Stakeholders in the current market landscape are also focused on offering effective seafood packaging solutions that are ideal for shipments across large distances.
Albany, NY -- (SBWIRE) -- 02/12/2020 -- Transparency Market Research delivers key insights for the seafood packaging market in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the global seafood packaging market is projected to register a CAGR of ~5% during the forecast period.
The Asia Pacific is estimated to hold the highest share in the global seafood packaging market, owing to a rise in exports of scallops, squids, oysters in this region. China accounted for more than 35% of the global seafood packaging market in 2019, in terms of value. This growth can be attributed to increasing consumption of fish and molluscs in the region. For instance, high exports of crustaceans and molluscs seafood types were recorded in 2018, according to FAO. Vietnam, Thailand, Malaysia, and other ASEAN countries are anticipated to offer lucrative opportunities for players in the seafood packaging market over the forecast period. Moreover, Europe is anticipated to offer positive prospects for players in the seafood packaging market over the forecast period of 2019-2027.
Multinational food packaging companies plan to invest high amount of capital to develop advanced packaging technologies such as MAP for seafood packaging. Quality, safety, theft prevention, and traceability are the major focus areas of global companies, while designing advanced seafood packaging solutions. With the increasing demand for improved packaging technologies from end users, the companies are rethinking their strategies to invest in the growing market.
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It has been noticed that the seafood packaging companies are collaborating with technology providers to offer smart & intelligent packaging solution for products such as trays and pouches to their customers. Instead of focusing on mass production of early-stage products, seafood packaging converters strive to develop products that maintain product integrity and enhance quality.
An amalgamation of packaging technologies with existing products has helped seafood packaging manufacturers to achieve better profit margins. Advanced seafood packaging technologies are very helpful in building direct digital relationships with consumers through the package itself. This has boosted the development of new product solutions in the seafood packaging industry, which, in turn, are anticipated to create new growth opportunities for packaging converters over the forecast period.