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I AgreeAnalysis of Corrugated Fish Box market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The expansion of global trade has necessitated the use of innovative packaging formats and designs that ensure the higher shelf life of perishable food items, such as fish and fish products. The global corrugated fish box market is estimated at USD 491.15 Million in 2022. The market is further projected to surpass a value of USD762.74 Million by end of the year 2032. The expected CAGR for the forecast period is 4.5%.
The global corrugated fish box market is expected to witness high-value growth in terms of CAGR over the forecast period. The growth of the corrugated fish box market is owing to the rising demand for fish for human consumption. The consumption of fish is gaining traction due to its health benefits.
The developed economies of North America and Europe have a large number of corrugated fish box manufacturing companies with high investment capabilities due to the high consumption of fish and fish products.
Recognized companies such as BASF, CRT Packaging, and EPPOR-PACK SDN. BHD, Ocean Roto Moulding Sdn. Bhd., PPS, Sekisui Plastics Co. Ltd., Smurfit KSnyder Industries, STYRO, Styropack, The Craemer Group, Tri-Core Plastics Containers Ltd., and others are focusing on the incorporation of tactics including partnership agreements, sales contracts, strategic alliances, diversifications, innovative launches, mergers & acquisitions, research and developments, technological upliftments, product line extensions, hiring technical expertise, joint ventures, collaborations, product approvals, etc. for gaining a competitive edge over others in the market.
Report Attributes |
Details |
---|---|
Corrugated Fish Box Market size (2022 A) |
USD 491.15 Million |
Base Year for Estimation |
2022 |
Forecast duration for this research |
2022-2032 |
Forecasted Market value (2032 F) |
USD762.74 Million |
Global Market Growth rate (2022-2032 E) |
CAGR of 4.5%. |
Key Companies Profiled |
|
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The globalization of local cuisines has also increased the demand for a specific variety of fish across the globe, which needs an efficient packaging solution. Albeit, growing awareness regarding vegan food, the fish-consuming population has increased substantially over the past few years. To cater to the demand of this specific consumer base, the corrugated fish box is surfaced to be a reliable packaging option.
The primary factor driving the growth of the corrugated fish box market in the packaging industry is the rise in the demand for seafood. As fish has high protein content, the demand for fish and fish products is increasing. In the Asia Pacific, the corrugated fish box market is expected to gain maximum share due to the growing aquaculture industry and fish farming. Alternate factors influencing the corrugated fish box market are urbanization and the preference for healthy food. The manufacturers of corrugated fish boxes are more concerned with the quality, the use of the coating, and laminating of corrugated fish boxes.
Apart from prima facie growth drivers, the corrugated fish box market is also driven by the increase in the consumption of fish, rapid expansion in the aquaculture industry, and a rise in the export and import of fish. In the last 20 years, the production of captured fisheries has increased from 69 million to 93 million tons, whereas the aquaculture industry has increased its production from 5 million to 63 million tons.
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The good insulation qualities of EPS traditionally drove its demand in the food packaging industry. However, growing environmental concerns shifted consumer demand towards eco-friendly packaging solutions, thereby creating lucrative growth opportunities for the corrugated fish box market. The need for effective barrier solutions to fat, water, and moisture further drives the demand for corrugated fish boxes.
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Transportation of fish safely and fresh is a challenging task for fish suppliers. A corrugated fish box is highly preferred and recommended due to its recyclable nature, and it occupies less space. Other fish packaging methods are most likely to gain acceptance in the coming years. Corrugated fish boxes have a coating of expanded polystyrene (EPS), which has waterproof and moisture-proof properties.
The restraining factor for the growth of corrugated fish boxes is the use of expanded polystyrene (EPS), which has 80% of plastic content. Strict regulations against the use of plastic across the globe can impact the growth of the corrugated fish box market in a negative way.
Due to the outbreak of the Covid-19 pandemic, the fish box market has faced a decline in sales of fish. As a result of supply chain disruptions and lockdown, the materials and packaging solution manufacturers have to face financial loss. This has a negative impact on the fish box market.
The major players in the market are focusing on the reacquisition of market positions and production rise in order to tackle the losses. Moreover, companies are focused more on online channel expansion to fetch benefits out of post-pandemic market trends. These technological advancements will open new opportunities for market players post-pandemic.
Based on the materials, the fish box is made of polypropylene and expanded polystyrene. Polypropylene usage in food and beverage packaging is expected to gain great demand in the upcoming days. Polypropylene is considered one of the safest options and has got approval from FDA for usage as a food container.
Based on the weight, the fish boxes ranging between 20 to 40 lbs are expected to reach maximum sales owing to the idealness of usage in food storage.
The developed economies of North America and Europe have a large number of corrugated fish box manufacturing companies with high investment capabilities due to the high consumption of fish and fish products.
The corrugated fish box market is expected to have decent growth in the developed economies, but it is expected to proliferate in the developing economies in the Asia Pacific. China and India rank first and second as producers of fish, which opens vast opportunities for investors in these countries. Asia Pacific, North America, and Europe are expected to contribute major shares in the global corrugated fish box market.
The corrugated fish box market can be segmented based on Product Type, Weight, and Region.
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The global corrugated fish box market is estimated at USD 491.15 Million in 2022.
The expected CAGR for the forecast period is 4.5%.
The market is further projected to surpass a value of USD762.74 Million by end of the year 2032.
Some of the players identified in the global corrugated fish box market include BASF, CRT Packaging, and EPPOR-PACK SDN. BHD, Ocean Roto Moulding Sdn. Bhd., PPS, Sekisui Plastics Co. Ltd.