The global pet food packaging market is anticipated to reach $10.7 billion by 2022, according to a research study produced by Transparency Market Research (TMR), Albany, N.Y. This growth is expected to occur at a CAGR of 5.2% during the forecast period ranging from 2017-2022, says the study, “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.”
Based on region, North America is likely to reach a valuation of $3,472.5 million by the end of forecast period, followed by the European market at $2,877.5 million.
The vendor landscape exhibits most players participating in merger and acquisition activities in the near future. With increasing need for pet food worldwide, 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.
Growing demand for nutrition-rich products to propel growth
The global pet food packaging market is mainly being driven by a steady progress happening in the pet care sector in the developed economies. Rising disposable income among the upper and middle class communities allow consumers to better afford quality pet food. Moreover, many packaging material suppliers are getting established in several emerging economies.
The growing investment in research and development is also leading to improve quality and diversity of pet food packaging. Thus, rising demand for frozen pet food is expected to remain a key driver for the growth of the global pet food packaging market in the upcoming years.
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. For example, lack of trained staff in remote and underdeveloped location and provision of insufficient wages to workers in packaging plants are some of the key factors hampering growth in the global pet food packaging market. 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.