Processed Seafood & Seafood Processing Equipment Market Growth Factors & Global Forecast to 2023

The global seafood processing equipment market size is projected to grow from USD 1.4 billion in 2018 to USD 1.9 billion by 2023, at a CAGR of 5.6% during the forecast period. The global processed seafood market size is projected to grow from USD 207.6 billion in 2018 to USD 267.3 billion by 2023, at a CAGR of 5.2% during the forecast period. This is attributed to the increasing global consumption of processed seafood and rise in seafood trade

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By type, the fish segment is projected to be the largest revenue contributor in the processed seafood market during the forecast period. The perishable attributes of fishes make it imperative for fisheries and harvesters to process them.

The major types of processed fishes available in the market include dried, salted, fermented, and smoked. The initial phases of fish processing include washing, degutting, salting, fermentation, drying, and smoking. These processes then contribute to the development and changes in the flavor, texture, and color, and also improves its shelf life. An increase in the demand and trade of processed fish products are factors that are further projected to drive the growth of this market.

Increased demand for slaughtering equipment that does not degrade the quality of seafood products is a key factor, due to which the segment is projected to account for a larger market share during the forecast period in the seafood processing equipment market. Of the various equipment type, the market is estimated to be dominated by the slaughtering segment in 2018. There are different types of fish slaughtering equipment available in the market, which include electric, manual, automatic, and semi-automatic. 

Key players in the global processed seafood market are Middleby Corporation (US), GEA Group Aktiengesellschaft (Germany), and John Bean Technologies Corporation (US). Some of the other players that hold a significant share in the market include Marel hf. (Iceland), the BAADER-Group (Germany), Uni-Food Technic A/S (Denmark), Skaginn 3X (Iceland), Arenco AB (Denmark), Zhengda Food Machinery Co. Ltd (China), and KROMA A/S (Denmark).

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The major vendors in the global seafood processing equipment market are Charoen Pokphand Foods Plc. (Thailand), Maruha Nichiro Corporation (Japan), and Nippon Suisan Kaisha, Ltd. (Japan). Some of the other players that hold a significant share in the market include Thai Union Frozen Products Public Company Limited (Thailand), Mowi ASA (Norway), Leroy Seafood Group ASA (Norway), Nueva Pescanova Group (Spain), High Liner Foods Inc (Canada), Royal Greenland A/S (Denmark), and Clearwater Seafoods Incorporated (Canada).

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