Transparency Market Research (TMR) analyses that the global pet food packaging market is highly fragmented due to the presence of several players. Some of the prominent players operating in the global pet food packaging market are Crown Holdings Inc., Georgia-Pacific LLC., Amcor Ltd., Ardagh Group SA., and Berry Global Group Inc.
The prominent players are indulging into activities such as mergers and acquisitions (M&A) and partnership. However, some of the companies of the players are struggling to establish themselves in foreign soils. These factors are making the market highly competitive. Additionally, most companies in the market are attempting to enhance customer loyalty by offering advanced product distribution and by offering products at competitive prices.
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According to TMR, the global pet food packaging market was valued at US$8.3 bn in 2017 and is anticipated to expand with 5.2% CAGR over the forecast period to reach a the value of US$10.7 bn by 2022.
Based on material, the pet food packaging market is dominated by the segment of plastic by accounting 40.8% share in the overall market in 2017, which was valued at US$3,391.8 mn. The segment is expected to expand with lucrative CAGR of 6.3% over the forecast period of 2017-2022. Based on the region, North America stood at US$2,688.9 mn in 2017 and is likely to expand with a CAGR of 5.2% to reach a valuation of US$3,472.5 mn over the forecast period. The European region is expected to account for the second-leading revenue valuation of US$2,877.5 mn by the end of the forecast period.
Focus of Pet Food Industry to Improve Recycling Rates Catalyze Prospects in Key Markets
Among the various regions, North America has stood out from the rest due to vast strides taken by the pet food industry over the past few years. The region is expected to account for the leading shares in the global pet food packaging market coming few years. This in part is driven by rising pet ownership, especially in the U.S.
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The global pet food packaging market is thus seeing sizable revenues in the region. The opportunities in regional market are projected to reach worth of US$3,472.5 mn by the end of 2022. Apart from this, Europe is also a prominently lucrative region in the market. Pet food packaging providers are showing propensity toward recycling and are engaging in recycling programs. Further, the adoption of greener packaging will attract consumers and will help the brands to consolidate their positions in key regional markets.
Some of the key players in the global pet food packaging market include prominent packaging companies such as Bemis Co. Inc., Mondi, Amcor Ltd., Georgia-Pacific LLC., Smurfit Kappa Group Plc, and Berry Global.
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