The global frozen seafood packaging market is expected to grow exponentially in coming years owing to changing lifestyle of people across the world. As a result of hectic work schedule and more women inclining towards jobs and corporate culture, they prefer ready to eat food due to their convenience and less time consumption in cooking them. All these factors are expected to influence the growth of global frozen seafood packaging market in the forecast period of 2019 to 2027.
Transparency Market Research's report on global frozen seafood packaging market provides all the necessary information to the players such as opportunities, challenges, recent developments, and key trends of global frozen seafood packaging market for the forecast period of 2019 to 2027. The insights from the report help the players to have a better understanding of the market and also help them in better decision making.
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Global Frozen Seafood Packaging Market: Notable Developments
The present scenario of global frozen seafood packaging market is highly competitive. As a result of various lucrative opportunities like growing demand in hotel and catering industry, there are various players that are entering the market. Since the market already has numerous players in it, the influx of new players is expected to make the landscape even more intense.
However, to overcome the challenging scenario, the players are resorting to few strategies that can help them have a sustainable future in the global frozen seafood packaging market. The players are adopting strategic mergers and acquisition as their solution to have successful business in the market. These strategies are allowing the players to gather essential resources that can help them to establish and/or maintain their dominance in the global frozen seafood packaging market.
Some instances of players using some strategies are mentioned below:
- In 2019, a joint venture from Sonoco Products Company and Cascades Inc. inaugurated their new packaging facility in Birmingham, Alabama. The new facility is dedicated to produce eco-friendly packaging where water-based functional coating are used to create recyclable and compostable containers. The Company invested a whopping US$ 17 Mn in the facility for research and development. The opening of the packaging facility allows the company to penetrate the U.S. market of frozen seafood packaging.
- In August 2019, Sonoco announced its complete acquisition of Corenso Holdings America. The acquisition is expected to improve the product portfolio of Sonoco in frozen seafood packaging sector. Moreover, with this acquisition, the company now accounts for a major share in the market. Owing to which, the company is now considered as the leader in the global frozen seafood packaging market.
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Growth in the Demand for Bag packaging to Fuel the Growth of the Market
The growth of global frozen seafood packaging market is majorly attributed to the rising demand of optimal solutions for packaging of frozen seafood. Owing to properties such as better life, cost-effective, and enhanced taste, restaurant businesses are demanding packed frozen seafood. These factors are expected to influence the growth of global frozen seafood market in the forecast period of 2019 to 2027, Moreover, people are demanding bags packaging because they are easy to carry and convenient to pack which is yet another factor that is expected to propel the growth of global frozen seafood packaging market in coming years.
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