the global processed seafood market include rapid urbanization which in turn, raises the demand for processed sea food globally. With people getting less time for domestic work including cooking, processed food is gaining major popularity globally which is therefore, triggering overall market growth for processed seafood. In addition, rapid growth in the aquaculture industry globally is a major driver triggering overall market growth. High cost of preservation is a major restraint to the global market for processed seafood market. Development of food industry in emerging nations of Asia Pacific and Middle East is a major opportunity to the global processed seafood industry. Increasing consumption of instant ready to eat food products in these regions is providing to be a major opportunity to this market.

Geographically, the global market for processed seafood is segregated into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is the most dominant market among the all the regions of the global processed seafood market. This is attributed to early penetration of food processing techniques in the region and North America being one of the first regions to transport processed sea food to far away regions which are away from the sea. Europe follows North America as the second most dominant region in the global processed seafood market. Asia Pacific is forecasted to witness the most rapid growth rate during the forecast period. This is attributed to rapid rise in consumption in countries such as China and India.

Major players of the global seafood market include, Thai Union Frozen Products Plc (Thailand), Grupo Pescanova (Spain), Marine Harvest ASA (Norway), Iglo Group Ltd. (U.K.) and High Liner Foods Inc. (Canada) among others.

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