The global pet food packaging market is set to exhibit steady progress in the coming years due to the steady growth of the pet care sector in developed economies and the growing disposable income of pet owners. Pet food packaging has also become important for pet food manufacturers for branding purposes, making it likely to receive significant investment from key players in the pet food market in the coming years. The global pet food packaging market is set to be driven primarily by demand from developed regions in the coming years, though emerging countries such as Japan, China, Indonesia, India, Taiwan, Korea, and Australia could also make major contributions to the global pet food packaging market.
The global pet food packaging market is likely to be valued at US$8.3 bn by the end of 2017. The market is likely to exhibit a 5.2% CAGR from 2017 to 2022, enabling a strong rise to US$10.7 bn by 2022.
Rising demand for pet ownership in developed countries such as the U.S., Canada, the U.K., France, and Germany is likely to remain the leading driver for the global pet food packaging market in the coming years. Pet owners in developed countries are more aware about pet food quality and its impact on pet health, as well as being more affluent and able to purchase a wider variety of premium pet food.
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Developed regions such as North America and Europe are thus likely to remain the key geographical segments for the global pet food packaging market in the coming years, with the North America pet food packaging market likely to reach a valuation of US$3,472.5 mn by 2022 and the Europe market expected to rise to US$2,877.5 mn. The North America pet food packaging market was valued at US$2,688.9 mn in 2017, and is expected to exhibit a strong 5.2% CAGR over the 2017-2022 forecast period.
However, developing regions such as Asia Pacific except Japan are likely to emerge as promising contributors to the global pet food packaging market in the coming years due to the growing preference for pet ownership in urban centers in the region. The growing affluence of customers in Southeast Asia and Australia has also helped the pet food packaging market in the region. The APEJ market for pet food packaging market is set to exhibit the highest 6.2% CAGR over the 2017-2022 forecast period to emerge with a valuation of US$1,974 mn by 2022.