Seafood Processing Market Forecast
The global seafood processing market size is projected to grow, registering a CAGR of 5.8% to reach a value of approximately USD 2.3 billion by 2025. The expansion of the seafood industry is driving the growth of the global seafood processing market with a focus on innovation and technological advancements. Seafood processors are investing significantly in seafood processing machines to increase production efficiency and minimize waste during the processing of seafood. The health-conscious population is inclined toward the consumption of seafood over other animal proteins owing to its benefits. With the changing lifestyles of consumers, the demand for convenience food is increasing rapidly across the globe.
Consumers are opting for processed seafood with a long shelf life. Moreover, the increasing application of seafood processing by-products in industries such as animal feed and pet food is contributing to the growth of the seafood processing market. Chitin and chitosan, processed from shrimp, crab, and other crustacean waste, are by-products of high economic value. Also, stringent regulations in favor of food safety and quality are contributing to the growth of the COVID-19 analysis on seafood processing market analysis.
Seafood Processing Market Growth Opportunities
Increasing Demand for Frozen and Canned Fish Fillets: The rising demand for convenience and processed seafood is driving the growth of the seafood processing industry. Consumer preference for frozen and canned fish in the form of fillets is expected to boost the sales of filleting equipment during the forecast period. The growing demand for processed fish fillets, especially in the food service industry, is resulting in a focus on filleting equipment by seafood processing companies.
Increasing Investments by Seafood Processors in Multi-Function Equipment: Seafood processors are focused on R&D, technological advancements, and automation. With the growing demand for processed food and intense competition among the key players in the market, production efficiency is of utmost importance for seafood processing companies. Thus, they are inclined toward the adoption of multi-function equipment which can serve the purpose of several processing activities through a single equipment. This is projected to drive the growth of the multi-function equipment segment during the forecast period.
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Seafood Processing Market Key Players
- Pisces Fish Machinery Inc. (US)
- Marel (Iceland)
- GEA Group (Germany)
- Optimar AS (Norway)
- Uni-Food Technic A / S (Denmark)
- Baader Linco Inc. (US)
- The Middleby Corporation (US)
- JBT Corporation (US)
- Skaginn 3X (Iceland)
- Arenco AB (Sweden)
- Zhengda Food Machinery Co.,Ltd (China)
- KROMA A/S (Denmark)
- Seafood Technology Limited (UK)
- Food Equipment, Inc. (US)
- SEAC AB (Sweden)
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