Seafood Packaging Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Product Type (Bags & Boxes, Cans, Films, Jars, Trays, Others), By Material Type (Metal, Paper & Paperboard, Plastic (High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Poly Vinyl Chloride (PVC), Polyamide (PA), Polyethylene Terephthalate (PET), Polypropylene (PP)), Glass, Others), By Application (Processed (High Dried Seafood, Frozen & Chilled Sea Food, Ready To Eat (RTE) Seafood), Fresh Seafood), By Packaging Technology (Modified Atmospheric Packaging (MAP), Retort Packaging, Vacuum Packaging), By Seafood Type (Crustaceans, Fish, Mollusks, Others), And By Geography - Forecasts From 2022 To 2027

The seafood packaging market is projected to grow at a CAGR of 5.47% to reach US$27.422 billion by 2027, from US$18.884 billion in 2020. As lives have become even more fast-paced due to technological advancements and the changing nature of deliverables and rotational working hours, there has been a surge in the need for meals on the go and meal kits. Pure-play online digitally delivered food and beverage servers are increasingly offering an all-inclusive meal option among a plethora of a la carte services on their digital menus, which consumers, namely digital adopters, are interested in due to the convenience associated with such options. Multichannel adapters have their consumption behaviour over a variety of food and beverage establishments, for example, convenience stores like traditional shoppers.  However, their rationale is that of speed and convenience, hence they will also prefer fast food establishments too. They are also keen on frequenting fine dining options to acquaint themselves with a celebrated preparation that may have received a lot of media attention recently. Furthermore, they will also turn to digital delivery options if they are highly recommended by their acquaintances.

A mix of traditionalist and experimentalist consumers across all age groups frequent pubs, local eateries, bars, and fine dining establishments, along with other types of food and beverage establishments. Thus, the food and beverage expenditure that is a consequence of habits and inclinations has surged. This has led to a steep rise in demand for processed foods. Furthermore, increasing inclination of embracing the flexitarian diet, a keenness to sample exotic cuisine, and meat-eaters who have restricted their food consumption to fish, also called pescatarians. Thus, owing to the aforesaid, there is an increasing demand for food with fewer preservatives another aspect of gastronomic endeavours is the rise in ready-to-eat (RTE) food products, with the portion of seafood rising exponentially as a result of emerging economies and their shift in consumption patterns. Disposable income rises as an increasing number of housewives supplement their household income by entering the labour market.

The rise in the travel and tourism market, of which food and beverage (F&B) is an inseparable part, has also led to the rise in the seafood packaging market, whereby the various service points, like standalone F&B establishments as well as chains, cruise-liners, and hotels, among others, ensure good quality products to their esteemed clients. For example, in China, in 2019 6.01 billion domestic tourists were registered, which is an increase of 8.4% over that of the previous year. The revenue generated by domestic tourism alone totalled 5,725.1 billion yuan, which is an increase of 11.7 % from the preceding year.  Further, the number of inbound visitors to China was to the tune of 145.31 million, which is an increase of 2.9 %. The receipts from tourism were to the tune of 131.3 billion US dollars, which was an increment of  3.3 percent when compared to the previous year.

Therefore, by the aforementioned increments, it is discerned with certitude that there is a growing number of visits to the country. Besides, the per capita disposable income of urban households was 42,359 yuan, an increase of 7.9 % from the previous year [Source: National Bureau of Statistics of China]. This is also enabling the population in China to be inclined towards spending on food and beverage establishments and availing the same in more quantities and frequency. Concerning India, as of December 2019, the e-visa facility has been extended to the nationals of 169 Countries under 5 sub-categories which are e-Business visa, e-Conference Visa, e-Medical Attendant Visa, e-medical visa and e-Tourist visa. Further, there have been introductions such as an e-Tourist Visa for 5 years with multiple entries, in addition to the existing e-Tourist Visa for one year and a new category of e-Tourist Visa valid for one month. Moreover, the Ministry of Tourism has constituted Task Forces/Committees for the promotion of golf, medical/ wellness, cruise and adventure tourism in the country to promote niche tourism. Among the plethora of tourism options one particular offering stands out, is medical tourism, which is also internationally monikered as medical travel, health tourism, or global healthcare. As of 2018, the estimated foreign exchange earnings from tourism were US $25.8 billion [Source: Ministry of Tourism, Government of India].

The aforesaid is a glimpse into the development of travel tourism from both demand and policy aspects in the APAC region, which is projected to drive the growth of the seafood market to new heights during the forecast period. From the perspective of the EU, taking the example of Luxembourg, The participation in business tourism increased from 34.7% in 2016 to 35.4% in 2018. Further, compared to that in 2017, putting up at hotels increased from 46.5% in 2017 to 47.8% in 2018 and there was a marginal increase to 10.6% in 2018 from 10.1% in 2017 with regards to putting up at homestays. Moreover, the most preferred means of transport to reach the destination of the leisure trip was a personal vehicle, which increased from 47.5% in 2017 to 49.8% in 2018. Moreover, albeit marginal the average duration of leisure trips increased to 12.3 nights in 2018 from 11.8 in 2017Furthermore, the duration of three-night leisure trips increased to 38.1% in 2018 from 36.4% in 2017 [Source: STATEC, Luxembourg]. Therefore, by the aforementioned increments, it is discerned with certitude that there is a growing number of visits to the country as well as increasing interest of consumers to avail more options irrespective of the nature of the travel (business or leisure). This, too, like the aspects mentioned earlier, is a driving factor toward the seafood packaging market’s growth, during the forecast period.

Key Developments in the Market

• In March 2022, SABIC, Saudi Arabia-based diversified chemicals firm, and Polivuga, a Portuguese flexible film packaging solutions provider, collaboratively launched a new project - TRUCIRCLE, to design and develop a new seafood packaging solution. The packaging is designed in a way that allows the recovery and reuse of plastic from across 50 km inland in the waterways. The new sustainable packaging was launched on Worlds Ocean Day in 2022.
• In December 2021, Australia-based Close Loop Limited announced the acquisition of Oceanic Agencies Pty Ltd., a global manufacturer of commercial packaging solutions. Through this acquisition, the former expanded its portfolio in burgeoning bulk and commercial seafood packaging solutions and is a step towards the company's initiative to enter into a niche sustainable packaging industry. 

COVID-19 Insights:

COVID-19 had a significant impact on the global seafood packaging industry. Amid the pandemic, the growing health awareness and the demand for transparency increased the demand for branded packaging and product recognition. Subsequently, this boosted the production and supply of various styles of packaging.

Seafood Packaging Market Scope:

Segmentation

• By Product Type
  • Bags & Boxes  
  • Cans
  • Films
  • Jars
  • Trays
  • Others
• By Material Type
  • Metal
  • Paper & Paperboard
  • Plastic
    • High Density Polyethylene (HDPE)
    • Low Density Polyethylene (LDPE)
    • Poly Vinyl Chloride (PVC)
    • Polyamide (PA)
    • Polyethylene Terephthalate (PET)
    • Polypropylene (PP)
  • Glass
  • Others
• By Application
  • Processed
    • High Dried Seafood
    • Frozen & Chilled Sea Food
    • Ready to Eat (RTE) Seafood
  • Fresh Seafood
• By Packaging Technology
  • Modified Atmospheric Packaging (MAP)
  • Retort Packaging
  • Vacuum Packaging
• By Seafood Type
  • Crustaceans
  • Fish
  • Mollusks
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Others
  • The Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others