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 Mn 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.
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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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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