Transparency Market Research (TMR) analyses that the global pet food packaging market is highly fragmented due to the presence of several players. Some of the prominent players operating in the global pet food packaging market are Crown Holdings Inc., Georgia-Pacific LLC., Amcor Ltd., Ardagh Group SA., and Berry Global Group Inc.
The prominent players are indulging into activities such as mergers and acquisitions (M&A) and partnership. However, some of the companies of the players are struggling to establish themselves in foreign soils. These factors are making the market highly competitive. Additionally, most companies in the market are attempting to enhance customer loyalty by offering advanced product distribution and by offering products at competitive prices.
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According to TMR, the global pet food packaging market was valued at US$8.3 bn in 2017 and is anticipated to expand with 5.2% CAGR over the forecast period to reach a the value of US$10.7 bn by 2022.
Based on material, the pet food packaging market is dominated by the segment of plastic by accounting 40.8% share in the overall market in 2017, which was valued at US$3,391.8 mn. The segment is expected to expand with lucrative CAGR of 6.3% over the forecast period of 2017-2022. Based on the region, North America stood at US$2,688.9 mn in 2017 and is likely to expand with a CAGR of 5.2% to reach a valuation of US$3,472.5 mn over the forecast period. The European region is expected to account for the second-leading revenue valuation of US$2,877.5 mn by the end of the forecast period.
Growing Pet Adoption to Influence Positively on Market Growth
The pet food packaging market is gaining traction due to factors such as growing adoption of a pet as a companion coupled with rising awareness about maintaining pet’s health among the owners. The pet food packaging plays a crucial role in to protect food from moisture and oxygen by resisting with odor and tearing. Additionally, growing awareness about pet humanization and rising concerns about the health of pets. This is boosting the adoption of the spill-proof and advanced pet food packaging to maintain and quality of pet food packaging. These factors are likely to drive growth of the global pet food packaging market.
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Thanks to a rising focus on the pets’ health, the owners are trying to improve their lifestyle and attention toward their diet. Rising concerns over their nutritional intake is leading to a rising in the manufacturing of a variety of pet food and boosting demand for advanced material for pet food packaging.