The global pet food packaging market is a fiercely competed business landscape. Key players in the market include Crown Holdings Inc., Packaging Corp. of America, Ardagh Group SA, Smurfit Kappa Group Plc and Bemis Co. Inc. Pet packaging market is also referred to as pet nourishment packaging market.
Recently, a major player in the market announced plans to secure €1.35bn through credit facility. These heavy loan facilities by a major player shows the underlying need in the market to maintain flexible capital structures. It could mean more R&D in the market in the near future.
The global pet food packaging market is predicted to grow at a healthy 5.2% CAGR. The market was evaluated at US$ 8.3bn in 2017 and it is expected to reach US$ 10.7 bn by 2022.
Based on packaging material, plastics are expected to become the leading segment in the pet food packaging market. The segmented constituted a 40.8% share of the global pet food packaging market in 2017. Additionally, it was valued at US$3,391.8 mn. The segment is predicted to grow at 6.3% CAGR during 2017-2022. It is expected to increase its share to 43% by 2022.
Geographically, the pet food packaging market in North America is predicted to dominate the global market during the forecast period. Increasing number of pet owners, rising incomes among pet owners, and growing varieties of packaging is expected to drive this market.
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Rising pet ownership Drives Global Pet Food Packaging Market
Expanding base of pet ownership is expected to create significant opportunities in the pet food packaging market in the near future. Simultaneously, legal concerns and social protocols are also leading to advanced care and nourishment in the pet food packaged market. Growing government regulations leading to better labelling and generous amount of information to pet owners is also driving the market. Additionally, pet owners continue to demand single-serving packaging. The packaging represent a large opportunity for a niche but widespread consumer base.
Increasing innovation in the pet food packaging market is expected to open more opportunities in the near future. As pet food manufactures continue to expand food varieties to meet the needs of special pets, the food packaging market will likely follow suit. Currently, frozen food packaging present such an opportunity for the industry. The growing prices of raw materials including plastics, paper and others is expected to hinder the growth of the market.
Stringent Pet Regulations can hinder growth
Increasing awareness about quality pet food is an opportunity for the market. Government regulations have played a key role in driving this growth. However, stringent pet regulations is also expected to pose a challenge to the pet food packing market during the forecast period.
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