Seafood Packaging Market Global Industry Trends, Sales Revenue, Industry Growth, Development Status, Top Leaders, Future Plans and Opportunity Assessment 2027
The global seafoodpackaging market size is projected to reach USD 13,503.4 million by the end of2027. The rising demand for seafood across the world is consequential tochanging dietary habits. The presence of several large scale companies willemerge in favor of market growth. According to a report published by FortuneBusiness Insights, titled “Seafood Packaging Market Size, Share& COVID-19 Impact Analysis, By Material (Plastic, Paper & Paperboard,Metal, Glass, and Others), By Product (Trays, Bags & Pouches, Food Can,Boxes, Shrink Films, and Others), By Packaging Product (Modified AtmospherePackaging, 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” themarket was worth USD 9,405.5 million in 2019 and will exhibit a CAGR of 4.9%during the forecast period, 2020-2027.
Seafood packaging involves everything that is associated with theselling and transporting of seafood across all sectors. The increasingconsumption of seafood is consequential to the increasing awareness regardingthe benefits of the same, coupled with the changing dietary habits. The risinginvestments in sustainable packaging have created several growth opportunitiesfor the companies operating in the seafood packaging market. The increasingdemand for culinary cuisines and the rising trends of seafood consumption aspart of these cuisines will have a positive impact on the growth of the overallmarket in the coming years. The presence of several large scale companiesacross the world will provide impetus to the growth of the overall market inthe foreseeable future. Additionally, the efforts taken to reduce the use ofplastic in packaging will lead to the adoption of sustainable orcardboard-based products, thereby contributing to the growth of the market forseafood packaging.
Covid-19 Pandemic to Bring Mixed Fortunes for Companies in thisSector
The recent coronavirus outbreak has had a negative impact on thegrowth of several business sectors across the world. With the rapid spread ofthe disease, governments across several countries are looking to implementstrict measures with the hope of minimizing the impact of the virus. Thecoronavirus outbreak has created a sense of hesitancy among people across theworld. Reducing restaurant visits and the decrease in consumption of outdoorfoods will affect the growth of the market. Having said that, the increasingconsumption of frozen and packaged foods will emerge in favor of market growth.
Increasing Number of Company Mergers and Acquisitions will AidGrowth
The report encompasses several factors that have contributed tothe growth of the overall market in recent years. The increasingconsumption of frozen and packed foods has given the platform for companiesoperating in the seafood packaging market across the world. It is observed thatcompany mergers and acquisitions are an increasing trend among major companiesacross the world. In June 2019, Amcor plc announced that it has completed theacquisition of Bemis. The company spent around $6.8 billion for thisacquisition. Through this, the company will look to improve its business acrossthe world and subsequently establish a strong brand presence. An increasingnumber of such company mergers and acquisitions will have a huge impact on thegrowth of the overall market in the forthcoming years.
Asia Pacific to Emerge Dominant; Presence of Several Large ScaleCompanies to Aid Growth
The report analyzes the ongoing market trends across NorthAmerica, Asia Pacific, Europe, the Middle East & Africa, and Latin America.Among all regions, the seafood packaging market in Asia Pacific is projected toemerge dominant in the coming years. The massive seafood consumption incountries such as Malaysia, India, China, and Sri Lanka will have a massiveimpact on the growth of the regional market. The availability of raw materialsin abundance will also emerge in favor of growth of the market in thisregion. As of 2019, the market in Asia Pacific was worth USD 7157.6million and this value is projected to rise at a considerable pace in thecoming years. The presence of several large scale manufacturers will have ahuge impact on the growth of the market.
List of Top 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
Key Industry Developments:
July 2020 – Smurfit Kappa announced that it has replaced EPSfrozen food packaging with reusable substitute paper based packaging. SmurfitKappa has unveiled a creative and durable new kit that holds frozen and chilledfoods fresh across the supply chain.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/seafood-packaging-market-103399
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