“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”
Award winning market research company 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.
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.
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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
- Asia-Pacific to generate maximum growth potential, pivoted by rising pet ownership across countries such as India, China and Japan
“Prominent vendors are incorporating eco-friendly packaging solutions, in tandem with growing environmental consciousness by end-users and customers,” remarks the FMI analyst.
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.
With respect to the pet care packaging market, this deceleration is expected to be moderate across the short-term forecast period. In spite of the imposed shutdowns, demand for pet care products has remained afloat as pet owners are highly concerned about maintaining good pet health.
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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.
Competitive Landscape
The global pet care packaging market is characterized by the presence of numerous regional and international market players. This has rendered the landscape highly competitive in nature.
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.
In addition, prominent players are also leveraging online marketing platforms due to the surging popularity of e-commerce. A majority of pet owners prefer to purchase merchandise within the comfort of their homes through prominent digital marketing platforms.
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More Valuable Insights on the Pet Care Packaging Market
Future Market Insights, in its new report, offers an unbiased analysis of the global pet care packaging market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the hermetic packaging market on the basis of material type (plastic, paper & paperboard, metal and other packaging material), packaging type (cans, bags & pouches, folding cartons, tubes, blister packs, plastic bottles & jars and others), application (dry food, wet food, pet treat and frozen) and end use (cats, dogs, birds and others) across seven regions.
