The Food & Beverage research practice at MarketsandMarkets is pleased to announce its Analyst Briefing Presentation on the “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’’to be held on 24-Feb-2014. The briefing will cover an overview of the current industry trends along with assessment of drivers and opportunities present in this market. It will also cover the factors limiting the growth of the processed seafood and seafood processing equipment market.
The growth of processed seafood market is expected to show a positive trend in the near future. Factors like increasing health consciousness among the seafood consumers and the changing lifestyle trends of the people are increasing the market for processed seafood industry.. The expanding and developing retail industry in the Asia-Pacific and ROW region is also helping to maintain the growth of processed seafood industry in the long term.
R&D activities carried out across all regions, especially in the U.S. and also the European region, for the development of novel techniques that would help in providing more safety to the seafood products, are expected to add pace to the growth rate of the seafood processing equipment market. Major concern of the industry is the long replacement life of the processing machineries. After the equipment’s installation, its upgradation or re-installation becomes very costly. Hence, this factor restricts the growth of the market.
A bottom-up approach was used to estimate the market sizes of processed seafood and seafood processing equipment market and their types. Past and future growth trends, market share of different equipment and growth rates were derived from secondary research. The key players in the processed seafood market and seafood processing equipment market were identified through secondary research and their market value was determined through primary and secondary research. It includes study of the annual reports of the top market players.
The market of processed seafood in terms of revenue was estimated to be worth around $1, 65,592.1 million in 2012 and is expected to reach $2,11,210.7 million by 2018, growing at a CAGR of 4.1% from 2013 to 2018. The market of seafood processing equipment was $1,169.2 million in 2012, growing at a CAGR of 3.8 % from 2013 to 2018.It is expected to reach $1,469.5 million in 2018.
Processed Seafood Market Value, by Geography, 2013-2018
Source: MarketsandMarkets Analysis
The North American and European markets represent a growing market for seafood processing and further growth is expected in this sector. With more and more people embracing the innovations in seafood products, the Asia-Pacific region is the developing region for this sector. Growing health concerns and product safety awareness have resulted in the shift of the consumers’ interest towards processed seafood. The demand in these markets is expected to be revived by the growth of convenience-seafood products in all the targeted markets.
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