The Fresh seafood packaging market was valued at US$ 14.6 billion in 2022, according to 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 a boost in brain health. This is expected to drive the production of fresh seafood, which in turn is expected to boost the growth of the fresh seafood packaging market over the forecast period. For instance, according to the report, ‘The State of World Fisheries and Aquaculture 2018’, published by the Food & Agricultural Organization in 2018, live, fresh, or chilled fish are the most preferred options for fish consumption, accounting for the largest share of 45% of the total quantity of fish produced intended for direct human consumption across the globe in 2016.
Statistics:
The fresh seafood packaging market was valued at US$ 14.6 Bn in 2022 and is expected to reach US$ 23.3 Bn by the end of 2030, exhibiting a CAGR of 6.0% during the forecast period (2023-2030).
Drivers:
Seafood is 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 the well-being and healthy living of any individual. Therefore, rising awareness about the health benefits offered by fresh seafood is expected to drive demand for seafood, which is expected to fuel the growth of the market.
For instance, according to data released by the Florida Department of Agriculture and Consumer Services, in 2016, Florida ranked 11th among the U.S. states for fresh seafood production. According to the same source, in 2016, around 87 million pounds of fresh seafood was harvested in Florida with a dockside value of US$ 237 million.
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https://www.coherentmarketinsights.com/market-insight/fresh-seafood-packaging-market-3016
Market Restraints
Fluctuating seafood prices is expected to hamper the growth of the 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 extend the shelf life of fresh seafood products, prevent the occurrence of contamination, and preserve nutritional content as well as the 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 seafood component and also prevents cross-contamination.
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
