Frozen Seafood Packaging Market

Frozen Seafood Packaging Market Share & Analysis – Industry Overview

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14217
  • Published Date: Mar, 2024
  • Pages: 238
  • Category: Consumer Goods
  • Format: PDF
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Segment Analysis

Regional segmentation analysis

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global frozen seafood packaging market, with a 36% market revenue share in 2023.

Consumer demand for frozen seafood is high, driven by its convenience, versatility, and long shelf life. Advanced packaging technologies have been developed in the region, enhancing product quality and safety. Stringent food safety regulations ensure that frozen seafood packaging meets rigorous standards. Market competition encourages companies to innovate and invest in packaging technologies to differentiate their products. This competitive landscape drives continuous improvement and innovation in frozen seafood packaging solutions. North America has a well-developed infrastructure and distribution networks, facilitating the efficient transportation and distribution of frozen seafood products.

North America Region Frozen Seafood Packaging Market Share in 2023 - 36%

 

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Type Segment Analysis

The type segment is divided into flexible packaging and rigid packaging. The flexible packaging segment dominated the market, with a market share of around 77% in 2023. Flexible frozen seafood packaging is preferred and widely accepted for its numerous advantages. It is space-efficient, allowing for maximum storage capacity in freezers, retail shelves, and during transportation. The cost-effectiveness of flexible packaging, due to its lightweight nature and less expensive materials, contributes to overall savings for manufacturers and retailers. Versatility is another key benefit, as flexible packaging can accommodate various shapes and sizes of seafood products, offering customization options for packaging design and branding needs. Features like resealable zippers or easy-open tabs enhance consumer convenience and usability. Flexible packaging materials provide excellent protection against moisture, air, and light, helping maintain frozen seafood's quality and freshness.

  • Leading petrochemical producer SABIC launched the novel TRUCIRCLETM project, which aims to recycle post-consumer plastic trash recovered from places up to 50 kilometres inland from rivers. SABIC leveraged its relationships with Polivouga, a manufacturer of flexible film products, to accomplish this goal. Utilizing SABIC's certified circular polyethene from feedstock sourced from ocean-bound plastic, Polivouga and the Nueva Pescanova Group—a Spanish brand owner specializing in the fishing, farming, processing, and marketing of fresh, chilled, and frozen seafood products—have collaborated to create the first frozen food packaging solution in history.

Application Segment Analysis

The application segment is divided into frozen fish, frozen shrimp, frozen shellfish, and others. The frozen fish segment dominated the market, with a market share of around 44% in 2023. Frozen fish is the dominant product in frozen seafood packaging due to its availability, versatility, and numerous benefits. Fish is widely consumed globally and available in various species, making it easily accessible to consumers. Its versatility allows for diverse culinary applications. Frozen fish offer a long shelf life, which preserves freshness and quality for extended periods. Cost-effectiveness is another factor contributing to the dominance of frozen fish in seafood packaging. It is often more affordable than fresh fish, making it an attractive option for budget-conscious shoppers. Convenience plays a significant role in the popularity of frozen fish, as it can be stored in the freezer for extended periods without compromising quality.

  • Breco Seafoods introduced its brand-new packaging with a bright and fresh appearance. It features an extensive array of mouthwatering seafood goods, such as smoked trout, seafood blends, prawns, mussels, squid, and a selection of crumbed and battered treats. The goal of the revamped package, which features eye-catching colours and pictures, is to encourage customers to prepare quick, delectable, and healthful seafood meals more often. Additionally, a recipe showcasing the easy transformation of frozen fish products into delectable dishes is included with each box to inspire a fresh outlook on seafood.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global frozen seafood packaging market based on below mentioned segments:

Global Frozen Seafood Packaging Market by Type:

  • Flexible Packaging
  • Rigid Packaging

Global Frozen Seafood Packaging Market by Application:

  • Frozen Fish
  • Frozen Shrimp
  • Frozen Shellfish
  • Others

Global Frozen Seafood Packaging Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

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Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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