According to a new report published by Allied Market Research, titled, “Pet Food Packaging Market,” The pet food packaging market size was valued at $9.4 billion in 2020, and is estimated to reach $16.6 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.
Pet food packaging keeps items fresh, long-lasting, clean, and contamination-free. Concerns over pets’ nutritional intake have prompted an increase in the production of diverse pet foods, as well as surge in demand for superior materials for pet food packaging. Applications of pet food packaging depends upon their use and operation in end user industries. For example, metal packing refers to a variety of enclosing and insulating materials comprised of steel or aluminum sheets. Metal packaging materials include aerosol and beverage cans, containers, barrels, drums, foil tops, and closures. Hence, such factors will drive the pet food packaging market growth during the forecast period.
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In recent years, the pet adoption rate has increased in developed and developing countries. Pet owners want their pets to eat healthy foods and maintain their health as the humanization of pets continues. As more companies introduce premium pet food products, good packaging is necessary to safeguard and preserve the contents. For instance, in September 2020, Nestle Purina has launched recyclable flexible pouch packaging for pet food. This new pouch addresses a key challenge of simplifying plastic structures in order to make them recyclable, without compromising on the functionalities of food-grade packaging.
North America accounted for around 35.6% share of the global market. The region has dominated the pet food packaging market share owing to high demand for pet food and packaging service across its many countries. Factors such as rise in pet adoption, changing lifestyles, the need for simplicity, convenience in packaging, and the rise in pet humanization trend all contribute to the market growth. However, Asia-Pacific is expected to register highest CAGR during the forecast period. This is due to increase in R&D investments in developing countries and rise in investments in technology for recyclable packaging and services for human & pets. For instance, in march 2020, Nestle made a significant investment in Tianjin, China to expand its pet food operations. The pet food packaging industry in the region has rapidly developed as a result of higher pet adoption rate. This is expected to boost the demand for pet food packaging in Asia-Pacific in coming years.
Paper and paperboard are a rapidly growing segment of the pet food packaging market that provide numerous benefits to end customers across a wide range of industries, including food, beverage, healthcare, and distribution centers. The growth in demand for corrugated container boards for packaging of fruits, vegetables, and food goods in commercial sectors has raised demand for paper and paperboard.
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Furthermore, market key players have implemented various strategic moves such as product launch, collaboration, and partnership to strengthen their market position. For instance, in January 2021, Avon Pacfo Services LLP launched a packaging solution for pet and human food that is 100% biodegradable, recyclable, and effective. These are mostly utilized for long-distance packing and transportation. They produce a wide range of corrugated boxes, including standard RSC boxes and die-cut corrugated boxes. All such factors are expected to provide lucrative growth in the global market.
However, during the pandemic, various manufacturers in the pet food packaging market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of pet food packaging companies. In addition, lack of manpower and raw materials also constricted supply of equipment of pet food packaging, which has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of service pet food packaging companies.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging pet food packaging market trends and dynamics.
- Depending on material type, the paper & paperboard segment dominated the pet food packaging market in terms of revenue in 2020 and the plastic segment is projected to grow at a significant CAGR during the forecast period.
- By animal type, dog segment has registered highest revenue in 2020 and cat segment is projected to register significant growth rate during the forecast period.
- By food type, the dry food segment has registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the pet food packaging market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the pet food packaging industry.
- The report provides an extensive pet food packaging market forecast of the current trends and emerging opportunities of the market.
- In-depth pet food packaging market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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