According to a new report published by Allied Market Research, titled, "Seafood Processing Equipment Market by Seafood Type and Equipment Type: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global seafood processing equipment market size was valued at $2,261.7 million in 2018, and is projected to reach $3,478.6 million by 2026, registering a CAGR of 5.7% from 2019 to 2026.
Seafood refers to a wide array of marine edibles considered as food by humans. It prominently comprises finfish, crustaceans, mollusks, and others. The purpose of processing and conserving seafood is to get them to the ultimate consumer in a good, edible condition. Fish begins to spoil as soon as it is caught, perhaps even before it is taken out of the water. Therefore, the key to delivering a high-quality produce is by paying close attention to small details throughout the entire process of preparation, catching, landing, handling, storage, and transport. Hence, a large number of seafood processing equipment that target a specific purpose have been developed and introduced in the market to enable optimal and efficient processing of seafood. They consist of machinery used for diverse purposes such as gutting, scaling, deboning, skinning, filleting, and others.
Changes in dietary habits of consumers worldwide have brought a continuous rise in the demand not only for seafood overall but also for distinguished and value-added seafood products. Consumer tastes have broadened, owing to international social and cultural integration. Consequently, the demand for seafood processing equipment by manufactures globally has witnessed a positive growth. In addition, globalization, trade liberalization, and technological advancements have resulted in a rapid expansion rate of international trade of seafood and seafood products. Novel processing technologies are thereby discovered and implemented to deliver safe, fresher-tasting, nutritive seafoods manufactured without the use of chemical preservatives. This has cumulatively led to an increase in the availability of seafood and its products across several regions worldwide and hence created a spurring impact on the seafood processing equipment market.
The finfish segment is anticipated to exhibit the highest growth during the seafood processing equipment market forecast period. Finfish are characteristically tender, effortlessly digested, and a good source of several vital minerals. They comprise the widest variety of seafood such as cod, tuna, salmon, whitefish, and pelagic, which are easily available and hence have been consumed by humans traditionally and continue to do so. The equipment required to process finfish are consequently necessitated the most to meet the processing and consumer demand.
The global seafood processing equipment market analysis is carried on the basis of seafood type, equipment types, and region. The seafood type segment comprises finfish, crustaceans, mollusks, and others. The equipment types covered in the study include gutting, scaling, skinning, deboning, filleting, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Seafood Processing Equipment Market :
- Based on seafood type, the finfish segment accounted for approximately 66% of the shares of the total in the global seafood processing equipment market in 2018.
- Based on seafood type, the crustacean segment is expected to grow at the highest CAGR of 6.20% during the forecast period.
- Based on equipment type, the other seafood segment accounted for approximately 28% of the total shares in the global market in 2018.
- Based on equipment type, the deboning segment in the global seafood processing equipment market is expected to grow at the fastest CAGR of 6.20 % during the forecast period.
- Based on region, the Asia-Pacific segment accounted for approximately 65.93% of the total shares in the global market in 2018 and is expected to grow at the highest CAGR of 5.80%.
The major players in the global seafood processing equipment industry analyzed in this report include Marel, JBT, BAADER, Seafood Technology Limited, Cabinplant, Pisces Fish Machinery Inc., M.T.C. Food Equipment, Inc., Uni-Food Technic A/S, Subzero, and SEAC AB.