Demand for healthy packaged foods to drive growth of seafood packaging industry
Seafood packaging includes everything related to the sale and transportation of seafood in all regions. The increasing consumption of seafood is a result of awareness of its benefits as well as changing dietary habits. Increased investment in sustainable packaging has created several growth opportunities for companies operating in the seafood packaging market.
Rising demand for culinary foods as part of these diets and growing trends in seafood consumption will positively impact the growth of the overall market in the coming years. The presence of several large-scale companies across the globe will provide a boost to the overall market growth in the near future. Additionally, efforts to reduce the use of plastic in packaging will lead to the adoption of sustainable or cardboard-based products, which will support market growth for seafood packaging.
By the end of 2027, the global seafood packaging market size is expected to reach USD 13,503.4 million. The increasing demand for seafood worldwide is a result of changing dietary habits. The presence of several large-scale companies will support the growth of the market.
Product-Wise (Tray, Bag ) by and pouches), food cans, boxes, shrink films, and others), packaging product-wise (modified atmosphere packaging, vacuum skin packaging, and others), application-wise (fresh and frozen, processed, and edible Prepared for), Seafood Type (Fish, Molluscs, Crustaceans, and Others), and Regional Forecast, 2020-2027" The market value was USD 9,405.5 million in 2019 and a CAGR of 4.9% during the forecast period, 2020-2027. will display the CAGR.
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The Covid-19 pandemic will bring mixed fortunes to companies in the sector.
The recent coronavirus outbreak has severely affected the growth of many business sectors around the world. With the disease spreading rapidly, governments in many countries are trying to implement strict measures in hopes of reducing the effects of the virus.
The coronavirus epidemic has created a sense of uneasiness among people around the world. Decline in restaurant visits and a decrease in consumption of outside food will affect the market growth. Having said that, increasing consumption of frozen and packaged foods will support the growth of the market.
Increasing number of company mergers and acquisitions will aid growth.
The growing consumption of frozen and packaged foods has provided a platform for companies operating in the seafood packaging market across the globe. It has been observed that there is an increasing trend of mergers and acquisitions of companies in large companies across the globe. In June 2019, Amcor plc announced that it had completed the acquisition of Bemis.
The company spent about $6.8 billion on the acquisition. Through this, the company will strive to improve its business worldwide and subsequently establish a strong brand presence. The increasing number of mergers and acquisitions of such companies will have a huge impact on the overall market growth in the coming years.
Asia Pacific to emerge prominent; Presence of several large scale companies to support development
The report analyzes ongoing market trends in North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Among all regions, the seafood packaging market in Asia Pacific is expected to dominate in the coming years. The large consumption of seafood in countries such as Malaysia, India, China and Sri Lanka will have a major impact on the growth of the regional market. The abundant availability of raw materials will also support market growth in this region. As of 2019, the market value in Asia Pacific was USD 7157.6 million and this value is expected to grow significantly in the coming years.
July 2020 - Smurfit Kappa announced that it has replaced EPS frozen food packaging with reusable alternative paper-based packaging. Smurfit Kappa has unveiled a creative and sustainable new kit that keeps frozen and chilled food fresh throughout the supply chain.
List of companies listed in the report:
Amcor plc (Australia) Crown (US) Smurfit Kappa (Ireland) Sealed Air (US) Winpack Ltd. Canada