Transparency Market Research delivers key insights for the seafood packaging market in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the global seafood packaging market is projected to register a CAGR of ~5% during the forecast period.
High Trade of Seafood Products in Asia Pacific to Propel Market Growth
The Asia Pacific is estimated to hold the highest share in the global seafood packaging market, owing to a rise in exports of scallops, squids, oysters in this region. China accounted for more than 35% of the global seafood packaging market in 2019, in terms of value. This growth can be attributed to increasing consumption of fish and molluscs in the region. For instance, high exports of crustaceans and molluscs seafood types were recorded in 2018, according to FAO. Vietnam, Thailand, Malaysia, and other ASEAN countries are anticipated to offer lucrative opportunities for players in the seafood packaging market over the forecast period. Moreover, Europe is anticipated to offer positive prospects for players in the seafood packaging market over the forecast period of 2019-2027.
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Manufacturers to Increase Investments in Advanced Packaging Technologies
Multinational food packaging companies plan to invest high amount of capital to develop advanced packaging technologies such as MAP for seafood packaging. Quality, safety, theft prevention, and traceability are the major focus areas of global companies, while designing advanced seafood packaging solutions. With the increasing demand for improved packaging technologies from end users, the companies are rethinking their strategies to invest in the growing market. It has been noticed that the seafood packaging companies are collaborating with technology providers to offer smart & intelligent packaging solution for products such as trays and pouches to their customers. Instead of focusing on mass production of early-stage products, seafood packaging converters strive to develop products that maintain product integrity and enhance quality.
An amalgamation of packaging technologies with existing products has helped seafood packaging manufacturers to achieve better profit margins. Advanced seafood packaging technologies are very helpful in building direct digital relationships with consumers through the package itself. This has boosted the development of new product solutions in the seafood packaging industry, which, in turn, are anticipated to create new growth opportunities for packaging converters over the forecast period.
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Rising Demand for Seafood to Boost Sales of Seafood Packaging Solutions
The demand for packaging solutions for fresh seafood outpaces that for processed seafood in the global seafood packaging market. This growth is attributable to the increasing use of fresh seafood products in salads, sandwiches, and burgers, as fresher seafood tastes better than frozen. Moreover, frozen seafood requires special packaging so the products do not lose taste over time. However, canned fish and frozen seafood are witnessed to expand 1.5X its current in terms of market value over the forecast period in the seafood packaging market. According to FAO, China is the largest seafood producer across the globe, and in 2018, seafood imports increased, boosted by China’s large seafood processing capacity aimed at value-added seafood product exports. Domestic demand for seafood also remained strong in China in the last year, thereby fueling the growth of the seafood packaging market.
Top Players Represent under 20% Share of Seafood Packaging Market
Seafood Packaging is a fragmented market, with the majority of the players operating regionally. Sealed Air Corporation, Amcor, DS Smith, and Smurfit Kappa are some of the players that have been identified as Tier 1 players in the seafood packaging market. Some of the global players included in the seafood packaging market report are Amcor Plc., Smurfit Kappa, Sealed Air Corporation, Winpak Ltd., Crown Holdings Inc., AEP Industries Inc., DS Smith, Silgan Holding Inc., Toyo Seikan Co. Ltd., Visy Industries Holdings Pty Ltd., Reynolds Group Holdings Ltd., Sirane Limited., Printpack Inc., FFP Packaging Ltd.
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Innovations in Packaging Technologies to Trigger Market Growth
Over the past decade, technological advancements in the packaging sector have opened the gates for new packaging solutions that are cost-effective and highly reliable. The development of new packaging alternatives in the seafood space, primarily aim to curb enzymatic reactions and improve the perishability of seafood products. At present, key participants of the seafood packaging market predominantly favor modified atmosphere packaging (MAP) and vacuum skin packaging. However, shortcomings of both these packaging technologies continue to pose a major challenge for seafood packaging companies. Moreover, due to the progress in vacuum packaging and modified atmosphere packaging, consumers can physically inspect the quality of the product-a direct influence on the purchase decisions of consumers.
While seafood products packaged using modified atmosphere packaging tend to soil after 15-20 days; on the other hand, vacuum skin packaging continues to incur heavy costs and is not ideal for long-distance transportation. Although the vacuum packaging technology will continue to dominate the seafood packaging market during the forecast period, alternative packaging technologies are gaining popularity.
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