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Seafood Packaging Market Size, Share & Industry Analysis, By Material (Plastic, Paper, Metal, and Others), By Product Type (Trays, Bags & Pouches, Cans, Boxes, Shrink Films, and Others), By Packaging Technology (MAP, Vacuum Skin Packaging, and Others), By Application (Fresh & Frozen and Processed), By Seafood Type (Fish, Molluscs, Crustaceans, and Others), and Regional Forecasts, 2024-2032

Last Updated :April 16, 2024 | Format: PDF | Report ID: FBI103399

 

KEY MARKET INSIGHTS

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The global seafood packaging market size was valued at USD 17.41 billion in 2023 and is projected to grow from USD 18.20 billion in 2024 to USD 27.61 billion by 2032, exhibiting a CAGR of 5.35% during the forecast period.


Consumers are moving towards healthier semi-processed pre-packed refrigerated options, boosting the market. In today's busy lifestyles increase in home consumption items is strongly affected by the minimal time available for meal preparation. In addition, coupled with social affluence, economic and lifestyle choices regarding disposable income are driving the market. Growing customer understanding of the consumption of fresh seafood that meets safety requirements will likely create opportunities to develop new packaging solutions for fresh seafood—the growing adoption of modified atmospheric packaging to fuel the market.


The spread of the COVID-19 virus disrupted the supply chain of the seafood industry. It resulted in many orders being cancelled, freight deliveries being slowed, problems with obtaining fresh orders, and renewing the existing orders, further hampering the market growth.


Seafood Packaging Market Trends


Rising Demand of Ready-to-eat Meals to Boost Use of Trays in Target Market


Busy urban lifestyles and rising knowledge of fish as a safe food with high levels of digestible protein, polyunsaturated fatty acids (PUFAs), and cholesterol-lowering properties, marinated and ready-to-cook foods in metros are progressively embraced. Ready-to-eat meals are easy to prepare and, during the cooking process, make it easier to clean the oven, which is an additional bonus. The widespread popularity of ready-to-eat meals, especially meals focused on seafood, increases the need for more creativity in packaging solutions for seafood, such as trays, pouches, and bags. Today, when such packaging keeps the range hot, the most widely used packaging type for packaging is trays. Consumers are readily drawn to items based on these criteria that are packed in trays & pouches suitable for microwave ovens.


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Seafood Packaging Market Growth Factors


Increased Awareness of the Health Benefits of Seafood to Drive the Market


Demand for high-quality food items with better consistency and shelf life is growing rapidly. Packaging has brought about a revolution in the production and selling of food items like seafood. Among the food types, in terms of intake, seafood is one of the most common. The rising awareness regarding the health benefits of consuming seafood among consumers is contributing to their high demand, further boosting the market growth. Fish is the most important source of high-quality protein, accounting for about 16% of the animal protein eaten by the world's population (Food and Agriculture Organization (FAO)). According to the Food and Agriculture Organization and World Health Organization, the intake of oily fish such as tuna and salmon by the adult population worldwide tends to minimize the risk of coronary heart disease mortality. Hence, the increasing consumer awareness regarding seafood consumption will enhance the market growth.


Innovations in Packaging Technologies to Propel the Market


Conventional packaging concepts are limited in their capacity to extend the shelf-life of fishery products. It can be resolved by introducing vacuum and modified atmosphere packaging (MAP) technologies. Active and smart packaging, called smart packaging technology, is one such innovative packaging strategy that protects different food systems like fish and shellfish. The market for active and smart packaging solutions is driven by the production of new technologies of products and more cost-effective pricing, which would promote greater market adoption for many product styles. Conventional packaging schemes provide minimal protection and only interact through the logo. Hence, the rising innovations in packaging technologies will drive the market growth across the world.


RESTRAINING FACTORS


Increasing Instances of Food Contamination to Limit Market Adoption


Microorganisms are the primary source of spoilage in most seafood products. However, a few bacteria termed Unique Spoilage Organisms (SSOs), contribute to the aggressive off-flavors associated with seafood spoilage, further hampering the market growth. Microbial decay of food presents itself as spoilage, or changes in the sensory properties of a food component, making it unfit for human consumption. Seafood may be exposed to accelerated microbial degradation and growth where care and storage are insufficient. Seafood is frequently subject to unhygienic handling by staff at the manufacturing and packing level and poor storage conditions, which in turn, will limit the growth of the global seafood packaging market.


Seafood Packaging Market Segmentation Analysis


By Material Analysis


Plastic is the Dominating Segment Due to the Significant Benefits Offered by the Material


The market is segmented into plastic, paper, and metal based on the material. The plastic segment accounted for the major share and is expected to continue its dominance during the forecast period due to its exceptional properties. The impermeability of plastic to moisture, fluids, water vapors, air, and other contaminants is driving the demand for plastic packaging. Oxidation and interference of other air components degrade the quality of seafood, which can lead to toxic substance formation.


The glass segment is expected to expand rapidly due to its recyclability, chemically inert nature, aesthetic properties, and eco-friendly nature. Considering the eco-balance, glass is more advantageous than plastic and is anticipated to drive segment growth. Sustainability is one of the important aspects that affect the choice of packaging.


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By Product Type Analysis


Shrink Films Hold the Largest Share Owing to their High Usage of Seafood Products


Based on the product type, the market is segmented into trays, bags & pouches, cans, boxes, and shrink films. Shrink films are the dominating segment of the global market. Shrink films are the primary covering used to wrap the seafood. Due to properties like stabilization of products, temper resistance, cushioning, and specific barrier and mechanical properties like film configuration, shrink films will witness significant growth during the forecast period.


The trays segment constituted an important market share attributed to convenient shelf life, handling, and lightness. Trays have an enclosable lid, making it convenient to store seafood for longer and effortlessly in the refrigerator.


By Packaging Technology Analysis


MAP is the Dominating Segment Due to its Potential Benefits to the Seafood Products


Based on the packaging technology, the market is segmented into MAP, vacuum skin packaging, and others. MAP dominates the packaging technology segment worldwide. Modified Atmosphere Packaging is a widely used technique used to pack seafood. It is used to manipulate the internal atmosphere of the package. It is generally carried out by lowering the amount of oxygen to avoid oxidation and replacing it with inert gases like nitrogen and sometimes carbon dioxide. Gas flushing and vacuum compensation stabilize the internal atmosphere, increasing the products' shelf life. The lower cost of the machines used for such packaging is expected to boost market growth.


Vacuum skin packaging is the second-leading packaging technology segment. The segment is predicted to witness significant growth over the forecast period. The vacuum skin packaging technology offers various benefits, such as aerobic microorganism formation, decreased evaporation, dryness, and reduced fat oxidation, contributing to the segment’s growth.


By Application Analysis


Fresh & Frozen Dominates the Market Owing to the High Consumption among Consumers


Based on the application, the market is segmented into fresh & frozen, and processed. Fresh & frozen seafood accounted for the key market share due to the high demand for raw fish and other seafood worldwide. Frozen seafood has a longer shelf life and can be transported to areas where fresh fish are unavailable. It is expected to increase the demand for the market.


Processed is the second-leading application segment and is projected to grow significantly in the coming years. The rapid growing of this segment can be attributed to the high demand for raw, canned, and preserved sea produces, such as tuna, salmon, crabs, lobsters, and other types of seafood.


By Seafood Type Analysis


Fish Segment to Emerge as Major Revenue Generating Segment Due to The Increasing Awareness About its Health Benefits


The market is segmented into fish, molluscs, crustaceans, and others based on the seafood type. Fish dominates the seafood type segment globally. Increasing demand for processes and raw fish from applications like food processing, hotels, restaurants, processed food manufacturing companies, animal feed, and others are boosting the growth of the fish segment. Additionally, the adoption of seafood in diet attributed to the nutritional value of fish is positively impacting the market growth.


Molluscs are the second-leading seafood type segment, and is predicted to showcase rapid growth in the coming years. Molluscs are expected to expand rapidly due to the increasing demand for scallops, oysters, squids, octopuses, and clams.


REGIONAL ANALYSIS


The market is analyzed across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.


Asia Pacific Seafood Packaging Market Size, 2023 (USD Billion)

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Asia Pacific holds the major share in terms of production as well as consumption of seafood. Factors including are the high seafood production from Japan, Korea, India, Malaysia, Sri Lanka, and other countries with large coastlines and demand from East & Southeast Asian countries. Fish farmers and producers must cover long distances in seas and oceans to obtain fresh and healthy products that can be preserved and canned for longer shelf life.


Europe is one of the continents with a large coastline that eventually produces seafood on a large scale. Countries like Portugal and Iceland have the highest consumption of seafood per capita in the European region.


In North America, the demand is rising due to the high demand for canned seafood. There has been a substantial increase in demand for canned fish products attributed to various factors like increasing working women, rising disposable income, and others. Additionally, the encouragement by the Food and Drug Administration (FDA) to include fish like salmon, tuna, and other seafood in the diet due to the presence of vitamin D, omega-3 fatty acids, and other nutrients shall exhibit high demand for canned fish products.


Increased per capita seafood consumption in Brazil, Argentina, and the Caribbean region will aid market growth. High demand for different fish types and seafood to make Caribbean cuisine which mostly consists of fish, is expected to drive the demand for packaged seafood.


Middle East & Africa is expected to expand at a rapid pace. Despite this, the region is experiencing considerable demand for seafood and fish due to its nutritional aspects. The increase in demand for canned fish products due to the convenience in use and extended shelf life is surging the demand.


List of Key Companies in Seafood Packaging Market


Key Participants in the Market Witnessing Significant Growth Opportunities


The global market is highly fragmented and competitive. Regarding market share, the few major players dominate the market by offering innovative packaging in the packaging industry. These major players in the market are constantly focusing on expanding their customer base across the regions and innovation.


Major players in the market include Ball Corporation, Crown Holdings, Silgan Holdings, Ardagh Group, Amcor Limited, and others. Numerous other players operating in the industry are focused on delivering advanced packaging solutions.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • August 2022 - Iceland announced the partnership with Parkside to replace the LDPE bag for the company's product portfolio of frozen seafood with a recyclable paper pouch. The pouch features water-based coatings, which further break down during re-pulping.

  • July 2022 - Sydney, an Australia-based Company, Grounded Packaging, declared the launch of an innovative, no-contact sustainable packaging solution. Re: Mono comprises 83% recycled materials and is proposed for packaging meat and seafood products.

  • July 2020 - Amcor plc launched SkinNova, seafood packaging with 70% less plastic. SkinNova minimizes the use of plastics by over 70% relative to traditional MAP packaging and cuts the carbon footprint by 45%.

  • July 2020 - Smurfit Kappa replaced EPS frozen food packaging with reusable substitute paper-based packaging. Smurfit Kappa has unveiled a creative and durable new kit that keeps fresh frozen and chilled foods across the supply chain. The Thermo Case, made from a 100% paper-based mixture of Hexacomb and corrugated, preserves frozen foods like fish at temperatures close to extended polystyrene (EPS) packets.

  • February 2019 - ULMA Packaging is planning trials with any new packaging system to help the industry reduce packaging waste. Innovative packaging machines are designed to minimize packaging size and waste and comply with biodegradable and recyclable products.


REPORT COVERAGE


The global market report provides detailed market analysis and focuses on key aspects such as key players, competitive landscape, product/service types, market segmentation, porters five forces analysis, and leading applications of the product. Besides, the report offers insights into the seafood packaging market trends and highlights key industry developments. In addition to the above factors, the report encompasses several factors that contributed to the market's growth in recent years.


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REPORT SCOPE AND SEGMENTATION

























































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.35% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Material



  • Plastic

  • Paper

  • Metal

  • Others



By Product Type



  • Trays

  • Bags & Pouches

  • Cans

  • Boxes

  • Shrink Films

  • Others



By Packaging Technology



  • MAP

  • Vacuum Skin Packaging

  • Others



By Application



  • Fresh & Frozen

  • Processed



By Seafood Type



  • Fish

  • Molluscs

  • Crustaceans

  • Others



By Region



  • North America (By Material, By Product Type, By Packaging Technology, By Application, By Seafood Type, and Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Material, By Product Type, By Packaging Technology, By Application, By Seafood Type, and Country)

    • Germany (By Application)

    • France (By Application)

    • U.K. (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Material, By Product Type, By Packaging Technology, By Application, By Seafood Type, and Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Material, By Product Type, By Packaging Technology, By Application, By Seafood Type, and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Material, By Product Type, By Packaging Technology, By Application, By Seafood Type, and Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East and Africa (By Application)








Frequently Asked Questions

The Fortune Business Insights study shows that the global market was valued at USD 17.41 billion in 2023.

The global market size is projected to record a CAGR of 5.35% during the forecast period.

The market size of Asia Pacific was valued at USD 7.30 billion in 2023.

Based on the material, the plastic segment dominates the global market share.

The global market size is expected to reach a valuation of USD 27.61 billion by 2032.

The key market drivers are the increased awareness of the health benefits of seafood & innovations in packaging technologies.

The top players in the market are Amcor Plc, Crown Packaging, Sealed Air, and DS Smith, among others.

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