Increasing Market Demand of Pet Food Packaging 2018
As per the findings of a report added by Radiant Insights, Inc.; the global pet food packaging market is anticipated to expand at a significant CAGR between 2016 and 2022. The market is likely to rake in a healthy share of the revenue pie with the robust growth of the pet food industry. Growing research in pet care and nutrition are prompting pet food manufacturers to come up with a diverse range of products. Pet food packaging is, thus, gaining importance due to the effect it can have on food quality.
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Rising popularity of frozen pet food among pet owners due to convenience offered by them is resulting in increased focus on pet food packaging. Besides this, expansion in pet food manufacturing facilities is expected to help the market gain phenomenal momentum in coming years. For instance, recently Nestle inaugurated its 5,000 square-meter manufacturing hallin Buk, Hungary, transforming the unit into one of the largest pet food manufacturing capacities in Europe. The hall includes two new filling and packaging lines. Burgeoning competition among pet food manufacturers is compelling them to focus on product differentiation through packaging. This, in turn, can positively influence the market.
Developed countries are likely to continue to be key revenue contributors in the global arena over coming years, owing to spiraling demand for pet ownership. Heightened awareness of pet owners in developed nations regarding pet food quality and its impact on pet health along with high affluence of the populace is supporting the growth of the overall market. Rapid urbanization and rising disposable income of people in developing countries are also projected to drive the market. On the other hand, stringent regulatory framework pertaining to pet food quality and safety can limit the market from realizing its full potential.
The global pet food packaging market has been segmented on the basis of product, applications, and geography. Based on product, the market has been classified into metal, rigid plastic, flexible plastic, paper and paperboard, and others. In terms of applications, the market has been divided into wet food, dry food, pet treats, chilled and frozen food, and others.
The key regions analyzed in the pet food packaging market report are Europe, North America, China, India, Southeast Asia, and Japan. North America will command a substantial share in the overall market revenue throughout the forecast period (2016 to 2022). The growth of the market can be attributed to soaring demand for pet ownership and high disposable income of the populace. Europe will also hold a prominent position in the market owing to the heightened awareness among pet owners regarding pet health.
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Southeast Asia pet food packaging market is estimated to register a healthy CAGR during the same period. Increasing spending on pet food products due to rising disposable income is one of the primary growth stimulants of the regional market. Growing number of households with dual households is benefiting the growth of the market. The expansion of the market in Japan is largely propelled by widening base of nuclear families in the country.
Some of the prominent companies operating in the pet food packaging market are Amcor Limited, Bryce Corporation, Berry Plastics Corporation, Sonoco Products Company, and Mondi Group.
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