Seafood Processing Market – Trends, Demand, Regional Analysis, Share and Growth Factors to Forecast till 2028

Market Overview

The global seafood processing market is expected to grow at a CAGR of 5.97 percent between 2020 and 2027 to reach a total value of USD 3.15 billion. The rising global need for processed seafood is mostly to blame for the market’s expansion. 

The rapid expansion of the fishing sector in recent years has led to the expansion of the seafood processing industry. There was a 4 million-ton rise in aquaculture output between 2015 and 2016. Seafood processing is a growing industry, and high-quality equipment is needed to support it. Seafood processors are investing in high-quality processing technologies at their facilities because of the increasing emphasis on food security and quality laws in many nations. The growing market for ready-to-eat meals, particularly the growing employed population with demanding timetables, is boosting the worldwide seafood processing business.

There were around USD 245 billion worth of convenience foods in the world in 2018. Growing numbers of small and medium-sized fisheries in Asia and Africa’s developing nations are fueling the expansion of this sector.

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There has been a significant impact on both internal and international distribution networks due to measures taken to prevent the spread of COVID-19 closure of food services, halt of tourist, a decrease of transportation services, trade restrictions. Logistics are further complicated because nearly half of fish ingested are fresh, live, or cold, which are very highly perishable. Countries that deal in large quantities of fish may see their export revenues plummet, and food security may be jeopardized. To avert a global seafood processing market, it is imperative to maintain the supply system open.

Regional Classification

Europe, America, Asia Pacific or APAC, and Row or the Rest of the World are the world’s most important markets for seafood processing.

It is predicted that the business for the seafood processing market in Asia-Pacific will develop at a faster rate than any other area in the world in 2018. This supremacy is attributed to a well-established aquaculture sector in nations such as China, Vietnam, India, and Bangladesh. The implementation of innovative seafood processing equipment has also occurred in these emerging nations, which is expected to contribute to the expansion of the seafood processing sector in this area in the future.

Market Segmentation

The global market is divided into three categories: equipment type, category, and seafood type.

It’s expected that filleting equipment would be the fastest-growing market sector in the worldwide industry, thanks to the rising demand for filleted fish. Aside from that, the bulk of the firms concentrates on product technological advancements in filleting equipment, which can perform various duties. Filleting equipment, sealing equipment, deboning equipment, gutting equipment, and other sorts of equipment were all considered in the market research.

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Single-function equipment and multi-function equipment are the two most important categories in sales volume. The multi-function equipment category is expected to increase faster than the overall market, mainly due to large-scale investments by major seafood processing companies in technologically advanced equipment that can do many jobs.

Industry News

Fish, Crustaceans, and mollusks are all types of seafood. As a result of the high productivity and presence of alternative kinds of fish, the fish sector is expected to take the top rank in the international market throughout the review period.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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