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Feed Packaging Market Report 2024 - Feed Packaging Market Size, Share And Trends
Feed Packaging Market
According to The Business Research Company's, The feed packaging market size has grown strongly in recent years. It will grow from $17.86 billion in 2023 to $19.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to stringent regulations on feed quality, globalization of feed trade, focus on feed hygiene and safety, rising demand for specialty feeds, efforts to reduce feed spoilage.
The feed packaging market size is expected to see strong growth in the next few years. It will grow to $24.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to e-commerce growth in pet food sales, increasing aquaculture industry, focus on recyclable packaging, globalization of feed additives market, sustainability initiatives in packaging. Major trends in the forecast period include customization and branding, blockchain and traceability in feed production, digitalization in supply chain management, bulk and flexible packaging, resealable and reclosable features, anti-counterfeiting measures.
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Market Drivers and Trends:
An increase in pet adoption is expected to propel the growth of the feed packaging market going forward. Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Pet owners prefer feed packaging as they provide reliable packaging for the protection of animal feed's (nutritional) quality and safety. Hence, an increase in pet adoption increases the demand for the feed packaging market. For instance, in February 2023, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Furthermore, in November 2022, according to a national survey of pets and people, an online survey conducted online among a representative sample of 453 Australian adults, by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet and approximately 48% of households had dogs in 2022, 40% increase from 2019. Therefore, the rise in the rate of pet adoption is driving the growth of the feed packaging market.
Major companies operating in the feed packaging market are focused on developing new retort pouches with post-consumer recycled materials to gain a competitive edge in the market. Post-consumer recycled materials refer to materials that have been used by consumers, recycled after their initial use, and then processed into new products. For instance, in April 2022, ProAmpac LLC, a US-based flexible packaging company, launched the ProActive PCR Retort pouches. These high-performance pouches are designed for both pet and human food packaging, complying with EU and FDA standards for food contact in retort applications. The ProActive PCR Retort pouches contain 30% or more PCR content, contributing to a significant reduction in the use of virgin resins.These pouches maintain the same high-definition graphic quality as standard retort pouches, preserving brand identity and product freshness while meeting sustainability goals. The advanced material science expertise applied in the engineering of ProActive PCR Retort pouches ensures superior barrier properties, hermeticity during filling and retorting, excellent flex crac*k resistance, and easy-open tear functionality. The pouches deliver optimal filling line efficiency, shelf-life, mechanical performance, and pin-hole resistance, making them an environmentally friendly choice without compromising on performance.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Transcontinental Inc.; Bemis Company Inc.; Ardagh Group S.A.; Winpak Ltd.; Snapsil Corporation; Sealed Air Corporation; Coveris; Immer Ltd.; Flextrus AB; ProAmpac; Amerplast Ltd.; Berry Global Inc.; Vietnam Plastic Corporation; International Plastics Inc.; Rutan Poly Industries Inc.; Amcor plc; Smurfit Kappa Group plc; Mondi Limited; Ball Corporation; Tetra Laval Corporation; Schur Flexibles Group; Anchor Packaging Inc.; Crown Holdings Inc.; The International Paper Company; WestRock Company; Graham Packaging Company Inc.; Huhtamäki Oyj; Sonoco Products Company; Constantia Flexibles; Pactiv Evergreen Inc.; Dart Container Corporation; American Packaging Corporation; Cargill Incorporated; Nestlé S.A.
Feed Packaging Market 2024 Key Insights:
• The feed packaging market will grow to $24.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Surge In Pet Adoption To Drive Market Growth
• Product Innovations Transforming The Feed Packaging Market
• Asia-Pacific was the largest region in the feed packaging market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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