Processed Seafood & Seafood Processing Equipment Market Analysis by 2023

The global seafood processing equipment market size is projected to grow from USD 1.5 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. The processed seafood & seafood processing equipment market is driven by factors such as growth in the aquaculture industry, increased seafood trade, increased consumption of processed seafood products, and increased health consciousness among consumers. However, the requirement of capital investment, along with a low replacement frequency of these equipment is projected to hinder the growth of the market.

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The Asia Pacific market accounted for the largest share in the processed seafood market. The seafood processing market is projected to grow, as the food processing sector is projected to witness the fastest growth in this region. The processed seafood market in the Asia Pacific region is witnessing significant growth due to the busy lifestyles of customers. Currently, the processed seafood market in the region is also undergoing a significant transformation in response to rapid urbanization and diet diversification. In addition, consumer demand for convenience and processed seafood offers profitable growth prospects and diversification in the region’s food sector. This will subsequently, drive the growth of the processed seafood market in the Asia Pacific.

Europe is estimated to account for the largest market share in 2018. The Asia Pacific region includes countries such as China, Japan, Vietnam, and Thailand. The seafood processing market is also witnessing one of the fastest-growing food processing sectors in this region. The processed seafood industry in the Asia Pacific region is witnessing growth due to the busy lifestyles of customers. The processed seafood market in the region is also currently undergoing a significant transformation in response to rapid urbanization and diet diversification. In addition, consumer demands for convenience and processed seafood provide prospects for the growth and diversification in the region’s food sector.

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Major vendors 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).

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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