The global pet food packaging market is analyzed by experienced research professionals to gain a high status in developed economies for the reason that there has been a rising demand for pet ownership. Furthermore, the growing absorption of advanced pet care protocol could mean favorable growth opportunities in the market. Geographical expansion could be one of the go-to strategies adopted by players to strengthen their position in the market. For instance, Simmons Pet Food, Inc. has broken new ground by investing around a US$38.0 mn for expanding its Kansas Flexible Packaging Facility by 200,000 sq. ft.
Analysts at Transparency Market Research (TMR) predict the global pet food packaging market to secure a revenue of US$10.7 bn by the completion of 2022 at a CAGR of 5.2% during the forecast period 2017-2022. In 2017, the market held a valuation of US$8.3 bn.
Will Frozen Pet Food Magnetize Swelling Demand in Commercial Market?
Globally, the pet food packaging market is forecast to attain growth benefits in direct proportion with the rising diversity in the pet food market. Pet food producers have introduced several options in the market for consumers willing to shell out more for providing better quality food for their pets. This is supported by extended research activities in pet care and pet nutrition. In the near future, pet food packaging competitors could increasingly rely on the surging demand for frozen pet food, which is anticipated to be a significant factor affecting market growth. The commercial dynamics of the market could likely be influenced by the convenience aspect of frozen pet food drawing a larger consumer base for pet food packaging manufacturers.
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Will North America Win Leadership while Riding on Increasing Pet Ownership?
Developed economies have already witnessed a period of steady growth in the pet care industry, which is now building on it, much to the advantage of market players operating therein. Products sold in the world pet food packaging market have achieved much more importance in the recent time due to their effect on the quality of pet food. In terms of regional analysis, North America is prognosticated to be crowned as a leading market for pet food packaging. The dominance of North America could continue until the end of the forecast period as the demand for pet ownership continues to sweep the region. With a decent rise in revenue share since 2017, the region is foreseen to reach a valuation of US$3.4 bn by 2022.
In the coming years, Europe could be another region offering rewarding growth prospects for pet food packaging vendors. The region is expected to be a prevailing contributor to the world pet food packaging market in the foreseeable future. As projected by the analysts, it could expand at a CAGR of 4.9%. Other key contributors to the market could be Asia Pacific Excluding Japan (APEJ) and Japan, where the former is envisaged to rise at a 6.2% robust CAGR and the latter to attain a valuation of US$0.4 bn by 2022.
The worldwide pet food packaging market is envisioned to collect strong investments from prominent companies due to the snowballing popularity of products engaged by pet food producers for branding purposes. Companies such as Berry Global Group, Inc., Sealed Air Corp., Amcor Ltd., and Packaging Corp. of America could be at the forefront of the market.