ALBANY, N.Y. – The global pet food packaging market is undoubtedly expanding, along with most other facets of the pet food and treat industry. In a report by market intelligence company Transparency Market Research (TMR), it is valued at $8.3 billion in 2017 and expected to reach $10.7 billion by 2022 with a CAGR of 5.2%.
The North American pet food packaging market is projected to reach $3.47 billion by 2022, which also represents a 5.2% CAGR from 2017. This exceeds TMR’s projection for Europe, which is expected to reach $2.88 million by 2022.
TMR attributed this growth to a heightened demand for quality, nutrition-rich pet food products within the US, as well as Canadian and some European economies. This demand comes hand in hand with upper- and middle-class people dedicating more and more disposable income to their pets. In the long run, TMR expects developing countries to adopt these trends and contribute to the growing pet food packaging market as well.
Another factor playing into the growth of the pet food packaging market has to do with the increasing complexity and variety of the overall pet food market, according to TMR. Investments in research and development and pet nutrition is creating more variety among pet food products, thus demanding more diversity in pet food packaging.
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