Processed Seafood & Seafood Processing Equipment Market Hit by Coronavirus Outbreak, Downside Risks Continue to Escalate but Future Outlook Remains Positive According to our Study

According to the current analysis of Reports and Data, the global Processed Seafood & Seafood Processing Equipment market was valued at USD 1.4 Billion in 2018 and is expected to reach USD 2.18 Billion by the year 2026, at a CAGR of 5.7%. Seafood comprises of all bony fishes, mollusks and shellfishes. Millions of people across the globe depend on these as their primary nutrient source. Health benefits provided by these foods are the major reason for their increasing demand. It is a good source of protein and contains less fat as compared to other animal protein sources. It is highly beneficial for heart patients on account of its low cholesterol.

Processed Seafood & Seafood Processing Equipment Market Size – USD 1.4 Billion in 2018, Growth – CAGR of 5.7%, Trends – Product launches and research for advanced products and devices

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This report covers the recent COVID-19 incidence and its impact on Processed Seafood & Seafood Processing Equipment Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.

The major industrial players are adopting various strategies like expansion, partnerships, mergers & acquisitions, the launch of new product and adoption of advanced technologies to sustain in the competitive environment. For instance, on December 27, 2017, Thai Union launched its Fishing Vessel Improvement Program and Vessel Code of Conduct (VCoC) to offer clear guidance to the fishing vessel. The market for aquaculture food items equipment is propelled by a growing population, increasing demand for aquaculture food items, the emergence of new entrants and changing lifestyle and taste preferences of the population.

Companies considered and profiled in this market study

Middleby Corporation (US), GEA Group (Germany), John Bean Technologies Corporation (US), The BAADER-Group (Germany), Grieg Seafood, Skaginn 3X (Iceland), Guolian Aquatic Products, Zhengda Food Machinery Co. Ltd (China), Marine Harvest and Thai Union Frozen Products.

For the purpose of this report, Reports and Data has segmented the Processed Seafood & Seafood Processing Equipment market on the basis of type, equipment type, product type, end use, and region:

Type (Revenue, USD Million; 2016–2026)

• Fish
• Crustaceans
• Mollusks
• Others

Equipment Type (Revenue, USD Million; 2016–2026)

• Slaughtering
• Gutting
• Scaling
• Filleting
• Others

Product Type (Revenue, USD Million; 2016–2026)

• Frozen
• Smoked
• Canned
• Dried
• Others

End Use (Revenue, USD Million; 2016–2026)

• Hypermarkets
• Supermarkets
• Food Specialty Stores
• Convenient Stores
• Others

Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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Further key findings from the report suggest

• This sector converts the whole fish or shellfish caught by the fishermen or produced through aquaculture operations into consumable items that are sold in the retail stores and restaurants.

• This industry is growing at a CAGR of 6.2% in the Asia Pacific followed by Europe and North America, with 5.5% and 5.4% CAGR, respectively. High demand for processed and canned aquatic food products due to the changing lifestyle coupled with increasing health concerns is expected to drive the growth for seafood processing equipment.

• As of 2018, the Fish product segment is the dominating sub-segment in the Seafood Processing Equipment which holds 44.1% of the global market. Asian Pacific regional market is the chief revenue-generating source for this product segment, followed by Europe and North America regions.

• The commercial segment consumed by Americans primarily came from three major different sources: U.S. commercial fisheries, U.S. aquaculture production, or imports brought into the U.S. from other countries.

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