Study: Seafood processing equipment market worth $2.51M by 2025
Scaling equipment is expected to have a significant CAGR of 2.5% during the forecast period.
The global seafood processing equipment market size is expected to value $2.51 million by 2025 at a 3.2% CAGR over the forecast period, according to research presented by Grand View Research, San Francisco. The demand for seafood products is high in developed and developing regions. As well, government regulations to safeguard the manufacturing processing and provide a framework for hygiene and standardization of products are anticipated to enhance business growth over the forecast period.
Key suggestions from the report:
- 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.
- In terms of value, the UK market accounted for $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 $208.22 million over the forecast period, owing to significant rise in population and industrial development.
Increasing demand for fish and other seafood products with increasing investments to manufacture efficient units is predicted to encourage market growth in the 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.
In terms of equipment, scaling equipment emerged dominant with a market share of over 22.07% in terms of value in 2017, and 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.