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.
Following the growth-inducing factors explained above, the statistics given below are expected cause the market to expand at a fast pace soon.
- 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.
Lack of Trained Staff in Remote Regions Stunts Expansion
However, meeting consumer demands of well-packaged pet foods might be difficult due to certain factors.
- 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.
- 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.
Nevertheless, 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.
Competition to Get Fiercer With New Players Entering the Vendor Landscape
The global pet food packaging market depicts the existence of a highly fragmented vendor landscape owing to the presence of innumerable small- as well as large-scale players. The following pointers shed more light on vendor landscape of this market.
- The global pet food packaging market is highly heterogeneous in terms of its existence, owing to various parameters that imbibe a sense of dynamism in the competitive landscape.
- 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.
- 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.
Crown Holdings Inc., Georgia-Pacific LLC., Amcor Ltd., Ardagh Group SA, Berry Global Group Inc., Sealed Air Corp., Ball Corporation, Packaging Corp. of America, Mondi Ltd., Smurfit Kappa Group Plc, DS Smith Plc, and Bemis Co. Inc., are key players operating in the global pet food packaging market.
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