Future Market Insights’ latest report on the pet care packaging market brings to fore the key dynamics accelerating growth prospects for the 2020-2030 forecast period. As per its projections, FMI infers that the pet care packaging market is poised to cross the US$ 10 billion mark, flanked primarily by the increasing proportion of pet ownership across all continents.
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“Prominent vendors are incorporating eco-friendly packaging solutions, in tandem with growing environmental consciousness by end-users and customers,” remarks the FMI analyst.
A rapidly seeping trend of nuclearization of families is compelling individuals to seek companionship from other living beings. Consequently, pet humanization is picking up major pace, thus heightening expenditure on pet care products such as pet foods, healthcare products, cosmetics and nutraceuticals.
Some prominent vendors analyzed in this report are Amcor Ltd., AptarGroup Inc., Ardagh Group S.A, Bemis Company Inc., Coveris Holdings S.A, Crown Holdings Inc. and Constantia Flexibles Group GmbH among others.
A multitude of market strategies are being deployed by the aforementioned vendors in order to survive the cut-throat competition levels across potential regions. Strategies such as product innovations, mergers & acquisitions, portfolio expansion and accelerating R&D are proving highly effective in deepening the players’ regional and global footprints.
COVID-19 Impact Insights
As the COVID-19 pandemic tightens its noose around the global economy, a worldwide recession is on the cards. With various industries experiencing production crunches due to lockdowns, revenue and profit margins have taken a turn for the worse in the past few months.
Consequently, online sales of various pet care products has compounded, prompting pet care product vendors to capitalize on this new trend to extensively market and sell their merchandise. Minor production crunches experienced in the initial months of the pandemic due to logistical constraints are already eroding, restoring the market projections.
Key Segments :
- Paper & Paperboard
- Other Packaging Material
- Bags & Pouches
- Folding Cartons
- Blister Packs
- Plastic Bottles & Jars
- Others (Tubes, Cups, etc.)
- Dry Food
- Wet Food
- Pet Treat
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Key questions answered in the report
- What is the pet care packaging market size?According to FMI, the global pet care packaging market is scheduled to surpass the US$ 10 billion valuation by 2030. This positive growth is largely a result of surging pet ownership and a consequent increase in pet care expenditure.
- Which is the most widely used material for pet care packaging?Paper & paperboard packaging materials are likely to garner major traction, owing to increasing concerns amongst manufacturers and customers about the hazards of using conventional packaging materials such as metal on the environment.Moreover, the era of flexible and lightweight packaging is augmenting usage of paper & paperboard packaging across major industries, including the pet care packaging market.
- Which pet care packaging is most used?While cans are expected to glean maximum revenue throughout the assessment period, the popularity of bags & pouches is augmenting multifold. Rising demand for pet foods and accessories is likely to push up demand for the aforementioned packaging types.
- Which is the largest market for pet care packaging?Asia-Pacific is expected to be the fastest growing pet care packaging market. Majority of this growth is likely to occur across the emerging economies of India, China and Japan.
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Key Takeaways from FMI’s Pet Care Packaging Market Study
- Heightening pet food demand to accelerate pet care packaging market prospects
- Metal materials to continue holding major sway, paper & paperboard acquiring high momentum
- Bags & pouches likely to acquire surging popularity, driven by high demand for flexible packaging solutions
- Cat food packaging to emerge as the fastest growing segment, dog food to reign supreme