The global pet food packaging market is expected to grow at a CAGR of 4.5 per cent between 2020 and 2028, reaching a value of $19.72 billion by the end of the forecast period, according to Reports and Data.
Having posted a value of $10bn in 2020, the pet food market is being boosted by a surge in pet ownership during the global pandemic along with an increasing willingness by owners to pay for better convenience.
The pouches segment is estimated to expand at the fastest rate during the period owing to increasing demand for them from various pet food brands. Additionally, different types of packaging are available, such as small pouches and single-serve packs.
By food type, the dry food segment is anticipated to hold the significant share in the pet food packaging market and to retain over the forecast period. This growth of the segment is attributable to the dry food causes less spillages coupled with easier to handle dry food than wet foods.
The plastics segment will lead in terms of revenue and likely to retain its dominance over the forecast period. This growth is attributable to its durability, lightweight, versatile nature, and cost-effectiveness.
Regionally, Europe is estimated to hold the second leading share in the pet food packaging market owing to larger adoption of pets in the region and especially in UK. However, Asia Pacific is projected to expand at the fastest CAGR over the forecast period owing to expanding adoption of pets in the region coupled with enhancing affordability of improved pet foods in the region.