FRESH SEAFOOD PACKAGING MARKET ANALYSIS

Fresh seafood packaging market was valued at US$ 14.6 Bn in 2022 and is expected to reach US$ 23.3 Bn by 2030, exhibiting a CAGR of 6.0% over the forecast period. Increasing consumer awareness about the consumption of fresh seafood, which fulfills the safety standards is expected to generate opportunities for the development of new packaging solutions for fresh seafood. The rising adoption of 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 is expected to drive the growth of the fresh seafood packaging market.

Fresh Seafood Packaging Market: Growth Factors

Increased acceptance of seafood as a healthy food globally

The increased acceptance of seafood as a healthy food globally, owing to its rich nutrients, large diversity, and affordability when compared to meat and meat products, is driving revenue growth in the Fresh Seafood Packaging Market. The need for single and small-portion-size items is driving the growth of the fresh seafood packaging industry. Manufacturers of fresh seafood packaging are concentrating on the development of case-ready packaging, which helps to reduce labor costs while also improving the safety of fresh seafood through the use of high-barrier films. Furthermore, increasing consumer demand for fresh and nutritious products is fueling the growth of the fresh seafood packaging market, resulting in an increasing population and improvement in standards of living.

Figure 1. Global Fresh Seafood Packaging Market,By Application, 2022

Development of new and updated strategies for preserving the consistency of food and prolonging shelf life

Development of new and updated strategies is carried out for preserving the consistency of food and prolonging shelf life. Thus, innovations in packaging techniques that find their way into the protection of different food systems like fish and shellfish are expected to market revenue growth. Government initiatives to promote healthy eating habits, which boost the use of fresh seafood, are likely to drive Fresh seafood packaging market growth. Major factors driving the growth of the seafood packaging market are an increase in the production of seafood, an increase in trading of such seafood, an increase in consumer awareness about the consumption of fresh seafood, an increase in the adoption of modified atmospheric packaging, an increase in innovative production of reusable and thermal packaging applications.

Fresh Seafood Packaging Market: Market Restraints

High vulnerability to food deterioration or contamination

The market for seafood packaging is expected to be hampered by the high vulnerability to food deterioration or contamination. In most seafood items, microorganisms are the leading cause of deterioration. If seafood is handled, packaged, or stored improperly, it can become contaminated and grow microbially quickly. The weather has a great impact on seafood productivity, which causes price volatility. The market for fresh seafood packaging is projected to be stifled as a result. Furthermore, the government of various countries is expected to enforce strict laws and restrictions for the packing and transportation of fresh seafood, which is expected to impede the usage of plastic packages for the packaging of fresh seafood. However, rising levels of sea pollution are major factors among others restraining market growth, and will further impede seafood packaging market growth.

Fresh Seafood Packaging Market: Market Segmentation

In terms of Application, the market is bifurcated into fish, molluscs, crustaceans, and others. The increasing demand for processed and raw fish for applications such as food processing, hotels, restaurants, processed food manufacturing companies, animal feed, and others is boosting the fish segment growth. Additionally, the adoption of seafood in diet attributed to the nutritional value of fish is positively impacting the market growth. The molluscs segment is expected to expand rapidly due to the increasing demand for scallops, oysters, squids, octopuses, and clams. Crustaceans like shrimps, prawns, crabs, lobsters, and crayfish are used in making exotic dishes. Shifting preferences of consumers towards seafood are likely to boost segment growth.

Figure 2. Global Fresh Seafood Packaging Market, By Region, 2022

Fresh Seafood Packaging Market: Regional Analysis

Asia-Pacific dominates the seafood packaging market due to a rise in the production of seafood and increasing trading of such seafood, a rise in consumer awareness about the consumption of fresh seafood, and an increase in the adoption of modified atmospheric packaging in this region. North America is the expected region in terms of growth in the seafood packaging market due to a rise in consumer awareness about the consumption of fresh seafood and increases in the adoption of modified atmospheric packaging in this region.

Fresh Seafood Packaging Market: Recent Developments

• On January 21, 2021 – Sealed Air Corporation the original inventor of BUBBLE WRAP, launched a new version of BUBBLE WRAP brand packaging material that is made with at least 90 percent recycled content.
• On May 1, 2021 – Sealed Air Corporation announced that it had signed a definitive agreement to acquire Automated Packaging Systems, Inc. (APS), a leading manufacturer of high-reliability, automated bagging systems, for a purchase price of US$ 510 Mn on a cash and debt free basis.
• On February 11, 2021 - Sealed Air Corporation acquired MGM’s flexible packaging business. MGM is a privately held company headquartered in Manila, Philippines.

Fresh Seafood Packaging Market: Key Companies

The key companies involved in Fresh seafood packaging market are 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 and Wipak Oy  

*Definition: Seafood is low in calories and has a 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.