Processed Seafood & Seafood Processing Equipment Market size was $2.3Bn in 2019, growing at a CAGR of 4.8% during the forecast period 2020-2025. Seafood contains protein, omega 3 fatty acids, vitamins and minerals which are helpful in heart health, improves eyesight and brain power. The various sea foods processing equipment assists in the production of good quality of processed seafood products for improved taste and longer shelf-life.The marine creatures/ aquatic animals are kept in fish factory for the processing of seafood like frozen seafood, canned seafood by using food processing technology or equipment such as gutting, slaughtering and others.
• Increase in demand for health and wellness products is set to propel the growth of the market.
• Rising demand for protein-rich food products coupled with increasing consumer inclination towards ready-to-cook products.
• Increase in the consumption of fishby the consumers promotes the Processed Seafood & Seafood Processing Equipment Market.
• Europe region is estimated to record the fastest growth rate during the forecast period 2020-2025.
By Equipment Type – Segment Analysis
In 2019, Slaughtering segment dominated the Processed Seafood & Seafood Processing Equipment Market in terms of revenue is estimated to grow at a CAGR of 3.6%.Seafood contains vitamins A, B, and D, as well as omega-3 fatty acids. It is rich in calcium, phosphorus minerals, such as iron, zinc, iodine, magnesium,and potassium. Slaughtering is a process of killing marine creature for processing after harvesting at sea or from fish farms. Processing these food products helps in restoring the vitamins and nutrition. According to National Fisheries Development Board, approximately one trillion fish is slaughtered each year for human consumption aiding growth of the market.
Geography – Segment Analysis
In 2019, the Asia-Pacific region dominated Processed Seafood & Seafood Processing Equipment Market in terms of revenue with a market share of 46%.Government has taken initiatives to promote technological advancements in this region are key factors in the growth of the processed seafood & seafood processing equipment market.Europe is estimated to record the fasted growth rate during the forecast period 2020-2025.
Drivers – Processed Seafood & Seafood Processing Equipment Market
• Increase of Health-Conscious People
Increase in the number of health-conscious consumers drive the Processed Seafood & Seafood Processing Equipment Market owing towards the demand for seafood with the health beneficial seafood products. Consumers demand high quality processed sea foods with no changes in nutritional properties. The nutritional benefits of fish products and ready- to- eat meals have helped in the growth of the market.
Challenges – Processed Seafood & Seafood Processing Equipment Market
• Contamination of Seafood
The adulteration / contamination of seafood is restraining the market’s growth as it is the mixing of inferior and sometimes harmful quality substance to keep the seafood fresh so as be sold. It is very harmful for people suffering from diabetes or blood pressure or as the food becomes impure and unfit for human consumption.
Processed Seafood & Seafood Processing Equipment Industry Outlook
Product Launches was the key strategy of the players in the Processed Seafood & Seafood Processing Equipment Industry. Processed Seafood & Seafood Processing Equipment top 10 companies include Marel hf., BAADER-Group, Uni-Food Technic A/S, Skaginn 3X, Arenco AB ,Zhengda Food Machinery Co. Ltd, Middleby Corporation, GEA Group Aktiengesellschaft, John Bean Technologies Corporation, and KROMA A/S.