Growth In Processed-Seafood Market Is Creating Opportunities Worldwide
By Isaac Fletcher, contributing writer, Food Online
Driven by consumer trends and preferences, the market for processed seafood is expected to see high rates of growth through 2018. This is expected to open opportunities for seafood-processing equipment manufacturers and seafood processors seeking to extend global market penetration
A new report, Processed Seafood & Seafood Processing Equipment Market by Types (Crustaceans, Fish, Molluscs, Others), by Product Types (Frozen, Smoked, Canned, Dried, Surimi, Others), by Equipment Types & by Geography - Global Trends & Forecasts to 2018, projects the processed seafood market will be worth more than $211 billion by 2018, with a CAGR of 4.1 percent. Additionally, the seafood-processing equipment market is expected to reach $1.469 billion by 2018 with a CAGR of 3.8 percent.
Like many important markets in the food industry, the market for processed seafood is driven by new product launches, shifts in consumers’ lifestyles and preferences, and growing health concerns. To expand and penetrate into untapped markets and regions, many companies are developing new products. In developing regions of the Asia-Pacific, the retail industry is moving toward a more developed level, creating room for the availability of processed-seafood products within new markets.
Product innovations and new launches are dominant strategies for many of the players in the market such as High Liner Foods in the U.S. and Marine Harvest of Norway. New product launches typically focus on improving taste and quality. Companies that have adopted these strategies have increased revenue by providing consumers with new products that are becoming more widely accepted.
With growth in the processed-seafood market comes subsequent growth in the equipment market for processing seafood. Various technologies are used to process seafood. Technical advancements and new innovations are continuously happening within the processing sector. Many of the advancements made in recent years have been geared toward preparing processed seafood and fish in more efficient and cost-effective ways. The primary tasks involved in seafood processing include gutting, scaling, skinning, and de-boning. Proper equipment helps to ensure that safety standards are upheld throughout all levels of processing.
North America is a developed market for seafood-processing equipment and Europe has emerged as a strong, developing market. However, the fastest-growing market for seafood-processing equipment is the Asia-Pacific region. As far as growth strategies are concerned, companies like GEA in Germany and Marel of Iceland are expanding business through acquisitions worldwide, which may serve to enhance penetration in the seafood-processing equipment market.