The latest market research report by Technavio on the global fish processing equipment market predicts a CAGR of above 4% during the period 2018-2022.
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Technavio has published a new market research report on the global fish processing equipment market 2018-2022 under their food and beverage library. (Graphic: Business Wire)
The report segments the global fish processing equipment market by product (filleting and skinning equipment, de-heading and gutting equipment, grading equipment, and scaling equipment) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global fish processing equipment market, according to Technavio food and beverage researchers:
- Increasing consumption and demand for fish and fish products: a major market driver
- In 2017, the filleting and skinning equipment segment dominated the market by occupying almost 23% share
- EMEA dominated the global fish processing equipment market with 40% share in 2017
- BAADER, Marel, Optimar, and Skaginn 3X are the leading players in the market
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Increasing consumption and demand for fish and fish products: a major market driver
Owing to various benefits fish and fish products offer, there has been an increase in its consumption globally. Fish is considered to be one of the primary sources of high-quality of protein. Various nutrients and minerals such as zinc, iodine, and selenium are the factors leading to its high consumption. Countries such as Iceland, Japan, Portugal, and India are the major consumers of fish and fish products in the world. Processed and ready-to-eat fish products such as frozen and canned fish food have witnessed an increase in consumption among these countries. Rich Omega-3 oil-containing fish such as mackerel, herring, sardines, fresh tuna, salmon, and trout helps in improving the biological functions of human body, such as brain functionality. Due to such health benefits, the demand for fish and fish products is growing worldwide.
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EMEA: largest fish processing equipment market
EMEA is considered to be the dominant region in the global fish processing equipment market. During the forecast period, EMEA is expected to witness the fastest growth during the forecast period as it is the leading consumer and importer of fish products in the world. To meet the growing demand, there has been a high amount of fish production activities happening in countries such as Norway, Spain, Portugal, Poland, Denmark, Iceland, Germany, France, Netherlands, Morocco and others. EMEA is also witnessing a number of expansions and new plant construction of fish processing plants. Marel, BAADER, STEEN, Skagina 3X are the leading players in the market in this region.
According to a senior analyst at Technavio for research on food service, “Norway is one of the leading producers and exporters of fish products in EMEA. Spain is a top producer of canned fish products. Russia also consists of a number of fish processing plants. Fish processing companies in Lithuania imports majority of raw materials from other countries to process and export fish products. African countries such as Ghana have also registered a high amount of fish processing with various fisheries with 500 types of fish.”
Competitive vendor landscape
The global fish processing equipment market consists of several international, regional, and local vendors. With the rise in technological innovation in the future, the market competition is expected to get intense. On the basis of design, dimension, and price, the key players in the market compete with each other in the market. To improve the competitive advantage in the market, the key players are focusing on launching new products with advanced technologies and increasing their production capacity.
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