ALBANY, New York, November 14, 2018
ALBANY, New York, November 14, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observes, the global pet food packaging market has highly fragmented vendor landscape owing to presence of numerous players. Some of the key players operating in the global pet food packaging market are Georgia-Pacific LLC., Crown Holdings Inc., Amcor Ltd., Berry Global Group Inc., and Ardagh Group SA. The vendor landscape also exhibits most players participating in important merger and acquisition activities in the near future. With increasing need for pet food all over the globe, many players are trying to establish themselves on foreign soils, thus making the competitive spirit stronger in the market. Most companies in this industry attempt to enhance customer loyalty, improve product distribution, and regulate pet food product prices, which are their three key strategies.
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According to TMR, the global pet food packaging market was valued at US$8.3 bn in 2017, and is further anticipated to gain a revenue valued at US$10.7 bn by 2022. This growth is expected to occur at a strong CAGR of 5.2% during the forecast period ranging from 2017 to 2022. Based on region, North America likely to reach a valuation of US$3,472.5 mn by the end of forecast period. Europe market expected to attain valuation of US$2,877.5 mn. The market in North America was valued at US$2,688.9 mn in 2017, and is expected to expand with a strong CAGR 5.2% over the 2017-2022 forecast period.
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Growing Demand for Nutrition Rich Product to Propel Growth
The global pet food packaging market is mainly being driven by a steady progress happening in the pet care sector mainly in the developed economies. Rising disposable income mainly among the upper class and middle class communities to afford quality pet food too has proven beneficial for the market's expansion. Moreover, many packaging material manufacturing companies are getting established in several emerging economies, which is expected to spike up growth in the global pet food packaging market in the long run.
The growing investment in the research and development (R&D) is leading to improve quality and diversity of pet food packaging. Additionally, growing research on pet nutrition and pet care, manufacturers are increasingly coming up with number of options. Also, growing awareness about pet health is leading to improve willingness among costumers to spend their money on new products for their pets. The aforementioned factors are boosting growth of the pet food packing market. Thus, rising demand for frozen pet food is expected to remain key driver for the growth of the global pet food packaging market in the upcoming years, as the manufacturers of frozen food appeal for the conveyance to pet owners.
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Lack of Trained Staff in Remote Regions to Hamper Growth
Despite these growth prospects, meeting consumer demands of well-packaged pet foods might be difficult due to certain factors. Additionally, lack of trained staff in remote and underdeveloped location and provision of insufficient wages to workers in packaging plants, are some of these key factors hampering the global pet food packaging market's growth. Moreover, worker health and safety might not be properly maintained in such localities too, which also is not conducive for the market to expand. Furthermore, expensive equipment needed to manufacture packaging material might discourage small-scale companies to undertake operation in a full-fledged manner, consequently posing as an obstacle to the market's growth. Nonetheless, many businesses are coming forth to regulate demand and supply of pet food products, as well as regulating packaging material costs, thus projecting a bright future to exist for the market during the forthcoming years.
This information is encompassed in the new report by TMR, titled "Pet Food Packaging Market (Packaging Material - Paper and Paperboard, Plastics, Metal; Application - Dry Food, Wet Food, Pet Treats, Frozen Food; End Use - Cat Food, Dog Food) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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For the study, the Pet Food Packaging Market has been segmented as follows:
By Packaging Material
By End Use
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