Fish Processing Equipment Market is Expected to Reach a High Valuation of US$ 451.6 million by the end of 2033
The fish processing equipment market is anticipated to thrive at a healthy CAGR of 3.9% between 2023 and 2033. The market holds a share of US$ 308.1 Million in 2023 while it is forecasted to cross a valuation of US4 451.6 million by 2033.
The rise in per capita consumption of fish has raised the
demand for fish-based products and processed fish. Therefore, rising
urbanization has also penetrated people’s food habits. This eventually fuels
the demand for fish processing equipment.
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- The
government provides support to small businesses with subsidies to help
food business enthusiasts in setting up the fish processing units.
- Processed
into various forms, namely balls, sticks, nuggets, cakes and pastes which
are by-products of traditional items. For example, fillets.
- The
vendors have started producing equipment for specific seafood items to
segregate the fish and prevent the mixture of different fishes.
- Canned
tuna, shrimps, and other canned products go through the processing units.
The demand for these canned products is rising as they penetrate in the
remotest areas possible.
- Environmental
risks and vegan movement have hindered the demand for processed fish.
Top Points:
- The
leading segment based on the production type is slaughtering and gutting
equipment which is likely to thrive at a CAGR of 3.5% (2023 – 2033) as it
is used the most in the processing units along with it being the
unattached part of the processing euipment.
- The
biggest segment based on the end user category is the sea food processors
which is forecasted to thrive at a CAGR of 3.7% between 2023 and 2033. The
high CAGR is attributed to its diversified client base along with the
strong supply chain.
- China,
Japan, and the South Korean market for fish processing equipment has
strengthened over the years and are likely to thrive at the same highest
CAGR of 3.8% during the forecast period. The growth is attributed to the
expanding seafood industry along with the new cuisines adding up as an
effect of globalization.
- US
holds the biggest anticipated market share of US$ 89 Million by 2033,
thriving on a CAGR of 2.9% while United Kingdom thrives on the same CAGR
of 2.9% in the forecast period, owing to higher processed food
consumption.
Competitive Analysis:
Key companies focus on making their processing unit
efficient and fast while also focusing on making the processing units more
organic. Competitors adopt techniques such as mergers and acquisitions to
expand their supply chain while also diversifying their distribution channels.
Major companies in the fish processing equipment market are Marel ,
World Fishing & Aquaculture, Trifisk Manufacturing Inc., MTC Food
Processing Equipment, Blois Fish Processing Automation Ltd.
Recent Market Developments:
- Trifisk
Manufacturing Inc has launched its series of fish processing equipment
that ensures minimal water consumption, very low maintenance, increased
profits, and better productivity
- MTC
food equipment has introduced its BAADER 212-CK heading machine which is
stand-alone machine and comes with easy to ship qualities.
Fish Processing Equipment Market Segmentation
By Type:
- Slaughtering
and Gutting Equipment
- Deboning
and Skinning Equipment
- Curing
and Smoking Equipment
- Other
Types
By Application:
- Large
Fish
- Small
Fish
By End Use:
- Hotel
and Restaurants
- Sea
Food Processors
- Others
By Operating Mechanism:
- Mechanical
- Electrical
By Region:
- North
America
- Latin
America
- Asia
Pacific
- MEA
- Europe
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