The pet food packaging has attracted a steady spate of investments by packaging companies on the back of rising demands for pet food around the world. A large part of the drive to the pet food packaging market has emanated from the growing numbers of ownerships of pets in developed countries, finds Transparency Market Research (TMR). Coupled with this, people have become increasingly conscious of the health of domesticated animals in developing regions, thus bolstering the prospects of the pet food packaging market.
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Innovation in Labelling Attracting Consumers
Pet food packaging manufacturers and solution providers are aiming to meet the functional and aesthetics of packaging to attract consumers and enhance the shelf-value. Moreover, several of the trends that drive the packaging industries are relevant to the pet food industry. The most notable of these is clean and detailed labelling. A case in point is the business proposition of detailing nutritional information on the label. Additionally, innovations in labelling is also boosting the potential of packaging in the pet food industry.
Meanwhile, players in the market would like to put bets on coupling sustainable forms of packaging with environmentally friendly packaging. This is a notable trend opening new, lucrative avenues for them in the pet food packaging market. Pet food consumers are getting increasingly attracted to the brands that promote sustainability concepts, notes TMR. The growing sales of single-serving packaging pouches and boxes is boosting revenues in the market.
The global pet food packaging market stood at US$8.3 bn in 2017 and is projected to clock a promising CAGR of 6.3% from 2017 to 2022. By the end of the period, the worth of the market will reach US$10.7 bn.
Focus of Pet Food Industry to Improve Recycling Rates Catalyze Prospects in Key Markets
Among the various regions, North America has stood out from the rest due to vast strides taken by the pet food industry over the past few years. The region is expected to account for the leading shares in the global pet food packaging market coming few years. This in part is driven by rising pet ownership, especially in the U.S.
The global pet food packaging market is thus seeing sizable revenues in the region. The opportunities in regional market are projected to reach worth of US$3,472.5 mn by the end of 2022. Apart from this, Europe is also a prominently lucrative region in the market. Pet food packaging providers are showing propensity toward recycling and are engaging in recycling programs. Further, the adoption of greener packaging will attract consumers and will help the brands to consolidate their positions in key regional markets.
Some of the key players in the global pet food packaging market include prominent packaging companies such as Bemis Co. Inc., Mondi, Amcor Ltd., Georgia-Pacific LLC., Smurfit Kappa Group Plc, and Berry Global.