New Delhi, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Global seafood processing equipment market is growing at a high CAGR because of the increasing growth of the seafood trade, increase in demand for processed seafood, and development of the aquaculture industry.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global seafood processing equipment market was worth USD 2.06 billion in the year 2021. The market is projected to grow at a CAGR of 6.7% from 2022-2028 (forecast period), earning revenues of around USD 3.22 billion by the end of 2028. The global seafood processing equipment market is booming because of the rising demand for more automated food processing equipment, growing consumption of processed seafood, health consciousness, increased seafood trades, rapid aquaculture business expansion, and changing customer lifestyles. Rising disposable income, population growth, and urbanization drive seafood equipment demand. Demand for automated food processing equipment is fueling the seafood processing equipment market.
Processing seafood generates a large volume of wastewater with high BOD and TSS values which in turn urges the need of seafood processing equipment
The processing of seafood results in the generation of a considerable volume of wastewater that contains comparatively high levels of biological oxygen demand (BOD) and total suspended particles (TSS). This is one of the most important elements that is driving the need for seafood processing equipment so that businesses can manage odors that come from the storage and cooking of products and comply with tight rules for the disposal of food waste thereby giving a boost in the global seafood processing equipment market.
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Changing lifestyles and increased health consciousness among consumers are driving global demand for seafood products, which is expanding the market
Shifting lifestyles and rising levels of health consciousness among consumers are elevating the demand for seafood products all over the world, which, in turn, is adding to the expansion of the market. This demand is driving the growth of the market. Aside from this, the growing trend of pet humanization, the ability of the masses to spend money, and worries among pet parents about the well-being of their pets are all positively impacting the adoption of healthy pet food that contains seafood.
Rapid technological advances in seafood processing and packaging increase the use of automated equipment, which improves industrial operations and product quality
Rapid technological advancements in seafood processing technologies and improvements in packaging solutions are promoting the use of automated equipment, which helps to perform complex manufacturing operations and facilitates the quality of food that is desired. This is driving the need for automated equipment. Additionally, numerous prominent players are investing in research and development (R&D) operations in order to introduce innovative designs with expanded capacities, which is anticipated to increase the sales of seafood processing equipment all over the world rapidly.
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Challenge
Market expansion is also being stymied by the pollution/contamination of aquatic products
Manufacturers have very little control over the origin of the raw fish and seafood they use in their products because the quality of these inputs can be affected by such a wide variety of both natural and artificial factors. It covers the damage that pollutants have caused to the ocean, which has led to the prohibition of products produced from water bodies with similar pollution levels. In some instances, the damage was so pervasive that it resulted in the extinction of the species in its whole.
Segmental Coverage
Global Seafood Processing Equipment Market - By Application
On the basis of application, global seafood processing equipment market is divided into frozen seafood, smoked seafood, canned seafood, dried seafood and others. The value of the market was dominated by frozen seafood products once they were analyzed. On the other hand, it is anticipated that the market for canned seafood would record the highest CAGR throughout the course of the projection period. As a result of the ever-changing culinary preferences of consumers, smoked seafood emerged as the product category that contributed the second-most to the overall market in terms of both value and market share. Due to the dynamic nature of consumers' taste preferences and the fact that they are constantly changing over time, this is one of the most important product categories.
Global Seafood Processing Equipment Market - Regional Insights
On the basis of regional, market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Revenue from the global market for seafood processing equipment is expected to be led by the North American market over the forecast period, thanks to rising per capita incomes and consumer preferences for seafood prepared in North American countries. As the population of people who eat seafood grows and as local countries set trends in consumption toward healthier eating, the Asia Pacific market is projected to account for the second biggest revenue share in the global market for seafood processing equipment and processed seafood.
Impact of COVID-19 on Global Seafood Processing Equipment Market
Since the beginning of the COVID-19 epidemic in December 2019, the worldwide market for seafood processing equipment has been significantly impacted. This is because the global shortages of both manual laborers and the rigorous travel regulations that have been enforced everywhere in the world have limited the transport of both raw materials and finished goods. There was also an effect on the global market for seafood processing equipment due to the rapid closure of enterprises and the introduction of social distancing legislation, both of which affected employment in the manufacturing sector.
Competitive Landscape
Some of the most well-known companies in the global seafood processing equipment market are Mowi, JBT, Marel, BAADER, Seafood Technology Limited, Pisces Fish Machinery Inc., Cabinplant A/S, Uni-Food Technic A/S, M.T.C. Food Equipment, Inc., CERMAQ, and others. Spending on R&D, using cutting-edge technology, and delivering improved products are all ways that market leaders keep their positions at the top. Strategies such as merging and forming partnerships are employed.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global seafood processing equipment market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global seafood processing equipment market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Development
- New nationwide frozen fish brand Mixter's Wixter Market introduced in June 2020. The increased demand for frozen seafood around the world is directly attributable to the brand's ability to help the company develop internationally.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical data – 2018–2021 |
| Base Year – 2021 | |
| Estimated Year – 2022 | |
| Forecast – 2022–2028 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
| Product Service/Segmentation | By Seafood Type, By Equipment Type, By Distribution Channel, By Application |
| Key Players | Mowi, JBT, Marel, BAADER, Seafood Technology Limited, Pisces Fish Machinery Inc., Cabinplant A/S, Uni-Food Technic A/S, M.T.C. Food Equipment, Inc., CERMAQ and other prominent players. |
By Seafood Type
- Fish
- Salmon
- Tuna
- Pollock
- Others
- Crustaceans
- Crabs
- Shrimps
- Prawns
- Others
- Mollusks
- Scallops
- Oysters
- Others
- Others
By Equipment Type
- Gutting
- Slaughtering
- Scaling
- Skinning
- Deboning
- Filleting
- Others
By Distribution Channel
- Online
- Offline
By Application
- Frozen
- Smoked
- Canned
- Dried
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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