Seafood Packaging Market Valuation to Rise up to ~US$6.5 Bn by 2027-End; Growing Demand for Variety of Seafood Primarily Driving Growth, Notes TMR
As per the findings of Food and Agriculture Organization (FAO), the production of fish is projected to rise up by 18% in the coming decade
The investments in the fish production segment will continue to rise providing ample growth opportunities for the overall development of the global seafood packaging market
17 Feb, 2020, 08:30 ET
ALBANY, New York, Feb. 17, 2020 /PRNewswire/ -- Transparency Market Research has been keenly following the developments happening in the global seafood packaging market. According to the latest research report, the seafood packaging market is projected to exhibit a modest CAGR of ~5% for the given course of forecast period ranging from 2019 to 2027. The market was initially valued at around US$4.4 bn in 2019. Thus, with the given rate of growth market is on course to achieve even higher valuation by the end of the forecast period. The research report expects the market to cross the valuation more than US$6.5 bn by the fall of 2027.
Key Findings in the Research Report:
- The global seafood packaging market can be broadly segmented in terms of type of product, material, packaging technology, application, type of seafood, and region.
- In terms of type of product, the market is further segmented into shrink films, jars, boxes, food cans, bags & pouches, trays, and others. Of these segment of pouches & bags is expected to witness a promising growth in the near future. With the advent of multilayers pouches & bags, they help in improving the shelf life of highly perishable products such as scallops and fish.
- The segment of metal cans and jars is also expected to witness a decent growth because of their ability to preserve the quality of the product.
- In terms of type of material, the market is segmented into plastic, paper & paperboard, metal, glass and others (wood, fiber, etc.). The segment of plastics has traditionally been the dominant one and is expected to continue to lead in the near future.
- In terms of technology, the global market for seafood packaging is divided into vacuum packaging, modified atmospheric packaging, and others. Modified atmospheric packaging is one of the most upcoming technologies in the seafood packaging market and is expected to grow in the near future.
- In terms of application, the market is further divided into processed (ready to eat, frozen & chilled) and fresh. Both segments are expected to have decent rate of growth. The processed application segment is expected to generate more demand due to changing lifestyles of customers.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Seafood Packaging Market by Product Type: Trays, Bags & Pouches, Food Cans, Boxes, Jars, Shrink Films, and Others; Material: Plastic [HDPE, LDPE, PP, PA, PET, PVC, and Others], Paper & Paperboard, Metal, Glass, and Others; Packaging Technology: MAP, Vacuum, and Others; Application: Processed [Frozen & Chilled and Ready-to-eat] and Fresh; and Seafood Type: Fish, Molluscs, Crustaceans, and Others at https://www.transparencymarketresearch.com/seafood-packaging-market.html
Global Seafood Packaging Market – Key Driving Factors
- One of the biggest driving factors for the development of the seafood packaging market is the ever increasing demand for seafood in variety of forms. People are increasingly demanding seafood both in fresh and processed form. This is providing lucrative opportunities for the leading packaging providers in the global market.
- The rise in demand for seafood is due to their growing usage in broad range of cuisines and dishes. In recent years, several restaurants and hotels are preferring to purchase fresh seafood instead of frozen to serve better to their consumers. This too has helped in driving the growth of the global market.
- Another important factor responsible for driving the growth of the global seafood packaging market is the advent of latest technology that are catering to the requirements of the end users. Moreover, these advanced technologies are helping to build direct digital communication and relationship with the customer, providing a different level of experience. This too is expected to help in the overall development of the global market.
- In addition to this, the leading companies in the global seafood packaging market are investing heavily for the development of new and more innovative technologies. This too is expected to help in market growth.
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Global Seafood Packaging Market – Key Restraining Factors
- Even though MAP and vacuum packaging are widely used, there are still glaring shortcomings of these technologies. Currently, there are no obvious alternatives to them. However, these shortcomings will pose a considerable challenge to the overall growth of the global seafood packaging market.
- High costs associated with some of the existing and newer packaging technologies are also expected to hamper the growth of the global market.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/28769
Global Seafood Packaging Market – Geographical Outlook
- The global market for seafood packaging is expected to be dominated by the regional segment of Asia Pacific. China alone accounted for around 35% of the global market share in 2019 with respect to value. The growth of the market is mainly attributed to increasing export of oysters, squids, and scallops in the region.
- On the other hand, the regional segment of Europe is also expected to provide attractive business opportunities for the given course of forecast period.
Analyze Seafood Packaging market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Seafood Packaging Market – Competitive Landscape
Companies operating in the global market are expected to focus on delivering superior end-use experience to their customers. Naturally, they are expected to spend more R&D activities in search of newer technologies. Some of the key brands in the global seafood packaging market are Amcor Plc. Smurfit Kappa, Sealed Air Corporation, Winpak Ltd., Crown Holdings Inc., AEP Industries Inc., DS Smith, Silgan Holding Inc., Toyo Seikan Co. Ltd., Visy Industries Holdings Pty Ltd., and Reynolds Group Holdings Ltd. among others.
Seafood Packaging Market Segmentation:
Seafood Packaging Market, by Product Type
- Bags & Pouches
- Food Cans
- Shrink Films
Seafood Packaging Market, by Material
- Others (EVOH, etc.)
- Paper & Paperboard
- Others (Fiber, Wood, etc.)
Seafood Packaging Market, by Packaging Technology
- Modified Atmospheric Technology
- Vacuum Packaging
- Others (Retort Technology, etc.)
Seafood Packaging Market, by Application
- Frozen & Chilled
Seafood Packaging Market, by Seafood Type
- Molluscs (Oysters, Scallops, Cuttlefish, etc.)
- Crustaceans (Shrimps, Crabs, Lobsters, Krill, etc.)
- Others (Sea Turtles, Star Fish, Sea Cucumbers, Plants, etc.)
Seafood Packaging Market, by Region
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Explore Transparency Market Research's award-winning coverage of the Global Packaging Industry:
Antimicrobial seafood Packaging Market – Rising worldwide health consciousness and growing consumer demand for high quality, fresh, minimally processed and ready-to-eat (RTE) food products is expected to drive the global antimicrobial seafood packaging market. Improving the food safety is the major challenge for seafood producers.
Sealed Tray Food Packaging – The key factors which drive the global market are rapidly growing travel and tourism industry along with rising preference for packaged food products among consumers across the globe. The macroeconomic factors which drive the sealed tray food packaging market are emerging economies such as China, Brazil and India, a rapid rate of urbanization and rising per capita income of consumers.
Transparent Food Packaging Market – Transparent food packaging market witnesses an increasing demand owing to consumer's need for visual validation of the food which is ensured through transparent packaging. Another factor that propels the growth of transparent food packaging market is the need of the food brands to strengthen its brand image in the competitive market.
Fresh Food Packaging Market – The global market is anticipated to expand at a double digit CAGR over the forecast period. Asia Pacific market is expected to be the most attractive market for fresh food packaging in view of the increasing export of fruits and vegetables from China and India.
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