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Press Release: Fresh Seafood Packaging Market to reach US$ 19.02 billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Definition of Market/Industry:
Seafood is low in calories and has high content of various vitamins (B-complex, A, and D), zinc, mineral, calcium, and long chain omega 3 fatty acids. The packaging of fresh seafood helps in preventing contamination and changes in the biological, chemical, and physical form of food.
Statistics:
Global fresh seafood packaging market was valued at US$ 11.81 Bn in 2018, and is expected to reach US$ 19.02 Bn by 2027, exhibiting a CAGR of 5.44% over the forecast period.
Drivers:
The global fresh seafood packaging market is expected to witness significant growth over the forecast period, owing to increasing demand for seafood. According to the Food and Agriculture Organization of United Nations and World Health Organization 2011, the consumption of fatty fish such as tuna and salmon by the adult population across the globe helps in lowering the risk of mortality from coronary heart diseases. Moreover, according to the data provided by the World Bank, the total global production of fish was pegged at 199.7 trillion metric tons in 2015, amongst which 23.2 trillion metric tons was from Indonesia. Thus, rising production of seafood and increasing trading of such seafood are expected to drive demand for advanced and smart packaging solutions, which helps in increasing shelf life of fresh seafood products.
Statistics:
Figure 1. Global Fresh Seafood Packaging Market Share (%), By Region, 2018
Market Restraints
The fresh seafood packaging market is restrained by increasing instances of food contamination, which is caused by poor packaging or mishandling of fresh seafood. Moreover, stringent rules and regulations imposed by the government of various countries for packaging and transportation of the fresh seafood is expected to hamper usage of plastic packages for packaging of fresh seafood. This is further expected to hamper growth of the fresh seafood packaging market over the forecast period.
Market Opportunities
Increasing consumer awareness about consumption of fresh seafood, which fulfill the safety standards is expected to generate opportunities for development of new packaging solutions for fresh seafood. Rising adoption of the modified atmospheric packaging is also expected to generate new growth opportunities for fresh seafood packaging. Modified atmospheric packaging helps in preserving the shelf life of the products. Moreover, innovative production of recyclable and thermal packaging solutions are expected to drive the growth of the fresh seafood packaging market.
Figure 2. Global Fresh Seafood Packaging Market Share (%), By Material Type, 2018
Competitive Section:
Company Names
Recent Developments
Sealed Air Corporation
ULMA Packaging
Tri-Pack Plastics
Seafood is widely accepted health and wellness food worldwide, owing to rich nutrients, huge variety, and affordability as compared to meat and meat products. With every decrease in temperature by 5.3˚C, the rate of microbial deterioration doubles, which causes loss in weight and quality of the seafood. Therefore, type and quality of packaging has high significance in the seafood industry. Global fresh seafood packaging market is expected to exhibit a CAGR of 5.44% over the forecast period.
Dynamics:
The global fresh seafood packaging market is expected to witness significant growth over the forecast period. Fresh seafood is an extremely perishable food and is required to be handled with care to ensure that it is prevented from the growth of microorganisms. Growth of the market is also supported by the government initiatives undertaken towards food safety and increase in demand for single portion food items. Furthermore, rising demand for consumer friendly packaging and enhancements in the protection of fresh seafood is expected to fuel growth of the market. Increase in use of renewable resources and recyclable materials is also expected to drive growth of the market. However, growth of the market is expected to be restrained by the depleting stock of seafood, which is result of the increasing level of sea pollution.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 50 market data tables* and 20 figures* on "Fresh Seafood Packaging Market” - Global forecast to 2027.
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