Impact Analysis of Covid-19
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Fresh Seafood Packaging Market- 2017-2027
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.
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.
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.
Figure 1. Global Fresh Seafood Packaging Market Share (%), By Region, 2018
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.
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
- DowDuPont Inc.
- CoolSeal USA
- Tri-Pack Plastics
- Frontier Packaging
- Sealed Air Corporation
- Sixto Packaging
- Victory Packaging
- PPS Midlands Limited
- Star-Box, Inc.
- AEP Industries Inc.
- Smurfit Kappa Group
- Printpack Inc.
- Orora Packaging Australia Pty Ltd.
- ULMA Packaging
- Wipak Oy
Sealed Air Corporation
- In June 2018, Sealed Air Corporation introduced a new form of packaging solutions for seafood, which was designed by using bio-based resins. This new bio-based resin packaging is a renewable packaging option, which would help the seafood industry in addressing the problem of food waste by extending the shelf-life and freshness of seafood products.
- In October 2016, ULMA packaging supplied two thermoformers to fresh seafood processor- Denholm Seafoods for intermittent packing. This helped in increasing the speed of delivery of the seasonal fishes from processing to dispatch. These thermo formers are efficient in providing easy access to deep cleaning, which enables the food manufacturers to meet the regulatory requirements.
- In September 2014, a grant amounting to US$ 37,572 has been provided to Tri-pack plastics for developing of new packaging box for salmon. This was done for a salmon producer and processor, who has a global presence, majorly in Europe and North Atlantic region.