Pet Food Packaging Market Driven by Rising Spending Power of Modern Pet Owners
Pet food packaging has also become important for pet food manufacturers for branding purposes, making it likely to receive significant investment from key players in the pet food market in the coming years.
The global pet food packaging market is set to be driven primarily by demand from developed regions in the coming years, though emerging countries such as Japan, China, Indonesia, India, Taiwan, Korea, and Australia could also make major contributions to the global pet food packaging market.
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The global pet food packaging market is likely to be valued at US$8.3 bn by the end of 2017. The market is likely to exhibit a 5.2% CAGR from 2017 to 2022, enabling a strong rise to US$10.7 bn by 2022.
Here are the key insights into the global pet food packaging market’s growth prospects in the coming years:
Rising demand for pet ownership in developed countries such as the U.S., Canada, the U.K., France, and Germany is likely to remain the leading driver for the global pet food packaging market in the coming years.
Pet owners in developed countries are more aware about pet food quality and its impact on pet health, as well as being more affluent and able to purchase a wider variety of premium pet food.
Developed regions such as North America and Europe are thus likely to remain the key geographical segments for the global pet food packaging market in the coming years, with the North America pet food packaging market likely to reach a valuation of US$3,472.5 mn by 2022 and the Europe market expected to rise to US$2,877.5 mn.
The North America pet food packaging market was valued at US$2,688.9 mn in 2017, and is expected to exhibit a strong 5.2% CAGR over the 2017-2022 forecast period.
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However, developing regions such as Asia Pacific except Japan are likely to emerge as promising contributors to the global pet food packaging market in the coming years due to the growing preference for pet ownership in urban centers in the region. The growing affluence of customers in Southeast Asia and Australia has also helped the pet food packaging market in the region. The APEJ market for pet food packaging market is set to exhibit the highest 6.2% CAGR over the 2017-2022 forecast period to emerge with a valuation of US$1,974 mn by 2022.
The growing diversity in the pet food market is one of the key drivers for the global pet food packaging market. Due to growing research in pet nutrition and pet care, pet food manufacturers are coming up with a number of options for customers willing to spend extra to ensure better food for their pet.
The rising demand for frozen pet food is likely to remain a significant factor for the global pet food packaging market in the coming years, as the convenience presented by frozen food to pet owners is likely to make it a significant part of the commercial dynamics of the pet food packaging market in the coming years.
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.
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