Seafood Processing Equipment Market To Rise At Modest Growth With CAGR And Revenue Till 2025|Grand View Research, Inc.



The global seafood processing equipment market size is expected to value USD 2.51 million by 2025 at a 3.2% CAGR over the forecast period. The demand for seafood products and food in general, is high in developed as well as in developing regions. This factor is expected to boost the global seafood processing equipment market by 2025. Government regulations to safeguard the manufacturing processing and to provide a framework for hygiene and standardization of products are anticipated to enhance business growth over the forecast period.
Increasing demand for fish and other seafood products with increasing investments to manufacture efficient units is predicted to encourage market growth in near future. Increasing industrial automation rate coupled with easy availability of these units is predicted to encourage expansion of the market for seafood processing equipment over the forecast years.
In terms of product, frozen seafood emerged dominant in 2017. It is forecasted to expand at a CAGR of 1.8% over the forecast period owing to advancements in processing technologies. Frozen seafood is expected to ramp up the production of seafood processing equipment over the next decade owing to the exponential growth in demand, particularly from Asia Pacific and Africa. However, canned seafood is expected to emerge as the fastest growing product segment with a CAGR of 3.6% over the forecast period.
Manufacturers focus majorly on development of industrial processes and operations backed up with technological advancements to consolidate their market position. They invest hugely in research and development facilities and introduce innovative designs along with enhanced capacities to boost product adoption. Polar Systems Ltd., GEA Group Aktiengesellschaft, Uni-Food Technic A/S, BAADER Group., Arenco AB, Marel, and SEAC AB are some of the key market players.
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In terms of equipment, scaling equipment emerged dominant with a market share of over 22.07% in terms of value in 2017. It is expected to be the fastest growing segment with a CAGR of 3.8% over the forecast period. Recent advancements in the machine and equipment sector are expected to revolutionize the industry and boost the market share further in the forthcoming years. It is expected to dominate the equipment segment of seafood processing equipment in the year 2017.
Further key findings from the study suggest:
·         The U.S. seafood processing equipment market revenue is projected to expand at a CAGR of 2.1% over the forecast period
·         Favorable regulations, along with the economic benefits offered by equipment manufacturers and distributors, are projected to boost growth by 2025
·         The U.K. market, in terms of value, accounted for USD 107.08 million in 2017
·         Scaling equipment is expected to have a significant CAGR of 2.5% during the forecast period
·         India is among some of the prominent markets in Asia Pacific and is expected to reach USD 208.22 million over the forecast period owing to significant rise in population and industrial development
·         BAADER Group., GEA Group Aktiengesellschaft, Arenco AB, Marel, Uni-Food Technic A/S, SEAC AB, and Polar Systems Ltd. are some of the key players operating in the market.
Technological advancements in terms of operations and software, facilitate manufacturers to offer a range of functions in a single unit. Scaling equipment emerged dominant with a market share of over 22.07% in terms of value in 2017. It is expected to witness the fastest CAGR of 3.8% over the forecast period.Recent advancements in the machine and equipment sector are expected to revolutionize the market in near future.
The global seafood processing equipment market constantly requires efficient and effective solutions for different complex manufacturing operations. Gutting equipment, being one of the basic and important processing equipment in seafood processing, is anticipated to grow considerably in near future. Various equipment facilitate desired food quality and standard of the processed food.
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The Global Aquaculture Alliance (GAA) manages the Best Aquaculture Practices (BAP) certification standards for the seafood processing industries, hatcheries, farms, and feed mills. The overall regulatory framework enforces manufacturers to opt for standardized equipment and is expected to continue over the next eight years.
In the recent years, the demand for seafood has witnessed substantial growth. The increase in consumption of protein is owing to rising consumer awareness regarding benefits of high nutritional food. The seafood industry has witnessed favorable market conditions and trading scenario along with a hike in the fish production. The rise in aquaculture is also anticipated to give traction to the market.
Grand View Research has segmented the global seafood processing equipment market on the basis of product, equipment type:
Seafood Processing Equipment Type Outlook (Revenue, USD Million, 2014 - 2025)
·         Slaughtering
·         Gutting
·         Scaling
·         Filleting
·         Others
Seafood Processing Equipment Product Outlook (Revenue, USD Million, 2014 - 2025)
·         Frozen
·         Smoked
·         Canned
·         Dried
·         Others
Numerous manufacturers are shifting their focus toward developing countries and units that can function with advanced technology. Global multinational companies dominate the industry and are majorly concentrated in North America and Europe. The top manufacturers occupy majority of the global market, with North America and Asia Pacific accounting for substantial market shares. The pricing and other strategic initiatives depend on the top players.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.





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