The global seafood packaging market size is projected to reach USD 13503.4 million by the end of 2027. The rising demand for seafood across the world is consequential to changing dietary habits. The presence of several large scale companies will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Seafood Packaging Market Size, Share & Industry Analysis, By Material (Plastic, Paper & Paperboard, Metal, Glass, and Others), By Material (Trays, Bags & Pouches, Food Can, Boxes, Shrink Films, and Others), By Packaging Product (Modified Atmosphere Packaging, Vacuum Skin Packaging, and Others), By Application (Fresh & Frozen, Processed, and Ready to Eat), By Seafood Type (Fish, Molluscs, Crustaceans, and Others), and Regional Forecast, 2020-2027” the market was worth USD 9,405.5 million and will exhibit a CAGR of 4.9% during the forecast period, 2020-2027.
Seafood packaging involves everything that is associated with selling and transporting of seafoods across all sectors. The increasing consumption of seafood is consequential to the increasing awareness regarding the benefits of the same, coupled with the changing dietary habits. The rising investments in sustainable packaging has created several growth opportunities for the companies operating in the seafood packaging market. The increasing demand for culinary cuisines and the rising trends of seafood consumption as part of these cuisines will have a positive impact on the growth of the overall market in the coming years. The presence of several large scale companies across the world will provide impetus to the growth of the overall market in the foreseeable future. Additionally, the efforts taken to reduce the use of plastic in packaging will lead to the adoption of sustainable or cardboard based products, thereby contributing to the growth of the market.
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Covid-19 Pandemic to Bring Mixed Fortunes for Companies in this Sector
The recent coronavirus outbreak has had a negative impact on the growth of several business sectors across the world. With the rapid spread of the disease, governments across several countries are looking to implement strict measures with the hope of minimizing the impact of the virus. The coronavirus outbreak has created a sense of hesitancy among people across the world. The reducing restaurant visits and the decrease in consumption of outdoor foods will affect the growth of the market. Having said that, the increasing consumption of frozen and packaged foods will emerge in favor of market growth.
Increasing Number of Company Mergers and Acquisitions will Aid Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. The increasing consumption of frozen and packed foods has given the platform for companies operating in the seafood packaging market across the world. It is observed that company mergers and acquisitions are an increasing trend among major companies across the world. In June 2019, Amcor plc announced that it has completed the acquisition of Bemis. The company spent around $6.8 billion for this acquisition. Through this, the company will look to improve its business across the world and subsequently establish a strong brand presence. Increasing number of such company mergers and acquisitions will have a huge impact on the growth of the overall market in the forthcoming years.
Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The massive seafood consumption in countries such as Malaysia, India, China, and Sri Lanka will have a massive impact on the growth of the regional market. The availability of raw materials in abundance will also emerge in favor of growth of the market in this region. As of 2019, the market in Asia Pacific was worth USD 7157.6 million and this value is projected to rise at considerable pace in the coming years. The presence of several large scale manufacturers will have a huge impact on the growth of the market.
List of companies profiled in the report:
- Amcor plc (Australia)
- Crown (U.S.)
- Smurfit Kappa (Ireland)
- Sealed Air (U.S.)
- WINPAK LTD. (Canada)
- DS Smith (UK)
- Silgan Holdings Inc. (U.S.)
- SIRANE GROUP (UK)
- Printpack (Georgia, U.S.)
- FFP Packaging Ltd. (UK)
- AEP Industries Inc. (U.S.)
- ULMA Packaging (Spain)
- Other Players
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