The seafood packaging market is projected to grow at a CAGR of 4.02 % to reach US$25.119 billion by 2025, from US$19.829 billion in 2019. 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 meal-on-the-go, meal kits. The pure-play online digitally delivery food and beverage servers are increasingly offering an all-inclusive meal option among the myriad of a la carte serving over their digital menus which the consumers who are namely digital adopters keen on due to the convenience associated with such options. Multichannel adapters have their consumption behavior over a variety of food and beverage establishments, for example, convenience stores like the 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. Further, 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 group frequent pubs, local eateries, bars, fine dining establishments along with other types of food and beverage establishments. Thus, the food and beverage expenditure that is consequent of the habits and inclination has surged. This has led to a steep rise in demand for processed food. Further, increasing inclination of embracing the flexitarian diet, 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 section of gastronomic endeavors is the surge in ready-to-eat (RTEs) food products amongst which the portion of seafood is rising exponentially as an impact of emerging economies and their shift in consumption patterns, rise in disposable income as an increasing number of homemakers are supplementing their household income by joining the job markets.
The the rise in 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 client. For example, in China, 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 totaled 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 by 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 establishment 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 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 option on particular offering stand out which 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 that 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 of business tourism increased from 34.7% in 2016 to 35.4% in 2018. Further compared to that of 2017 putting up at hotels increased from 46.5% in 2017 to 47.8% in 2018 and a marginal increase to 10.6% in 2018 from 10.1% in 2017 with regards to putting up at homestay. 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 was increased to 12.3 number of nights in 2018 from 11.8 in 2017. Further, the duration of leisure trips comprising of 3 nights 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 are driving factors towards the Seafood Packaging Market growth, during the forecast period.