Seafood Packaging Market Top Manufacturers Analysis, Size Report and Growth Forecast to 2027
The
global seafood
packaging market size is projected to reach USD 13,503.4 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 & 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 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 in 2019 and will exhibit a CAGR of 4.9% during the
forecast period, 2020-2027.
Seafood
packaging involves everything that is associated with the selling and
transporting of seafood 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 have 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 for seafood packaging.
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. 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. An 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
seafood packaging 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 a 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 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 EPS frozen food packaging
with reusable substitute paper based packaging. Smurfit Kappa has unveiled a
creative and durable new kit that holds frozen and chilled foods fresh across
the supply chain.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/seafood-packaging-market-103399
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