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The global seafood packaging market size is projected to reach USD 13,503.4 million by the end of 2027. The rising demand for seafood across the world is consequential to changing dietary habits. The presence of several large scale companies will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Seafood Packaging Market Size, Share & COVID-19 Impact Analysis, By Material (Plastic, Paper & Paperboard, Metal, Glass, and Others), By Product (Trays, Bags & Pouches, Food Can, Boxes, Shrink Films, and Others), By Packaging Product (Modified Atmosphere Packaging, Vacuum Skin Packaging, and Others), By Application (Fresh & Frozen, Processed, and Ready to Eat), By Seafood Type (Fish, Molluscs, Crustaceans, and Others), and Regional Forecast, 2020-2027” the market was worth USD 9,405.5 million in 2019 and will exhibit a CAGR of 4.9% during the forecast period, 2020-2027.
Seafood packaging is an important part of seafood processing and the massive consumption of the same has led to an increasing awareness regarding the importance of safe packaging. It involves the process of packaging and making it durable and ready to be transported, for the time for which it can be stored without being refrigerated. The increasing demand for frozen food has subsequently created several growth opportunities for the companies operating in the market. The increasing investments in the research and development of sustainable packaging will bode well for the growth of the overall seafood packaging market in the forthcoming years. Additionally, the presence of several large scale companies in this sector will aid growth.
Smurfit Kappa Announces Decision to Integrate Reusable Material for Packaging
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. The increasing awareness regarding the negative impact of use of plastic in packaging will have a huge impact on the growth of the market. The efforts taken to maximize the use of sustainable packaging will have a massive impact on the growth of the overall market in the coming years. Accounting to this, several large scale companies are looking to replace conventional plastics that were hard to degrade. Smurfit Kappa’s decision to replace conventional packaging by reusable packaging is a perfect example of a recent highlight. Increasing such efforts taken to maximize the use of recyclable or reusable products will emerge in favor of market growth.
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Increasing Integrate of Innovative Concepts will Emerge in Favor of Market Growth
The healthy market competition has encouraged companies to integrate advanced concepts with the aim of establishing a stronghold in the market. As a result, companies are looking to invest more towards the integration of innovative concepts. It is observed that product innovations are an increasing trend among major companies across the world.
Major Companies are Focusing on Biodegradable Packaging
The increasing market competition is consequential to the massive consumption of seafood across the world. The increasing awareness regarding the importance and benefits of seafood will lead to wider consumption. The efforts taken to maximize the use of sustainable products will have a huge impact on the growth of the overall seafood packaging market in the foreseeable future.
List of companies profiled in the report:
The global market for seafood packaging is segmented on the basis of:
Value (USD Million)
By Packaging Product
By Seafood Type