The seafood processing equipment market is valued at USD 2.89 billion by 2032 and is projected to grow at a CAGR of 4.01% during the forecast period 2023-2032. A rapid increase in consumer purchasing power is the driving force behind the seafood processing equipment market during the forecast period 2023-2032.
Seafood is considered an excellent source of high-quality protein, high in lipids and unsaturated fatty acids, and may improve human health by reducing the risk of cardiovascular disease. The equipment required to process different types of seafood varies by function and includes evisceration, peeling, descaling, filleting, deboning, etc.
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The main growth driver for the seafood processing equipment market is the increasing consumption of processed seafood. The main factor driving the demand for seafood processing machinery is the increasing health consciousness of consumers. In addition, high growth in aquaculture industry and increase in seafood trade along with consumer lifestyle changes will also increase the overall demand for seafood processing equipment market during the forecast period 2023-2032. In addition, increasing disposable income, increasing population and mortality are also rapid urbanization. This is the main reason why the demand for seafood processing equipment is increasing on a global scale. In addition, strict government regulations on food and related industries are expected to increase consumer preference for seafood, and a surge in demand for automated equipment in the food processing industry is also driving the growth of the seafood processing equipment market.
However, the growth of the seafood processing equipment market is expected to slow down due to high capital investment with infrequent replacement and declining marine product inventories due to overfishing. growth can be threatened. seafood market.
Market Segmentation:
Product Type: The processed seafood market can be segmented into various types of products, such as frozen seafood, canned seafood, smoked seafood, and others. Frozen seafood dominates the market due to its convenience and longer shelf life. Seafood processing equipment can also be classified based on the type of product it is used for, such as cleaning and grading equipment, filleting machines, and packaging machines.
Distribution Channel: The processed seafood market can be segmented based on the distribution channel, including supermarkets and hypermarkets, convenience stores, online retailers, and others. Supermarkets and hypermarkets hold the largest market share due to the convenience of one-stop shopping, while online retailers are expected to see significant growth due to the increasing adoption of e-commerce.
Overall, the processed seafood and seafood processing equipment industry is expected to see steady growth in the coming years due to increasing demand for convenient and healthy food products. However, the industry must also address challenges related to sustainability, environmental impact, and food safety to maintain long-term growth and profitability.
Key Players:
- Thai Union Group – One of the world’s largest seafood companies, Thai Union Group is known for its popular brands like John West, Chicken of the Sea, and Bumble Bee. The company operates in over 50 countries and has a wide range of seafood processing and packaging facilities.
- Maruha Nichiro Corporation – A Japanese company, Maruha Nichiro Corporation is one of the largest seafood companies in the world, with a focus on aquaculture and marine product processing. The company operates in over 20 countries and has a wide range of seafood products, including frozen seafood, canned seafood, and fishmeal.
- Trident Seafoods – Based in the United States, Trident Seafoods is a vertically integrated seafood company that specializes in wild-caught seafood products. The company has a wide range of processing facilities and a strong focus on sustainability.
- Marel – A global provider of advanced food processing equipment, Marel offers a wide range of seafood processing machinery, including filleting machines, grading machines, and packaging equipment. The company operates in over 30 countries and serves customers in the seafood, poultry, and meat processing industries.
- BAADER – Another global provider of seafood processing equipment, BAADER offers a range of machinery for cleaning, filleting, and packaging seafood products. The company also offers solutions for processing poultry and meat products.
Other notable players in the industry include High Liner Foods, Nippon Suisan Kaisha, Ltd., Clearwater Seafoods, and JBT Corporation.
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Regional Analysis:
- Asia-Pacific: The Asia-Pacific region is a major hub for seafood processing, with countries such as China, Vietnam, and Thailand playing a significant role in the global seafood trade. These countries have invested heavily in seafood processing equipment and technologies, and are known for their expertise in producing a wide range of seafood products, from frozen seafood to value-added products like sushi.
- Europe: The seafood processing industry in Europe is characterized by a strong focus on quality and sustainability. European processors are often at the forefront of developing new processing methods and equipment that prioritize the safety and quality of their products. Many European processors are also certified by organizations like the MSC, which helps to ensure that their products come from sustainable fisheries.
- North America: The seafood processing industry in North America is highly diverse, with processors producing a wide range of seafood products for both domestic and international markets. Some of the largest seafood processing companies in North America are based in the United States, where there is a strong emphasis on innovation and technology in the industry.
- Latin America: Latin America is a significant player in the global seafood industry, with countries like Chile, Peru, and Ecuador known for their expertise in producing high-quality seafood products. The seafood processing industry in Latin America is characterized by a focus on sustainability and traceability, with many processors implementing advanced technologies to ensure the safety and quality of their products.
Reasons to Purchase Processed Seafood & Seafood Processing Equipment Market Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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