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2 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 MarketsandMarkets

3 MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers fourteen industry verticals, including aerospace & defence, advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT. Copyright 2014 MarketsandMarkets All Rights Reserved. This document contains highly confidential information and is the sole property of MarketsandMarkets. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of MarketsandMarkets. MarketsandMarkets Sample Page 2

4 1 INTRODUCTION 1.1 KEY TAKE-AWAYS Definition and measurement of the processed seafood market with respect to product type and geography and seafood processing equipment market with respect to types and geography Analysis of the market structure by identifying various sub-segments of the processed seafood and seafood processing equipment Revenue forecast of global processed seafood and seafood processing equipment market with respect to four main regions, North America, Europe, Asia-Pacific and Rest of the World (ROW) Strategic analysis of each submarket with respect to individual growth trends and contribution to the overall processed seafood and seafood processing equipment market Opportunity analysis in the market for the stakeholders by identification of highgrowth segments of the processed seafood and seafood processing equipment market Strategic profiling of key players of the processed seafood and seafood processing equipment market and comprehensive analysis of their core competencies Tracking and analysis of competitive developments such as alliances, joint ventures, and mergers and acquisitions in the global processed seafood and seafood processing equipment industry MarketsandMarkets Sample Page 3

5 1.2 REPORT DESCRIPTION The research report provides separate in-depth market insight into both seafood and seafood processing equipment markets which are currently witnessing a steady growth owing to the increasing demand of protein rich convenience food. Scientific evidence may help this sector gain considerable market share in the future. This would be possible by increasing investments in R&D and cost management, coupled with information flow for requirements of customers from various regions for different products. Adoption rate of processed seafood of consumers and pricing have brought about changes in the processed seafood market in terms of usage and production priorities. The demand from seafood processors for customized solutions is changing the dynamics of the seafood processing and seafood processing equipment market. This report takes into account this wide range of factors and its influence on the market dynamics. The report contains profiles of leading players of both the processed seafood industry and seafood processing equipment market. The leading players of the processed seafood market profiled in the report are Marine Harvest ASA (Norway), High Liner Foods Inc. (U.S.), Iglo Group (Germany), Grupo Pescanova (Spain), Thai Union Frozen Foods PLC (Thailand). The leading players of the seafood processing equipment market profiled in the report are GEA Group (Germany), Marel (Iceland), Middleby (U.S.), and others. MarketsandMarkets Sample Page 4

6 2 EXECUTIVE SUMMARY The market of processed seafood has been projected to expand in the coming years. The continuous rise in the demand of seafood products and their growing trade and consumption, is majorly affecting the market. The differentiation that the seafood processors are creating in their existing products is helping them to increase their customer base and is also opening doors for new markets. Effective use of technology and management of resources will boost the growth of this market. The increasing awareness among the seafood consumers about food safety issues and the usage of convenience seafood is further pushing the market of processed seafood towards new heights. The processing of seafood involves various methods like smoking, gutting, salting, filleting, and so on. Many years ago, processing was done in the traditional way. But, with time, things have changed. Mechanization and technologies are now being put into use for this purpose. Usage of various types of processing equipment and machineries are helping the processors to produce processed seafood of high quality and under hygienic conditions. These days, the retailers are playing a major role in making these value-added seafood products available to the endconsumers. Hence, retail concentration in developed and developing countries is expected to affect the demand of such equipment. With the innovation of technologies in this market, the machineries are becoming a safe and a better option for the production of processed seafood. In the under-developed economies, the lack of awareness about this equipment proves to be a restraining factor for the seafood processing equipment market. MarketsandMarkets Sample Page 5

7 3 PREMIUM INSIGHTS: PROCESSED SEAFOOD & SEAFOOD PROCESSING EQUIPMENT MARKET 3.1 PROCESSED SEAFOOD MARKET, BY PRODUCT TYPE FIGURE 1 PROCESSED SEAFOOD MARKET, BY PRODUCT TYPE, ($MILLION) Market size, ($Billion) p % CAGR ( ) F S k d C d Di d S i i Oth Source: MarketsandMarkets Analysis P: projected The frozen processed seafood market value was $ million in 2012 and is expected to grow at CAGR of % to $ million in Smoked seafood market value is expected to grow at the fastest CAGR of %. Surimi market was $ million in 2012 and is projected to grow at CAGR of %. The canned seafood market value is expected to grow at a CAGR of % from 2013 to MarketsandMarkets Sample Page 6

8 4 MARKET OVERVIEW: PROCESSED SEAFOOD 4.1 INTRODUCTION When some value addition is done to seafood to preserve it, it is called processed seafood. Various methods are used for the preservation of seafood, like smoking, salting, curing, and so on. The products that are included for processing in the seafood category are fish, crustaceans, molluscs, and others.. The seafood processing industry is showing rapid changes due to many factors; changes in the trends in demographics and lifestyles, developing retail industry in the Asia-Pacific and Rest of the World region, the increasing consciousness regarding health among the seafood consumers, and so on. When consumers opt for the consumption of fresh seafood, it requires a lot of time for preparation. The concept of processed seafood has changed a lot of things. This type is included in the ready-to-cook food products and proves to be convenient to be consumed directly. Various types of seafood processing technologies are used that include deheading, skinning, fileting, gutting, and others. This industry has a presence of many major manufacturers. They use all these technologies in order to produce processed seafood to supply the same to the end-consumers through a chain of meat distributors, retailers, and others. Liberalization and globalization have led to various changes in the consumers preferences in the type of seafood they consume. People have shifted their preferences to processed seafood, as seafood is low in fat and also has omega-3 fatty acids which is nutritious for the consumer. Processed seafood manufacturers mainly focus on the quality of the product that they are producing. This has helped the top-most players to build brand loyalty and other processors are also in the competition to be in the top position. MarketsandMarkets Sample Page 7

9 5 SEAFOOD PROCESSING EQUIPMENT, MARKET OVERVIEW 5.1 INTRODUCTION Seafood processing equipment is a significant input for the seafood and fish processors as these have an important role to play in the production of processed seafood products. It has been observed that with changing tastes, people prefer processed seafood. The development in the taste of consumers has led to an increase in the demand for processing equipment. The processing industry has shown changes like shifting from processing the seafood the natural way to processing it with the help of machineries. Years ago, the salting, drying, smoking, preservation process, and so on, used be done the natural way, but now, these same processes are carried out with the help of machineries equipped with the latest technologies. This mechanization process has resulted in reduction in the labor-intensive work and has also brought a wave of positive change in the issues regarding safety in processing industry. Such advances in technology help in timely processing. The manufacturers are also able to deliver the desired quality products to the customers. However, the changing habits and requirements of consumers have created the need for an increased demand and supply of ready-to-serve and ready-to-cook seafood products. The trend is yet to intensify, and the existing machineries in the processing plants have to be modernized. Introduction of modernized machineries results in the growth of productivity and also reduction in the employment rate. The manufacturers should not only concentrate on up-gradation of the existing machineries but also seeing to it that the processing processes are done in hygienic conditions. This will help the processors to produce quality and hygienic products for the consumers. This mechanization process in the processing lines proves to be a bit costly for the small-sized processing plants. So, the manufacturers of processing equipment have started manufacturing machines that all size seafood processors can afford and prove effective for their purpose. MarketsandMarkets Sample Page 8

10 6 PROCESSED SEAFOOD MARKET, BY TYPE 6.1 INTRODUCTION Consumption of seafood as a complete-meal- is considered to be nutritious. Seafood basically consists of shellfish and fish. Molluscs, crustaceans, and others, come under shellfish type. They are favorably compared with the other sources of protein, as they offer the consumers with superior macronutrients that are combined with healthy omega-3 fatty acids. The top researchers have found that consumption of seafood can also be very useful in fighting against illnesses like cancer, inflammatory diseases, and others., As with any food product, seafood also requires proper handling to reduce the risk of foodborne illnesses. Hence, it needs proper storing, preparation, and processing. Since seafood is a highly perishable, its processing is required to keep it fresh and suitable for consumption. Preservation of seafood is accomplished in a variety of ways. The most widely used and oldest of all methods is drying and salting. A few types of seafood are filleted before canning and some are only decapitated and gutted for canning. Being a low-fat and high-quality protein source, these are gaining preferences among meat consumers. They have started including healthy protein source into their daily diet, due to which processed seafood is being accepted widely. The presence of omega-3 fatty acid has already been proven to grant various health benefits. People across the globe have also adopted changes in their lifestyles, and have started welcoming new technologies. Therefore, the acceptance of processed seafood among the consumers is growing, and is expected to further grow in the future. MarketsandMarkets Sample Page 9

11 7 PROCESSED SEAFOOD MARKET, BY PRODUCT 7.1 INTRODUCTION The processed seafood market has a variety of product types such as frozen seafood, smoked seafood, canned seafood, and others. The processing and manufacturing methods of various types of processed seafood differ from each other. Some may be just dried and salted while others may require a lot of processing. All the processed seafood products are manufactured and prepared in different ways and different quantities of flavoring materials and spices may be added to them to prepare the final product. The best way to induce flavor in processed seafood is to smoke it. Smoking induces a savory characteristic in seafood. Processed seafood that comes under value added category includes fish fillets, pop-corns, fish fingers, and others. These products are usually ready-to-eat or ready-to-cook or microwaveable. These products are very popular with the middle-aged and younger generation population. MarketsandMarkets Sample Page 10

12 8 PROCESSED SEAFOOD MARKET, BY GEOGRAPHY 8.1 INTRODUCTION Fish and seafood are not suitable to be kept for long time without refrigeration, hence processing of seafood is required, as they are a highly perishable commodity. For this type of processing, various types of facilities and resources are required. Different types of processing methods are adopted for the different types of seafood. Processing not only saves the seafood from getting spoilt, if kept for long, but also adds flavor and taste to the products. Freezing represents an important method of processing fish which is used for human consumption. Processing of seafood, its marketing and distribution employs around million people. Not only big players are involved in seafood processing, but many small players are also present. These processors are involved in seafood processing as an alternative source of employment and income. Being a highly perishable commodity, seafood requires some significant plant capacities and specific requirements for its processing. Seafood is mostly distributed as: Live Fresh Chilled Frozen Heat-treated Fermented Dried Smoked Salted Pickled Minced MarketsandMarkets Sample Page 11

13 Fermented OR As a combination of two or more of these forms MarketsandMarkets Sample Page 12

14 9 SEAFOOD PROCESSING EQUIPMENT MARKET, BY TYPE 9.1 INTRODUCTION Processed seafood forms a part of a rich protein source for the consumers. There are varieties of processed seafood products produced by different producers. Processing of seafood requires significant quantities of clean water, for the cleaning of the seafood, after which the contaminated water is discharged. Machineries required for such processing need to be very efficient so as to produce hygiene-products for the producers and also for the end-consumers. There are various requirements that need to be taken care of for the processing of seafood. Some of the requirements are: Assuring the best possible market quality Providing proper form of semi-processed final product Assuring health safety of the seafood products Application of reasonable raw processing method Reducing wastage to the maximum possible extent Various methods/steps are involved in the processing of seafood, some basic ones are mentioned below: Salting Smoking Drying Curing Dehydration Pickling MarketsandMarkets Sample Page 13

15 Cooking Canning Fermentation MarketsandMarkets Sample Page 14

16 10 SEAFOOD PROCESSING EQUIPMENT MARKET, BY GEOGRAPHY 10.1 INTRODUCTION The demand for food is growing in the proportion of the population growth. With advancement taking place in all sectors, the seafood sector is also becoming advanced. Processing of seafood has really changed the perception of the consumers. People considered cooking and consuming seafood a tedious task. But, with processing, it has become convenient to consume seafood. People preferring protein-rich food can enjoy seafood better now. Consumers prefer processed food as it saves time and energy. Innovations and technical advancements are happening continuously in the processing sector. This has enabled the preparation of processed seafood in a better and efficient way. Processing involves deheading, gutting, skinning, and so on, for which proper equipment is required. To ensure safety during these processes, utilization of proper equipment is required. The North-American region represents developed market for processed seafood equipment. Europe is developing whereas Asia-Pacific is the fastest growing market for the same. These regions represent an area of great opportunity for the equipment manufacturing companies. Seafood processors are showing shifts from traditional processing system to mechanized processing techniques. The change in the lifestyles of consumers and their health related concerns too is helping in the expansion of this market MarketsandMarkets Sample Page 15

17 11 PROCESSED SEAFOOD: COMPETITIVE LANDSCAPE 11.1 MAXIMUM DEVELOPMENTS IN 2012 With a large number of developments taking place in the processed seafood industry, the market is expected to show a positive growth spectrum. The number of developments increased during the years 2009 to2013, with the maximum number in The shift in the customers preferences towards healthy and convenience foods will further support the growth of the market. FIGURE 2 PROCESSED SEAFOOD: MARKET DEVELOPMENTS, Mergers & Acquisition New Product launch Expansion Join Ventures Divestments Source: MarketsandMarkets Analysis New product launch is the most important strategy adopted by the key players in the processed seafood market. The adoption of this strategy helps them to target different customers with varied needs and also expand geographically reaching out to a larger target audience. Maximum number of developments took place in the year In the year 2013, although the number of new product launches declined from six to three, it was still the main strategy used by the companies. MarketsandMarkets Sample Page 16

18 12 PROCESSED SEAFOOD: COMPANY PROFILES 12.1 IGLO GROUP LTD. Company at a Glance 2012 Founded : 1924 Headquarters : Hamburg, Germany. Employees : 2,861 Revenue (E&C) : $ million R&D : $ million Ownership : Unlisted. Recent Financials Revenue ($million) Source: Company Publication and MarketsandMarkets Analysis OVERVIEW Founded in 1924 and headquartered in Middlesex (U.K); Iglo Group Ltd., is a market leader in Europe in frozen foods segment in terms of sales and brand recognition. They have an entire value chain from production, marketing, to the distribution of their products. The company deals in frozen food, fish and seafood, vegetables and poultry. The company has three major divisions Bird s Eye, Iglo and Findus. It operates in 11 countries. The main competitors of the company are The Seafood Traders (Germany), High Liner Foods (U.S.) and Pacific Andes (Hong Kong). MarketsandMarkets Sample Page 17

19 13 SEA FOOD PROCESSING EQUIPMENT: COMPETITIVE LANDSCAPE 13.1 MAXIMUM DEVELOPMENTS IN 2011 With a large number of developments taking place in seafood processing equipment industry, the market is expected to show a positive growth scale. The number of developments increased during the years 2009 to 2013, with the maximum number of developments in the year The shift in the customer s preferences towards healthy, convenient and ready-toeat seafood products can promote further growth of the market. FIGURE 3 SEAFOOD PROCESSING EQUIPMENT: MARKET DEVELOPMENTS, Mergers and Acquisitions New Product Launches Agreements and Collaborations Investments and Expansions Source: MarketsandMarkets Analysis Mergers and acquisitions is the most important strategy adopted by the key players of seafood processing equipment market. The adoption of this strategy helps them to tap into established local markets of acquired players and also get an access to their expertise. This helps them in the addition as well as expansion their product portfolio. This will further aid them to extend MarketsandMarkets Sample Page 18

20 their reach to more segments of customers, catering to their varied demands. Maximum developments happened in the year The year 2012 recorded a decline in the number of mergers and acquisitions. It was still the main strategy used by the companies. MarketsandMarkets Sample Page 19

21 14 SEA FOOD PROCESSING EQUIPMENT: COMPANY PROFILES 14.1 GEA GROUP Company at a Glance 2012 Founded : 1997 Headquarters : Dusseldorf, Germany. Employees : 23,835 Revenue (E&C) : $ million R&D : $ million Ownership : Public, NASDAQ : NDSN Geographic Revenue Mix Recent Financials Business Revenue Mix Revenue ($milliom) % % % % % Heat Exchangers Process Engineering % % % Mechanical Equipment % % Refridgeration Technology Farm Technologies % % Food & Convenience Source: Company Publications and MarketsandMarkets Analysis MarketsandMarkets Sample Page 20

22 OVERVIEW Founded in 1997 and headquartered in Dusseldorf, Germany; GEA Group is a leading manufacturer of a broad line of equipment used in food processing operations. The company is engaged in designing, manufacture and marketing of equipment used in food processing and other industries. The company operates through six branches, which are GEA Convenience- Food Technologies, GEA Farm Technologies, GEA Heat Exchangers, GEA Mechanical Equipments, GEA Process Engineering, and GEA Refrigeration Technologies. It operates in more than 50 countries worldwide. The main competitors of the company are KUKA Aktiengesellschaft (Germany), Baker Perkins Ltd (U.K.), Alfa Laval AB (Sweden), and others. MarketsandMarkets Sample Page 21

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