Pet Food Packaging Market Demand to Grow US$ 12.5 Billion by 2025- Exclusive Report by MarketsandMarkets™
The global pet food packaging market size is projected to grow from USD 10.2 billion in 2020 to USD 12.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast year. Rising affection for pets leading to greater adoption of pets, high-income level of pet owners, changing lifestyles, demand for simplicity and convenience in packaging, and growing pet humanization trend are projected to support the growth in the pet food packaging market in the coming years.
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Based on the regions, the market for pet food packaging is segmented into North America, Europe, APAC & Middle East & Africa, and South America. The North American region accounted for the largest market share in 2019, in terms of both value and volume. Also, the market for pet food packaging in the APAC region is projected to grow at the highest CAGR from 2020 to 2025, in terms of both value and volume.
The purpose of pet food packaging is more than just being a protective layer for pet food products. A package is considered a way of communicating with the customer. Thus, the manufacturers look for innovative solutions for the pet food packaging to provide aesthetics as well as compliment the Pet food product to add additional value as well as credibility to the pet food brand. Furthermore, this packaging makes a product attractive, durable, free from smell, and simple & convenient to use.
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The pet food packaging market has been dominated by large players, such as the Amcor Plc (Australia), Mondi Plc (South Africa), Sonoco Products Company (US), Constantia Flexibles (Austria), and Huhtamaki OYJ (Finland). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, to increase their market shares and enhance their product portfolios.
Acquisitions accounted for the largest share of all the strategic developments that took place in the pet food packaging market between February 2016 and January 2020. Key players such as Amcor Plc (Australia), Mondi Plc (South Africa), Sonoco Products Company (US), Constantia Flexibles (Austria), Huhtamaki OYJ (Finland), Smurfit Kappa (Ireland), Ardagh Group S.A (Luxembourg) have adopted these strategies to strengthen their business portfolios and presence in the pet food packaging industry.
Amcor Plc (Australia) primarily focuses on innovation in terms of technology has helped it to establish a leadership position. It offers innovative solutions, along with creating a strong customer base across the globe. Innovation leadership, excellence in manufacturing, and a broad range of technologies are the key strengths of the company. The company caters to the food, healthcare, beverage, home, tobacco, and personal care industries through its broad range of flexible and rigid packaging products. Amcor is currently focusing on reducing the carbon footprint by making the packaging material lighter, increasing the recycling rate of raw materials, developing efficient transport creating packaging material sustainable to heat treatment.
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Mondi plc (South Africa) is expanding its presence around the globe through the acquisition of companies that are engaged in the packaging business. The company is expanding its customer base in various regions by offering an attractive product portfolio for Pet food packaging. The company is globally focusing on broadening its reach in the consumer packaging sector through strategic acquisitions, extending its regional footprint, and capital investments. Sustainable and inherent cost advantages, high returns on capital employed, and innovation are the key competitive advantage gained by the company has a strong foothold across the globe with around 100 manufacturing sites and conducts its operations in over 30 countries worldwide
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