Fresh Seafood Packaging Market to reach US$ 19.02 billion by 2027 - Coherent Market Insights

The global fresh seafood packaging market was valued at US$ 11.81 billion in 2018, according to Global Fresh Seafood Packaging Market Report, by Material Type (Plastic, Paper, Metal, and Others (Wood, Glass, and Others)), by Product Type (Boxes, Bags, Pouches, Films, and Others (Cans, Trays, and Others)), by Application (Fish Packaging, Crustaceans Packaging, Molluscs Packaging, and Others (Jelly Fish and Others )), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) published by Coherent Market Insights

Definition of Market/Industry:

Fresh seafood products include fish, crustaceans, molluscs, and jelly fish among others. These fish products can be packaged into bags, boxes or pouches made from various materials including plastic, paper or metal. Consumption of fresh seafood is increasing across the globe, owing to rising awareness about health benefits such as boost of brain health. This is expected to drive production of fresh seafood, which in turn is expected to boost growth of the global fresh seafood packaging market over the forecast period. For instance, according to the report, ‘The State of World Fisheries and Aquaculture 2018’, published by Food & Agricultural Organization in 2018, live, fresh or chilled fish are the most preferred options of fish consumption, accounting for the largest share of 45% of total quantity of fish produced intended for direct human consumption across the globe in 2016.

Statistics:

The global fresh seafood packaging market was valued at US$ 11.81 Bn in 2018, and is expected to reach US$ 19.02 Bn by the end of 2027, exhibiting a CAGR of 5.44% during the forecast period (2019-2027).

Drivers:

Seafood are low in calories but high in protein and vitamins (including A, D, and B-complex), long chain omega 3 fatty acids, calcium, zinc, and minerals.  These nutrients are essential for wellbeing and healthy living of any individual. Therefore, rising awareness about health benefits offered by fresh seafood is expected to drive demand for seafood, which is expected to fuel growth of the market.

For instance, according to data released by Florida Department of Agriculture and Consumer Services, in 2016, Florida ranked 11^th among the U.S. states for fresh seafood production. According to the same source, in 2016, around 87 million pound of fresh seafood was harvested in Florida with dockside value of US$ 237 million.

Market Restraints

Fluctuating seafood prices is the factor that is expected to hamper growth of global fresh seafood packaging market. The fish price index (FPI) relies on trade statistics as seafood is heavily traded internationally, exposing non-traded seafood to price competition from imports and exports.

Market Trends

Key players operating in the fresh seafood packaging market are focused on offering efficient packaging options for fresh seafood suppliers such as packaging with easy to open & close seals and re-sealable closures, leak-proof containers and recyclable & reusable packaging solutions. Efficient packaging solutions extends the shelf life of fresh seafood products, prevents occurrence of contamination, and preserves nutritional content as well as taste of the seafood. For instance, SEALPAC International BV offers ‘Multi-cavity trays’ with multiple compartments for different fresh seafood products on a single tray. The tray has a special covering film for protecting the fresh products, which can either seal the individual cavities as a whole or each compartment separately. This in turn, preserves the taste of each individual seafood component and also prevents cross-contamination.

Competitive Section:

Company Names

• 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

Few Recent Developments

PPS Midlands Limited

• In April 2017, PPS Midlands Limited, a leader in supplying returnable transit packaging solutions, acquired GW Containers, a U.K.-based company. GW containers is engaged in offering plastic fish boxes and insulated containers. GW is one of the U.K.’s largest supplier of Seaplast insulated containers and the RPC Promens fish box range to the fishing as well animal by-products industry. Therefore, this acquisition is expected to strengthen company’s position in the U.K. fresh seafood packaging market.