Pet food packaging market predicted to rise to $10.7 billion
The global pet food packaging market is set to exhibit steady progress in the coming years due to the steady growth of the pet care sector in developed economies and the growing disposable income of 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 likely to be valued at US$8.3 billion by the end of 2017, according to Transparency Market Research (transparencymarketresearch.com). The market is likely to exhibit a 5.2% CAGR from 2017 to 2022, enabling a strong rise to U.S. $10.7 billion by 2022. The market will 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.
Here are the key insights:
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 $3,472.5 million by 2022 and the Europe market expected to rise to $2,877.5 million. The North America pet food packaging market was valued at $2,688.9 million in 2017, and is expected to exhibit a strong 5.2% CAGR over the 2017-2022 forecast period.
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 $1,974 million 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.