(Entertainment-NewsWire.com, March 16, 2020 ) The processing sector in the seafood industry deals with converting raw seafood such as whole fish into products that are sold at retail stores. Processing of seafood involves various methods such as smoking, gutting, salting, filleting, and so on. Many years ago, processing was done in the traditional way. With the technological advancement and mechanization in the processing industry, the usage of various types of processing equipment and machinery is helping processors to produce processed seafood of high quality and under hygienic conditions.
The global market for processed seafood is projected to reach USD 267.32 billion by 2023, at a CAGR of 5.2%; and the global market for seafood processing equipment is projected to reach USD 1.95 billion by 2023, at a CAGR of 5.6%
An increase in demand for processed and safe food products has positively impacted the demand for processed seafood & seafood processing equipment in the market. The natural methods of salting, drying, smoking, and other preservation processes remain time-consuming and lead to an increasing amount of fish wastage and food safety issues, due to putrefaction. The increase in the demand for seafood processing equipment is attributed to the changing tastes of consumers, preference for healthy food products, and rise in concerns for food safety.
Growth in the aquaculture industry and advancement in seafood processing technologies to fuel the demand for processed seafood & seafood processing equipment
Growth in the aquaculture industry has gradually paved the way for an organized production of seafood products, which, in turn, fuel the demand for processed seafood products. Furthermore, the lucrative manufacturing and processing techniques associated with aquaculture have further resulted in a number of fisheries and aquaculture breeders venturing into the category. Moreover, there is a greater development of equipment and technologies that are either adept at being more efficient or enable the processing of seafood products that enjoy a longer shelf-life. One such technological development is the development of the high-pressure processing (HPP) equipment. In the process of developing better and innovative processed seafood products, various seafood processors are also using different enzyme applications. The application of transglutaminase (TG) or ‘meat glue,’ which is a naturally occurring enzyme, helps catalyze a chemical bond between amino acids. All such factors collectively support the growth of the seafood processing equipment market along with the processed seafood market.
The fish segment accounted for the largest share and is also projected to grow at the highest CAGR in both the seafood processing equipment and processed seafood markets
A wide variety of fish types and their substantial consumption help drive the market for fish processing equipment. Since fish is a highly perishable commodity, its processing becomes imperative to prevent it from getting spoilt or deteriorated. This remains a major driving factor for the market. The increasing demand for processed seafood products is projected to further drive mechanized innovations in the processed fish products segment.
Asia Pacific and Europe contributed to a large extent to the overall processed seafood market. China and Japan are the major contributors to the overall market. China is projected to be the fastest-growing market, regionally, and globally. Moreover, the seafood processing market is projected to grow, as the food processing sector is witnessing the fastest growth in this region. Rapid urbanization and growing demand for convenience food are some of the major supporting factors to boost the growth of processed seafood and seafood processing markets in the region.
The market potential is seen in emerging economies such as India, Brazil, Japan, Vietnam, and Thailand, which has led end-product manufacturers to enter these markets to increase their production capacities. Moreover, increasing seafood trade is a major factor driving the processed seafood products market.
There is a clear shift in the food consumption pattern from unprocessed foods to processed and ultra-processed foods. Hectic lifestyles in developed nations have led to a declining trend in cooking and an increase in snacking. Consumers are more inclined to buying processed foods such as bread & cereals, frozen & packaged meals, and processed meat & fish. This has resulted in a growing market for various types of convenience foods, which, in turn, is set to drive the consumption volumes of processed seafood products. Furthermore, key players in the industry are also showing interest in expanding their portfolio and geographic reach by adopting various strategies in their segment. For instance, in 2018, the Middleby Corporation (US) acquired Ve.Ma.C. Srl (Italy), a leading designer and manufacturer of handling, automation, and robotics solutions for protein food processing lines. With this acquisition, Middleby would get opportunities to integrate its existing seafood processing equipment offerings. Thus, collective efforts of various stakeholders in the industry and positive outlook of consumers toward convenience food are expected to drive the market for seafood processing equipment and processed seafood markets during the forecast period.