Corrugated Fish Box Market

Corrugated Fish Box Market (2022-2032)

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	BASF, CRT Packaging, EPPOR-PACK SDN. BHD, Ocean Roto Moulding Sdn. Bhd., PPS, Sekisui Plastics Co. Ltd., Smurfit KSnyder Industries, STYRO, Styropack, The Craemer Group

Growth Drivers of the Corrugated Fish Box Market

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.

Emergence of Eco-Packaging Solutions

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.

Challenges faced by Corrugated Fish Box Manufacturers

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.

Post-pandemic impact: players recuperating their market positions

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.

Segment wise analysis

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.

Regional Insights

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.

Recent Developments

• For instance, in 2020, DS Smith announced the launch of an antimicrobial and virus-resistant packaging solution to offer safety to consumers. The company noticed that six in ten consumers wash their hands thoroughly after touching packaged groceries, as a result of the coronavirus pandemic. The company partnered with Touchguard to develop a new range of bacteria and virus-safeguarded sustainable cardboard packaging across its operations in Europe and North America.
• The launch of antiviral and anti-bacterial packaging will offer more protection to the customers along with the workers throughout the supply chain. In addition to this, DS Smith in collaboration with ERFURT won the Corrugated Board Innovation Award 2021 for making wallpapering easy. The rising seafood demand in North America has led to significant growth in the corrugated fish box market.
• Companies such as Stora Enso had entered into collaboration with Walki for developing EcoFishBoxTM, which is likely to provide a positive growth impact on the corrugated fish box market. Rapidly increasing demand for customers for fresh fish packaging solutions is expected to further drive the growth with of the corrugated fish box market.
• EcoFishBoxTM, newly developed by Stora Enso holds 100% recyclable properties and requires less space compared to conventional EPS box corrugated fish box. Key players and manufacturers in the corrugated fish box market can enter into partnership with Stora Enso as it has been taking immense efforts in developing leak-tight and waterproof corrugated fish boxes.

Global Corrugated Fish Box Market Segmentation

The corrugated fish box market can be segmented based on Product Type, Weight, and Region.

• By Product Type :

  • Coating Type
  • Lamination Type

• By Weight :

  • up to 20 lbs
  • 20 lbs to 40 lbs
  • above 40 lbs

• By Region :

  • North America
  • Latin America
  • Europe
  • Japan
  • The Asia Pacific except Japan
  • Middle East for Africa