The processed seafood market is projected to reach $267.3 billion by 2023, at a CAGR of 5.2% from 2018, while the seafood processing equipment market is projected to reach $1.9 billion by 2023, at a CAGR of 5.6%, by 2023, according to new market research from MarketsandMarkets, New York.

The report, "Processed Seafood & Seafood Processing Equipment Market by Type (Fish, Crustaceans, Mollusks), Equipment Type (Slaughtering, Gutting, Scaling, Filleting, Skinning, Smoking, Curing & Filling), End Product, Seafood Type, Region -Global Forecast to 2023," reveals the fish segment to be the fastest-growing segment due to the highly perishable attributes.

Meanwhile, the scaling equipment segment is projected to record the highest CAGR during the forecast period.

Europe is estimated to account for the largest market share in 2018. The Asia Pacific region, including China, Japan, Vietnam and Thailand, is also witnessing one of the fastest-growing food processing sectors in this region.