According to the current analysis
of Reports and Data, the global Processed
Seafood & Seafood Processing Equipment market was valued at USD
1.4 Billion in 2018 and is expected to reach USD 2.18 Billion by the year 2026,
at a CAGR of 5.7%. Seafood comprises of all bony fishes, mollusks and
shellfishes. Millions of people across the globe depend on these as their
primary nutrient source. Health benefits provided by these foods are the major
reason for their increasing demand. It is a good source of protein and contains
less fat as compared to other animal protein sources. It is highly beneficial
for heart patients on account of its low cholesterol. Additionally, it contains
essential vitamins necessary for human bodies such as vitamin B, iodine, zinc,
and potassium. A rise in disposable income has led to high demand for these
products in developing economies. Growing heart diseases and cholesterol
has urged people to shift to more nutritious and healthy products for
consumption. Moreover, increasing awareness regarding the benefits of aquatic
food items coupled with the introduction of new processing techniques is
expected to drive the industry for processed seafood equipment. Increasing
investments and expansion of the seafood processing industry is expected to
drive the growth for processed seafood market. For example, on April 23, 2018,
Hofseth Aalesund AS announced about its investment plans in BAADER, one of the
leading food processing companies; this investment is expected to expand the
production capacity of the fillet.
The major industrial players are
adopting various strategies like expansion, partnerships, mergers &
acquisitions, the launch of new product and adoption of advanced technologies
to sustain in the competitive environment. For instance, on December 27, 2017,
Thai Union launched its Fishing Vessel Improvement Program and Vessel Code of
Conduct (VCoC) to offer clear guidance to the fishing vessel. The market for
aquaculture food items equipment is propelled by a growing population,
increasing demand for aquaculture food items, the emergence of new entrants and
changing lifestyle and taste preferences of the population. However, strict
government regulations regarding fishing activities, environmental concerns,
and high setup cost are expected to hinder the market growth of this processed
aquaculture food items market.
To identify the key trends in
the industry, click on the link below:
Further key findings from the
report suggest
- This sector converts the whole fish or shellfish
caught by the fishermen or produced through aquaculture operations into
consumable items that are sold in the retail stores and restaurants.
- This industry is growing at a CAGR of 6.2% in the
Asia Pacific followed by Europe and North America, with 5.5% and 5.4%
CAGR, respectively. High demand for processed and canned aquatic food
products due to the changing lifestyle coupled with increasing health
concerns is expected to drive the growth for seafood processing equipment.
- As of 2018, the Fish product segment is the
dominating sub-segment in the Seafood Processing Equipment which holds
44.1% of the global market. Asian Pacific regional market is the chief
revenue-generating source for this product segment, followed by Europe and
North America regions.
- The commercial segment consumed by Americans
primarily came from three major different sources: U.S. commercial
fisheries, U.S. aquaculture production, or imports brought into the U.S.
from other countries.
- Around 50% of the fish caught in the U.S regions were
from the Pacific Ocean within the Alaska region and consisted of Pacific
cod, flounders, hake, ocean perch, Alaska pollock, and rockfishes.
- Consumers in the U.S. spend around two-thirds of
their annual expenditure on buying aquaculture food substances either from
the retail stores, in restaurants or other types of foodservice
businesses.
- According to the Seafood Health Facts organization,
the total value of imported edible and non-edible fish products was USD
38.4 billion in 2017, an increase of USD 2.5 billion (7.0%) was observed
as compared to the imports of 2016.
- Key participants include Middleby Corporation (US),
GEA Group (Germany), John Bean Technologies Corporation (US), The
BAADER-Group (Germany), Grieg Seafood, Skaginn 3X (Iceland), Guolian
Aquatic Products, Zhengda Food Machinery Co. Ltd (China), Marine Harvest
and Thai Union Frozen Products.
For the purpose of this report,
Reports and Data has segmented the Processed Seafood & Seafood Processing
Equipment market on the basis of type, equipment type, product type, end use,
and region:
Type (Revenue, USD Million;
2016–2026)
- Fish
- Crustaceans
- Mollusks
- Others
Equipment Type (Revenue, USD
Million; 2016–2026)
- Slaughtering
- Gutting
- Scaling
- Filleting
- Others
Product Type (Revenue, USD
Million; 2016–2026)
- Frozen
- Smoked
- Canned
- Dried
- Others
End Use (Revenue, USD Million;
2016–2026)
- Hypermarkets
- Supermarkets
- Food Specialty Stores
- Convenient Stores
- Others
Regional Outlook (Revenue in
USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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