Global Seafood Processing Services Market Growth (Status and Outlook) 2024-2030
Seafood Processing Services market size was valued at US$ 43300 million in 2023 and is estimated to be US$ 41300 million by 2030 with a CAGR of -0.7% during review period.
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According to Publisher’s latest study, the global Seafood Processing Services market size was valued at US$ 43300 million in 2023. With growing demand in downstream market, the Seafood Processing Services is forecast to a readjusted size of US$ 41300 million by 2030 with a CAGR of -0.7% during review period.
Market Overview
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The research report highlights the growth potential of the global Seafood Processing Services market. Seafood Processing Services are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Seafood Processing Services. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Seafood Processing Services market.
Seafood processing services are a business that provides processing and handling of seafood products. These services typically include everything from the catching or farming of seafood to processing, packaging and distribution.
Key Features:
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Manmayi Raval
Research Consultant
Market Drivers: Growing Global Demand for Seafood: Because seafood has several health advantages, including a high protein content and omega-3 fatty acids, its consumption has been rising globally. In order to satisfy customer demands, there is an increasing need for effective seafood processing services.
Technological Developments: The effectiveness and caliber of processing services are being improved by advancements in seafood processing technologies, such as automated filleting equipment, sophisticated freezing methods, and environmentally friendly packaging options. These developments contribute to waste reduction and longer product shelf life.
Health and Wellness Trends: Growing knowledge about the advantages of seafood for health is shifting consumer tastes toward nutrient-dense and healthful foods. Demand for processed fish products is rising as a result of this trend, especially in developed areas.
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Growth of Aquaculture: The expansion of fish farming, or aquaculture, is a factor in the consistent supply of seafood. Growing markets are supported by aquaculture's consistent supply of raw materials for processing services.
Globalization and commerce: Opportunities for seafood processing services are being generated by the expansion of international commerce and the globalization of the seafood industry. The need for sophisticated processing skills is being driven by the demand for premium processed seafood products in global markets.
Challenges- Strict Regulatory Standards: It can be difficult for seafood processing businesses to comply with strict food safety and quality laws. Maintaining compliance with global norms is crucial for gaining entry into markets and building customer confidence.
Sustainability Issues: The seafood business must deal with issues related to overfishing and the environment. It is imperative to adopt sustainable sourcing and processing methods in order to tackle these issues and sustain market expansion.
High Operational Costs: Sophisticated personnel, quality control procedures, and sophisticated processing technologies can come at a hefty price. One of the biggest challenges facing industry participants is controlling these costs while retaining profitability.
Supply Chain Disruptions: A number of variables, including climate change, natural disasters, and geopolitical conflicts, can cause supply chain disruptions in the seafood business. For processing to continue, a steady supply of raw materials must be guaranteed.
Market Forecasts and Future Outlook: The increasing demand for seafood, technological improvements, and growing health consciousness are expected to fuel a robust growth in the global market for seafood processing services between 2024 and 2030. The future of the market will be greatly influenced by the emphasis on sustainability and product innovation. Businesses who make investments in cutting-edge processing techniques, environmentally friendly operations, and a diverse range of products will be well-positioned to take advantage of the expanding prospects.
Opportunities: Sustainable Processing Solutions: There are a lot of potential for the development and implementation of sustainable processing techniques and technologies. Environmentally concerned consumers may be drawn to innovations that increase product sustainability, decrease waste, and boost energy efficiency.
Product diversification: Increasing the selection of processed seafood products can help businesses gain market share by meeting a variety of consumer tastes. Examples of these goods include ready-to-eat meals, value-added products, and premium offers.
Emerging Markets: There are prospects for market expansion due to the rising demand for seafood in emerging markets, especially in Asia and Latin America. These high-growth areas can be accessed through investments in distribution networks and processing facilities.
Digitalization and Automation: Improving processing effectiveness, traceability, and quality control can be achieved by utilizing digital technology and automation. Seafood processing can gain a competitive edge and operational advantages by integrating Industry 4.0 technologies.
Products for Health and Wellness: Creating seafood that complies with trends in health and wellness, like high-protein, low-fat, and omega-3-enriched alternatives, can draw in health-conscious customers and open up new business opportunities.
Market Segmentation:
Seafood Processing Services market is split by Type and by Sales Channel. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Sales Channel in terms of value. The product can be segmented on the basis of product type into frozen seafood, canned seafood, smoked seafood, and other seafood. The product is available in both online and offline channels.
1. Segmentation by type
• Frozen Seafood
• Canned Seafood
• Smoked Seafood
• Others
2. Segmentation by sales channel
• Online
• Offline
This report also splits the market by region: North America: The region's well-established fish sector and health-conscious customer base contribute to the market's high demand for processed seafood products. Key markets with sophisticated processing facilities and stringent regulations are the United States and Canada.
Europe: Because of its robust seafood consumption culture and emphasis on sustainable methods, Europe continues to be an important market. Important participants with an emphasis on high-quality processing and export are Norway, Spain, and the UK.
Asia-Pacific: Growing disposable incomes, urbanization, and a rise in seafood consumption are all likely to contribute to the region's significant growth. Leading contributors China, Japan, and India are increasing their investments in processing infrastructure.
The Middle East and Africa, as well as Latin America, are expanding as a result of rising exports and seafood production. Nations such as South Africa and Chile are becoming major players in the world market for seafood processing. North America, Europe, and Asia-Pacific are the major production regions for this product, with Europe accounting for about 30% of the global market share.
1. Americas
• United States
• Canada
• Mexico
• Brazil
2. APAC
• China
• Japan
• Korea
• Southeast Asia
• India
• Australia
3. Europe
• Germany
• France
• UK
• Italy
• Russia
4. Middle East & Africa
• Egypt
• South Africa
• Israel
• Turkey
• GCC Countries
Competitive Landscape- The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration. In the global market, the key players in Seafood Processing Services are mainly Mowi, Thai Union, Austevoll Seafood and other companies. The top three players in this industry account for about 30% of the market share.
• Mowi
• Thai Union
• Austevoll Seafood
• Trident Seafoods
• Nissui
• AquaChile
• Nueva Pescanova
• Maruha Nichiro
• Bolton
• Bumble Bee Foods
• High Liner Foods
• Cooke Aquaculture
• Dongwon Industries
• Premium Brands
• Minh Phu Seafood
• Pacific Seafood
• Grupo Calvo
• Sajo Industries
• Russian Fishery
• Zhanjiang Guolian Aquatic
• Silver Bay Seafoods
• New England Seafood
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Seafood Processing Services Market Size 2019-2030
2.1.2 Seafood Processing Services Market Size CAGR by Region 2019 VS 2023 VS 2030
2.2 Seafood Processing Services Segment by Type
2.2.1 Frozen Seafood
2.2.2 Canned Seafood
2.2.3 Smoked Seafood
2.2.4 Others
2.3 Seafood Processing Services Market Size by Type
2.3.1 Seafood Processing Services Market Size CAGR by Type (2019 VS 2023 VS 2030)
2.3.2 Global Seafood Processing Services Market Size Market Share by Type (2019-2024)
2.4 Seafood Processing Services Segment by Sales Channel
2.4.1 Online
2.4.2 Offline
2.5 Seafood Processing Services Market Size by Sales Channel
2.5.1 Seafood Processing Services Market Size CAGR by Sales Channel (2019 VS 2023 VS 2030)
2.5.2 Global Seafood Processing Services Market Size Market Share by Sales Channel (2019-2024)
3 Seafood Processing Services Market Size by Player
3.1 Seafood Processing Services Market Size Market Share by Players
3.1.1 Global Seafood Processing Services Revenue by Players (2019-2024)
3.1.2 Global Seafood Processing Services Revenue Market Share by Players (2019-2024)
3.2 Global Seafood Processing Services Key Players Head office and Products Offered
3.3 Market Concentration Rate Analysis
3.3.1 Competition Landscape Analysis
3.3.2 Concentration Ratio (CR3, CR5 and CR10) & (2022-2024)
3.4 New Products and Potential Entrants
3.5 Mergers & Acquisitions, Expansion
4 Seafood Processing Services by Regions
4.1 Seafood Processing Services Market Size by Regions (2019-2024)
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