North America Seafood Processing Equipment Market was worth USD XX million in 2022, so it is estimated to reach USD XX million by 2028, growing at a CAGR of XX%. Protein consumption is increasing as consumers become more aware of the benefits of high-nutritional foods. The seafood business has seen improved market conditions and trading scenarios and an increase in fish production. The growth in aquaculture is also expected to give the market traction. With a growing population and a greater need to meet its nutritional requirements, the demand for pleasant and healthy processed food increases exponentially. This puts a strain on the food processing business. This is expected to benefit the market for seafood processing equipment. Rising health awareness in North America is likely to drive growth even further throughout the forecast period.
Recent Developments:
On March 2nd, 2020, NEOGEN Corporation declared that it has taken over the assets of food safety of Australia-based cell biosciences.
Market Growth
Drivers
The increased consumption of processed seafood products is a significant driving element in the seafood processing equipment market. The increased health consciousness among customers is the primary reason driving the need for seafood processing equipment. Furthermore, growing seafood trades, rapid growth in the aquaculture industry, and changing consumer lifestyles drive the total demand for the seafood processing equipment market from 2021 to 2028. Furthermore, rising disposable income, rising population, and rapid urbanization are all driving factors in the growth of the seafood processing equipment market. Again, strict government regulations governing food and related industries are expected to improve customer preference for seafood. The food processing industry's rapid increase in demand for automated equipment is also boosting the seafood processing equipment market share. Furthermore, significant improvements in seafood processing technologies and superior packaging solutions that result in the extended shelf life of processed seafood items will create new opportunities for the seafood processing equipment market from 2021 to 2028.
Restraints
The high capital investment with a low replacement frequency, as well as the dwindling seafood population due to overfishing, are expected to act as a restraint on the growth of the seafood processing equipment market, whereas rising food safety and regulatory compliance requirements have the potential to challenge the market's growth.
Market Segmentation
The North America Seafood Processing Equipment Market is segmented by Type, Product Type, and Equipment Type.
By Type
The market is divided into Fish, Crustaceans, Mollusks, and others.
The fish category is predicted to provide the maximum revenue for the market throughout the forecast period. Because fish are perishable, the processing is essential for fisheries and harvesters. The most prevalent types of processed fish on the market are dried, salted, fermented, and smoked fish. The first phases in the fish processing process are washing, degutting, salting, fermentation, drying, and smoking. These procedures aid in the development and modification of the product's flavor, texture, and color, as well as the extension of its shelf life. The market's rise is predicted to be fueled by rising demand for processed fish products and greater commerce.
By Product type
The market is segmented into Frozen, Smoked, Canned, Dried, and Surimi by Product Type.
In 2017, frozen seafood took the lead with the largest market share. On the other side, the canned seafood segment is predicted to increase over the forecast period. Due to changing customer food tastes, smoked seafood was the second-largest contribution in terms of value with a market share in 2017. Because consumers' taste preferences change over time and are dynamic, this is one of the most popular product areas.
By Equipment-Type
The market is segmented into Slaughtering, Gutting, Scaling, Filleting, Skinning, Smoking, Curing & Filling.
The slaughtering sector is expected to dominate the market. There are various varieties of fish slaughtering equipment on the market, including electric, manual, automatic, and semi-automatic models. While each of these types of equipment has its own set of applications, slaughtering equipment is most commonly used by manufacturers of processed seafood products, depending on the kind of fish cuts required. Round cut, contoured cut, straight cut, and slant cut are the four most popular fish cuts. Unfortunately, the quality of various forms of seafood, such as salmon degrades during the slaughter process. In such circumstances, manufacturers deploy technology that uses humane stunning and bleeding techniques to protect these products from deterioration in quality. As a result, manufacturers must continue to use correct fish slaughtering equipment to produce better quality processed seafood products.
Regional Analysis
Because of the rising consumption of protein-rich meals, North America is predicted to be the fastest-growing region between 2023 and 2028. Slaughtering is expected to grow at the fastest rate in Canada and Mexico between 2023 and 2028, owing to innovative techniques used in the seafood slaughtering process, such as percussive and electric stunning, which provide an easy and time-effective method for slaughtering a large number of fish at the same time. Seafood contains a high concentration of vitamins A, B, and D and omega-3 fatty acids. In addition, it has a lot of calcium and phosphorus minerals, including iron, zinc, iodine, magnesium, and potassium, which helps with market expansion in the United States.
Impact of COVID-19 on North America Seafood Processing Equipment Market
Several producers in the seafood processing equipment market have suspended operations due to the COVID-19 viral lockdown. The shutdown has had an impact on high-end seafood processing equipment manufacturers' sales. Due to a scarcity of raw materials, an interrupted supply chain, and a labor shortage, the market's supply chain came to a halt. The market, however, will swiftly rebound due to the availability of vaccines.
Key Players
Major Players in the North America Seafood Processing Equipment Market are
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