The fish processing equipment market is expected to surge ahead at a CAGR of 3.9% during the forecast period. The market is valued at USD 308.1 million as of 2023, and by 2033, the market is expected to reach a valuation of USD 451.6 million.
Some of the factors which are expected to support the market growth are:
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Europe is expected to be one of the most significant markets for fish processing equipment.
Europe's fish oil market is valued at USD 2 billion as of 2022. There has been an increasing demand for fish oil in the region owing to its increased application in the pharmaceutical business and animal nutrition, and pet feed market as these are rich sources of omega-3 fatty acids, EPA and DHA.
The fish oil market has depended upon fish processing equipment as they generate products that are high in proteins, lipids, and various other nutrients.
North America is expected to be the second-largest market for fish processing machines during the forecast period.
The North American aquaculture therapeutics market was valued at USD 450 million as of 2022, and the region held a massive 35% of the global market share. There were increasing cases of bacterial illness among the aquaculture species, as a result of which the manufacturers wanted to get them treated before putting them into further usage.
As a matter of fact, consumer confidence would further enhance, and this would give the fish processing equipment manufacturers the leeway to seamlessly carry out the activity owing to FDA authorization.
Principal Consultant
Based on the research conducted by FMI, the Asia Pacific region is expected to be the largest fish processing equipment market during the forecast period.
Asia Pacific is currently the largest seafood market and based on the market analysis, the region occupies nearly 40% of the global market share. As of 2021, the Asia Pacific seafood market was valued at close to USD 74 billion.
A huge seafood market would definitely showcase a huge potential for the surging demand for fish processing equipment. The major players in the seafood market are making use of fish processing equipment to carry out the fish slaughtering process effectively.
On comparing the historical CAGR with the anticipated CAGR, we might get a sense that the market growth is gradual, but the analysts are of the view that the growth would certainly be long-lasting.
While the historical CAGR for the market was 3.2%, the anticipated CAGR is 3.9%. This certainly indicates that an increase in the sales of fish and related products would certainly surge the market growth. It is because the fish processing equipment is versatile in nature and does much more than just fish slaughtering.
| Attributes | Value |
|---|---|
| Fish Processing Equipment Market Value (2022) | USD 297.4 million |
| Fish Processing Equipment Market Value (2023) | USD 308.1 million |
| Fish Processing Equipment Market Forecast Value (2033) | USD 451.6 million |
| Fish Processing Equipment Market Expected CAGR (2023 to 2033) | 3.9% |
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Reducing labor cost
The implementation of fish processing equipment ensures that the manpower is put to work on more relevant matters, thereby increasing the efficiency of the operations.
Reduced process errors
The application of fish processing equipment ensures that there are no cases pertaining to unclean cuts, slower work, wasted fish, or reduced product quality.
Owing to a high level of automation in fish processing equipment, the overall activity that is performed in a day is equivalent to the same combined effort put in by the laborers to achieve the same result in a span of at least five days.
Thanks to the consistency offered by these machines, and the ability to work for long hours together, companies operating in this business are able to reap the benefits.
Safe mode of operation
Tasks like cutting, grinding, and canning are performed flawlessly by the fish processing equipment. However, if such tasks are performed manually, it can be extremely dangerous for workers.
Moreover, the usage of the fish processing equipment also ensures that the workers are not exposed to extreme conditions, such as low temperatures, lifting heavy equipment, and exposure to toxins, which might surge the fish processing equipment market share.
Fixed initial investment
In the current times of volatile markets, the impact of inflation can be ruthless at times, which means higher labor charges along with high raw material prices.
Implementation of the fish processing equipment is as good as a one-time investment. Apart from that, the implementation of the latest technology ensures that the equipment performs all the functions with the highest level of accuracy.
Concerns regarding the quality of food
One of the biggest challenges experienced by the market is that there might be differences in the method which is used as a yardstick to check the quality of fish, during import and export activities.
Moreover, the manufacturers hardly have any clue of whether the quality of the fish is good or not, and this can further impede the market growth.
Rising water pollution
Increasing cases of water pollution have led to the deteriorating health of aquatic species across the globe. This might severely impact the health of consumers, as a result of which the demand for fish processing equipment might be impacted.
The USA fish processing equipment market is expected to grow at a CAGR of 2.9% during the forecast period. The market is valued at USD 67.1 million as of 2023, and by 2033, the market is expected to reach a valuation of USD 89 million.
The historic CAGR (2018 to 2022) for the market was 2.6%.
The USA is also one of the largest markets for fish sauce. As per the research conducted by FMI, the USA fish sauce market is valued at nearly USD 1.1 billion as of 2022. Being a rich source of Vitamin D and Vitamin B2 is surging the demand for fish sauce in the region.
Manufacturers are increasingly making use of fish processing equipment to ensure that the fish is finely processed and converted to finer forms for the ease of preparation of the fish sauce.
The United Kingdom market is expected to grow at a CAGR of 2.9% during the forecast period. The market is valued at USD 15.2 million as of 2023, and by 2033, the market is expected to hit a valuation of USD 20.3 million.
The historical CAGR of (2018 to 2022) for the market was 2.7%.
the United Kingdom is a prominent fish meal market. The fish meal market in the United Kingdom is expected to reach a valuation of USD 746 million by 2033. Fish meal is gradually replacing the likes of soybean meals and corn gluten meals because they are a sustainable form of protein and have higher nutritional benefits.
The implementation of fish processing equipment in the fish meal market makes the process of deriving valuable nutrients from fish much easier.
The China fish processing equipment market is valued at USD 29.9 million as of 2023. The market is expected to surge at a CAGR of 3.8% during the forecast period, and by 2033, is projected to reach a valuation of USD 43.5 million.
The historic CAGR (2018 to 2022) for the market was 3.4%.
The China fish collagen market was valued at USD 102.4 million as of 2022, and the market is expected to surge at an above-average CAGR of 6.1%. Fish collagens are being used for strengthening bones and regulating blood sugar. Apart from that, the collagens are also used to improve the condition of tissues as well.
The fish processing equipment is used for deriving the necessary nutrients from the fish so that the fish collagen manufacturers can make use of them to prepare the required products.
The Japan fish processing equipment market is expected to reach a valuation of USD 36.3 million by 2033. The market is anticipated to grow at a CAGR of 3.8%, and as of 2023, the market is valued at USD 25 million.
The historical CAGR (2018 to 2022) for the market was 3.4%.
Japan has a fast-growing fish-based pet food market which was valued at USD 420 million as of 2021 and is expected to grow at an anticipated CAGR of around 5%. There is an increasing demand for high-quality pet foods which is expected to surge the demand for fish-based pet food. Apart from that, the increasing scenario of pet humanization is expected to further surge the demand for fish-based pet food.
The fish processing equipment is being utilized mainly to convert the fish into a finer form so that, they can be easily converted to edible form.
The South Korean market is expected to grow at a CAGR of 3.8% during the forecast period. The market is expected to reach a valuation of USD 30.5 million by 2033, and as of 2023, the market is valued at USD 21 million.
The historical CAGR (2018 to 2022) for the market was 3.4%.
The South Korean fish protein market is valued at USD 341 million as of 2021. An increase in the number of health-conscious customers in South Korea is expected to surge the market share. Apart from that, the increasing adoption of fish protein chemicals by pharmaceutical companies is expected to further surge the market growth.
The fish processing equipment helps in converting the fish into a form from which protein and other nutrients can be easily derived. This is something that might surge the demand for fish processing equipment among the fish protein market players.
The slaughtering and gutting equipment segment is expected to grow at a CAGR of 3.5% during the forecast period.
The historical CAGR (2018 to 2022) for the market was 2.7%.
The process of gutting ensures that the nutrients are effectively derived from the fish, as the process essentially involves cutting the species and converting them into finer pieces. Moreover, the usage of stainless steel ensures easy cleaning of the slaughtering and gutting machines, and gives long life to them. ;
The seafood processors are expected to grow at a CAGR of 3.7% during the forecast period.
The historic CAGR (2018 to 2022) for the segment was 2.9%.
The seafood processors perform the core functionality of processing the fish and converting them into finer forms so that they can be further used by the end users. This segment is known to serve other sectors like pharmaceutical, hospitality, wholesale markets, etc.
The start-ups serving the fish processing equipment market are making use of the latest technological developments to provide the best services to the customers. Some of the start-ups are working on seafood traceability using QR tags. This would allow the company to trace the fish’s journey back to its origins and define who caught it.
SmartCatch is providing fishermen with eyes within their nets, which helps capture and organize the data at the point of harvest, controls the net from the wheelhouse, and selectively releases the unwanted catch.
On 9th March 2019, the company managed to raise USD 2.5 million from Sustainable Ocean Alliance.
The key players operating in the fish processing equipment market are on a mission of handling issues pertaining to the labor shortage. For this, the companies are developing automatic in-line cut-ups, which can handle up to 7200 broilers per hour.
Additionally, the key players are also developing systems that can handle both air and water-chilled products.
Some of the recent developments in the fish processing equipment market are:
Marel, Trifisk Manufacturing Inc., and Blois Fish Processing Automation Ltd. have been producing great quality fish processing equipment to serve the niche in the best way possible
Marel is a market leader in transforming the way food is processed. They have been producing high-quality, safe, and affordable food by providing solutions, services, and software to the poultry, meat, and fish processing industries. The business works on the core idea of sustainability.
Employing more than 7,000 who are working around the globe in over 30 countries, the company is willing to provide the best in the world products to its customers. Marel has been laying huge emphasis on innovation. The company is dedicated to surpassing industry standards in providing to development of the highest quality affordable food.
On 2nd November’22, Marel announced that it is refining its operating model to enable customer-centricity, enhancing end-to-end accountability and cross-business collaboration.
Blois Fish Processing Automation Ltd. has been offering quality assured, on-site sales, service, and maintenance to the North American fish processing market. The success of the company is built on integrity and building long-term relationships. The company has been providing top-quality food processing equipment, which coordinates Transport, Export, and Import.
The company has also been providing equipment and parts sourcing, equipment evaluations, consultation design, equipment cleaning services, and Business Supportive Resources. The company has always assisted its clients in innovating, and increasing the quality and quantity of throughput, to attain high-quality ratings.
Trifisk Manufacturing Inc. brings four trusted names together: Simnar, Simor, Fishmore, and Trifisk: all under a single brand. The company is a market leader in commercial fish scalers and continues to produce Simor brand fish de-scaler. The company takes pride in producing excellent fish scaler repairs and service for all its customers.
The company has also been providing machining and CAD Services using the latest 3D software. They accept DWG, DXF, IGES, and other software files.
The fish processing equipment market is valued at USD 308.1 million as of 2023.
The fish processing equipment market is expected to grow at a CAGR of around 3.9% over the forecast period.
By 2033, the fish processing equipment market is expected to be valued at USD 451.6 million.
Asia Pacific is the largest fish processing equipment market.
The main drivers are: reduced process errors and safe mode of operation.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Slaughtering and Gutting Equipment 5.2. Deboning and Skinning Equipment 5.3. Curing & Smoking Equipment 5.4. Other Types 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Large Fish 6.2. Small Fish 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Hotel & Restaurants 7.2. Sea Food Processors 7.3. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Operating Mechanism 8.1. Mechanical 8.2. Electrical 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa (MEA) 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Marel 17.2. World Fishing & Aquaculture 17.3. Trifisk Manufacturing Inc. 17.4. MTC Food Processing Equipment 17.5. Blois Fish Processing Automation Ltd. 17.6. P.P.U.H. Karpowicz 17.7. Pisces Fish Machinery 17.8. Pearce Processing Systems 17.9. Uni-Food Technic A/S 17.10. Pearce Processing Systems 18. Assumptions & Acronyms Used 19. Research Methodology
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Fish Processing Equipment Market
