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Companies such as Stora Enso had entered into collaboration with Walki for developing EcoFishBoxTM, which is likely to provide 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 of 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 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 box. Fish industry is expected to increase the adoption of EcoFishBoxTM, thereby expanding the customer base in corrugated fish box market. Surging demand for meeting hygiene standards is anticipated to drive the demand and supply of EcoFishBoxTM, thereby offering potential growth opportunities for corrugated fish box market.
Corrugated fish box is a sustainable solution from the packaging sector for processed and raw fish processors. Expansion of global trade has necessitated the use of innovative packaging formats and designs that ensure higher shelf life of perishable food items, such as fish and fish products. The globalization of local cuisines has also increased the demand for specific variety of fish across the globe, which needs an efficient packaging solution. Albeit, growing awareness regarding vegan food, a number of fish-consuming population has increased substantially over the past few years. In order to cater the demand for this specific consumer base, corrugated fish box is surfaced to be a reliable packaging option.
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 rise in export and import of fish. In the last 20 years, 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. Transportation of fish safely and fresh is a challenging task for the fish suppliers. Corrugated fish box is highly preferred and recommended due to its recyclable nature and it occupies less space. Other fish packaging methods are most probable to gain acceptance in the coming years. Corrugated fish boxes has a coating of expanded polystyrene (EPS), which has waterproof and moisture-proof properties.
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 rising demand for fish for human consumption. 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 high consumption of the fish and fish products.
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The corrugated fish box market is expected have a 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 producers of the fish, which opens vast opportunities for the investors in these countries. Asia Pacific, North America and Europe are expected to contribute major shares in the global corrugated fish box market.
The primary factor driving the growth of the corrugated fish box market in the packaging industry is the rise in the demand for the sea food. As fish has high protein content, the demand for fish and fish products is increasing. In Asia Pacific, the corrugated fish box market is expected to gain maximum share due to growing aquaculture industry and fish farming. Alternate factors influencing the corrugated fish box market are urbanization and preference of healthy food. The manufacturers of corrugated fish boxes are more concerned towards the quality, the use of the coating and laminating of corrugated fish boxes.
However, the restraining factor for the growth of the corrugated fish boxes is 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 boxes market in a negative way.
The corrugated fish box market can be segmented based on Product Type, Weight and Region. On the basis of Product type, the corrugated fish box market is segmented into Coating Type and Lamination Type. By Weight, the corrugated fish box market can be segmented into up to 20 lbs, 20 lbs to 40 lbs, and above 40 lbs. Geographically, the global corrugated fish box market is segmented into six regions, namely North America, Latin America, Europe, Japan, Asia Pacific except Japan, and the Middle East Africa
Global Corrugated Fish Box Market Key Players
A large number of players are present in Europe and North America, but corrugated fish box manufacturers are focusing on expanding their presence in the Asia Pacific region, particularly China, Indonesia and India. Examples of some of the key players operating in the corrugated fish box market are Smurfit Kappa PlC, DS Smith PLC, Stora Enso Oyj, Walki Group Oy, Fronteir Packaging Inc, and VA Whitley & co., among others.
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