Press release
Plastics to Remain Dominant Material in Pet Food Packaging Market
The global pet food packaging market is a major market in developed countries, where the pet care industry has grown steadily following growing demand for pet ownership and rising incorporation of advanced pet care protocol. The pet food packaging market has thus become important due to the effect it can have on the quality of pet food. Pet food packaging needs to be convenient for the owner to carry and also has to maintain the quality of the product to ensure safety of the pet. The pet food packaging industry is thus likely to grow at a robust pace in the coming years, driven by the rising demand for advancements in the pet care sector.
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The report presents a comprehensive overview of the global pet food packaging market based on detailed analysis of the historical growth trajectory of the market, which provides a solid base for growth projections over the 2017-2022 forecast period. According to Transparency Market Research, the global pet food packaging market is likely to rise to US$10.7 bn by 2022 from a 2017 value of US$8.3 bn, exhibiting a strong 5.2% CAGR therein.
The global pet food packaging market is segmented by material into plastics, paper and paperboard, metal, and others. Of these, plastic is likely to remain the leading material utilized in the global pet food packaging market in the coming years due to its widespread use and convenience to a range of user demographics. The plastics segment represented 40.8% of the global pet food packaging market in 2017 and was valued at US$3,391.8 mn. The segment is likely to exhibit a strong 6.3% CAGR over the 2017-2022 forecast period to emerge with a market share of 43% by 2022.
North America to Dominate Regional Standings of Pet Food Packaging Market
Geographically, North America is set to dominate the global pet food packaging market in the coming years. The dominance of North America in the global pet food packaging market can be attributed primarily to the widespread demand for pet ownership. The North America pet food packaging market is likely to be valued at US$2,688.9 mn by the end of 2017 and further rise to US$3,472.5 mn by 2022. The pet food packaging market in the region is likely to exhibit a steady 5.2% CAGR over the 2017-2022 forecast period.
Europe is also a dominant contributor to the global pet food packaging market and is set to remain a key market for pet food packaging market players in the coming years. The Europe pet food packaging market is set to rise to a valuation of US$2,877.5 mn by 2022, exhibiting a 4.9% CAGR over the 2017-2022 forecast period.
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APEJ, Japan to Make Key Contributions, APEJ to Exhibit 6.2% CAGR
Asia Pacific except Japan is expected to emerge as a promising market for pet food packaging manufacturers over the 2017-2022 forecast period, with the region set to exhibit a robust 6.2% CAGR therein. The Japan market for pet food packaging is also likely to be a key contributor to the global market, with the region set to exhibit a 3.2% CAGR over the 2017-2022 forecast period to reach a valuation of US$403.7 mn.
Competitive Dynamics
Leading players in the global pet food packaging market include Amcor Ltd., Sealed Air Corp., Berry Global Group Inc., DS Smith Plc, Ball Corporation, Packaging Corp. of America, Crown Holdings Inc., Smurfit Kappa Group Plc, Ardagh Group SA, Mondi Ltd., Bemis Co. Inc., and Georgia-Pacific LLC.
About TMR
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