According to a new report from Reports and Data, the global pet food packaging market is expected to value $19.72 billion by end of 2028, from $10 billion in 2020, expanding at a CAGR of 4.5% over the forecast period. This growth of the market is attributable to the factors such as increasing inclination of people toward pet adoption coupled with willingness to pay for adopting better convenience for them. However, rising concerns over use of plastic and rising pollution level due to unorganized plastic waste management globally are key factors restraining growth of the pet food packaging market.
Nonetheless, the key players are increasingly introducing more sustainable packaging. Increasing adoption of more sustainable packaging to comply with government norms and consumer demands is estimated to fuel growth of the pet food packaging market during the forecast period. For instance, ProAmpac introduced PRO-EVP multiwall bags which are sustainable and increasingly used for pet food packaging. Additionally, the increasing income level globally, simple and convenience food and packaging and changing lifestyles are driving growth of the global pet food packaging market.
- In February 2020, Silgan Holdings acquired Cobra Plastics Inc. Through this acquisition, the companies are looking to combine with Cobra's overcap product line.
- By the packaging type, the pouches segment of the pet food packaging market is estimated to expand at the fastest CAGR during the forecast period owing to increasing demand for pouches from various pet food brands. Additionally, the different types of packaging are available, such as small pouches, single-serve pack, and excellent display appeal, which offers convenience over type of packaging material and fuel growth of the market over the forecast period.
- By food type, the dry food segment is anticipated to hold the significant share in the pet food packaging market and to retain over the forecast period. This growth of the segment is attributable to the dry food causes less spillages coupled with easier to handle dry food than wet foods.
- By material type, the plastic segment is anticipated to lead the pet food packaging market in terms of revenue and likely to retain its dominance over the forecast period. This growth is attributable to its durability, lightweight, versatile nature, and cost-effectiveness.
- By animal type, the dog food segment is estimated to remain the largest segment based on revenue through the projected period.
- Regionally, Europe is estimated to hold second leading share in the pet food packaging market owing to larger adoption of pets in the region and especially in UK. However, Asia Pacific is projected to expand at a fastest CAGR over the forecast period owing to expanding adoption of pets in the region coupled with enhancing affordability of improved pet foods in the region.
- The pet food packaging market displays a highly fragmented competitive landscape and in the growth phase. The global pet food packaging market comprises key players including Mondi Plc, Amcor Plc, Constantia Flexibles, Sonoco Products Company and Huhtamaki OYJ.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines