Pet food packaging market expected to reach $19.72bn
The global pet food packaging market is expected to value $19.72 billion by end of 2028.
That is an increase from $10 billion in 2020, expanding at a CAGR of 4.5% over the forecast period.
This growth of the market is attributable to the factors such as increasing inclination of people toward pet adoption coupled with willingness to pay for adopting better convenience for them.
However, rising concerns over use of plastic and rising pollution level due to unorganised plastic waste management globally are key factors restraining growth of the pet food packaging market.
Nonetheless, the key players are increasingly introducing more sustainable packaging. More producers are turning to options like cans.
Increasing adoption of more sustainable packaging to comply with government norms and consumer demands is estimated to fuel growth of the pet food packaging market during the forecast period.
By the packaging type, the bags segment is anticipated to hold a substantial share in the market for pet food packaging over the forecast period.
Additionally, the different types of packaging are available, such as small pouches, single-serve pack, and excellent display appeal, which offers convenience over type of packaging material and fuel growth of the market over the forecast period.
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