Will Seafood Packaging Market carry its growth momentum post COVID-19? Read more to know

June 23 15:46 2021
Will Seafood Packaging Market carry its growth momentum post COVID-19? Read more to know

Seafood Packaging Market
Seafood packaging market is estimated at ~US$ 4.4 Bn in 2019 and is projected to register a CAGR of 5% during the forecast period of 2019-2027, rise in adoption of high-quality packaging that extends shelf life of seafood products is anticipated to bolster market growth.

Seafood Packaging Market: Introduction

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.

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.

Companies are largely focused on developing innovative seafood packaging solutions that align with regulations laid down by the food and drug administration (FDA). Due to the drawbacks of modified atmosphere packaging and vacuum packaging, the quest for new and innovative techniques as well as improving the current state of seafood packaging continues to gain momentum. Research and development activities have gradually paved the way for improved active packaging and intelligent packaging systems that are increasingly finding a place in the seafood packaging market worldwide. Sustainability is another key area of interest that has drawn the attention of the players in the seafood packaging market. Due to the mounting consumer demand for environmental sustainability, seafood packaging companies are increasingly using environment-friendly recyclable packaging materials. While plastic is expected to lead the material segment of the seafood packaging market during the forecast period, packaging solutions made from alternative materials, including paper & paperboard and metal are set to experience fast-paced adoption in the second half of the assessment period.

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Stakeholders Align Operations with Consumer Demands

Due to the significant progress in the seafood packaging market, consumers across the world have access to an array of seafood products. Consumer requirements continue to witness waves of transition, and seafood packaging companies are expected to align their operations with these demands. The blend of sensory appeal and offering a convenient packaging solution without hindering the quality will continue to drive innovations in the seafood packaging market during the forecast period. In the coming years, seafood packaging companies are likely to focus on developing new packaging solutions that are cost-efficient and at the same time do not harm the environment. While the protein content of seafood will remain a vital factor, consumers are also expected to focus on innovative packaging designs and overall purchasing experience.

 

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