Seafood Processing Market Scope
Market Research Future (MRFR) studied the global seafood processing market 2021 in the study period till 2025. MRFR data suggests that the global seafood processing market is expected to rise at 5.8% CAGR in the study period (between 2019 and 2025). By 2025, the seafood processing market industry is likely to value at approximately USD 2.3 Billion.
Market Drivers and Restrains
The expansion of the seafood processing market can be attributed to the surge in demand for processed seafood. The rapid expansion of the aquaculture industry with the adoption of advanced pisciculture solutions by the industry can contribute to the growth of the seafood processing market. The growing preference for seafood cuisine can also benefit the market in the years to come. Leading seafood processors are investing in the adoption of high-quality processing equipment to comply with food quality regulations in different countries and ensure food safety. The surge in demand for convenience foods, such as frozen, canned, and smoked seafood, among the large base of professionals can provide thrust to the seafood processing market upsurge. Moreover, the surge in the consumption of protein-rich seafood among fitness-conscious people is likely to benefit the market. On the flip side, the requirement for high capital investments in the seafood processing business can restrain the market rise.
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Key Players
Pisces Fish Machinery Inc. (US), Optimar AS (Norway), Uni-Food Technic A / S (Denmark), GEA Group (Germany), Marel (Iceland), The Middleby Corporation (US), Baader Linco Inc. (US), SEAC AB (Sweden), Arenco AB (Sweden), JBT Corporation (US), Skaginn 3X (Iceland), Zhengda Food Machinery Co., Ltd (China), Seafood Technology Limited (UK), T.C. Food Equipment, Inc. (US), and KROMA A/S (Denmark) are some key players in the seafood processors market that are listed by MRFR.
Market Segmentation
The segmented study of the seafood processing market industry is done by category, equipment type, and seafood type.
The equipment type-based segments of the seafood processing market are deboning equipment, scaling equipment, gutting equipment, and filleting equipment among others. The filleting equipment segment is likely to surge at a rapid pace during the review period owing to the surge in preference for processed seafood in fillets forms. In addition, the growing focus of key players on several innovations is creating the need for installing filleting equipment that can favor the expansion of the market.
The category-based segments of the seafood processing market industry are Single-Function Equipment and Multi-Function Equipment. The multi-function equipment segment of the market is expected to register a decent CAGR in the review period owing to an upsurge in investments by companies dealing in seafood processing. The rise in focus of seafood processor companies in increasing production efficiency and their inclination toward automated solutions that can serve multiple functions can prompt the market rise soon. The multi-function equipment segment of the worldwide seafood processing market industry can expand at a high pace in the review tenure.
The seafood type-based segments of the seafood processing market industry are fish, mollusks, and crustaceans among others. The fish segment is anticipated to dominate the worldwide seafood processing market through the forecast tenure. The availability and production of a wide variety of fish for the consumption of humans can drive the market segment.
Regional Analysis
In North America, the surge in sales of canned and frozen fish fillets due to their convenience can drive the regional processed seafood market in the study term. The growth of the North American seafood processing market can be attributed to the growing preference for seafood cuisine and their increasing sales in fillets form. The availability of effective seafood processing infrastructure equipped with effective filleting equipment machinery can prompt the regional market in the study period.
In Europe, the availability of robust seafood processors infrastructure empowered with multi-function equipment can boost the expansion of the market soon. The inclination of seafood processors towards the adoption of automation solutions can support the regional market. The increase in demand for processed food among people due to time constraints and intensifying competition among regional players can also benefit the market soon, as suggested by the MRFR study.
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