Seafood Packaging Market Global Size, Supply-Demand, Product Type and End User Analysis To 2027

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The global   seafood packaging market size  is projected to reach USD 13503.4 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, The market was worth USD 9,405.5 million and will exhibit a CAGR of 4.9% during the forecast period, 2020-2027. Seafood packaging involves everything that is associated with selling and transporting of seafoods 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 has created several growth opportunities for the companies operating in the seafood packaging market.

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Companies Profiled in the Global Market of Seafood Packaging:

• Printpack (Georgia, U.S.)
• FFP Packaging Ltd. (UK)
• AEP Industries Inc. (U.S.)
• ULMA Packaging (Spain)
• 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)

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.

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. The 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.

Report Aim & Scope:

• An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
• The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
• The various parameters accelerating the growth of the market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the market during the forecast period.

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. Increasing number of such company mergers and acquisitions will have a huge impact on the growth of the overall market in the forthcoming years.

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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 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 considerable pace in the coming years. The presence of several large scale manufacturers will have a huge impact on the growth of the market.

Key Players Assessment in this Research:

• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in this market
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

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.

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