The global feed packaging market size is projected to grow from USD 13.8 billion in 2018 to USD 17.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.2%
NEW YORK, Dec. 11, 2018 /PRNewswire/ -- Innovations in pet food and livestock feed packaging products are expected to drive the overall growth of the feed packaging (market.
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The global feed packaging market size is projected to grow from USD 13.8 billion in 2018 to USD 17.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. The feed packaging market is driven by various factors such as rising competition, product differentiation through packaging products, and innovations in pet food packaging products. However, the need for greater technological understanding for other packaging forms can hinder the growth of this market. Moreover, the feed packaging market is further bifurcated into pet food and livestock feed packaging.
The wet feed type segment is projected to grow at a higher CAGR during the forecast period. "
The feed packaging (for pets) market has been categorized as dry, wet, pet treats, and chilled & frozen.Wet food was traditionally packed in metal cans.
However, they are now packed in retort pouches or trays with peelable lids.The consumption of wet food has also become popular over the last few years due to the associated health benefits, its taste, and its easy digestibility in pets.
These factors, in turn, have propelled the market growth of wet pet food.However, factors such as short shelf-life and contamination issues are restraining the market growth of wet food.
Due to this, manufacturers prefer opting for effective packaging solutions to minimize such risks. Thus, various players in the packaging market are taking initiatives to provide innovative packaging solutions that would help in increasing the shelf-life of wet food without compromising on its nutrients and palatability. This is projected to contribute to the growth of the wet pet food packaging market in the upcoming years.
Further, the feed packaging (for livestock) market has been categorized as dry and wet.The wet form of feed offers several benefits such as forming of less dust, ease of mixing, and uniformity in the form of the final product.
However, the usage of wet feed products remains less common in comparison to dry feed, since these feed products are difficult to handle—right from their production to storage and mostly during transportation—which further creates supply and logistical challenges.This can be overcome with proper packaging.
Moreover, with the increasing use of various liquid feed additives and ingredients in the feed, wet feed is expected to generate significant demand for packaging in this segment.
The flexible type segment is projected to hold a larger market share during the forecast period.
Feed packaging plays a major role in protecting pet food as well as providing convenience to its users.Flexible packaging utilizes plastic, paper, jute, and aluminum foil.
Flexible packaging is light in weight, is efficient in the distribution channel, and is convenient to handle during logistic processes.Packages made from flexible materials can be practically made into any shape imaginable, and the inclusion of fitments and opening features is quite straightforward.
Moreover, the high demand for flexible packaging is based on the fact that it is all-purpose, efficient, and is not limited in printing methods.Furthermore, flexible type of packaging involves lesser production and transportation costs compared to rigid packaging, and hence, becomes affordable to end consumers.
This has been the major driving factor for the livestock feed packaging market.
APAC is projected to record the highest growth rate in feed packaging for both pets and livestock market during the forecast period.
APAC is projected to have the highest growth rate during the forecast period.Emerging economies such as China, Japan, India, and Brazil have favorable market potential for pet food packaging; this has led to pet food manufacturers adopting strategies such as expansions and mergers to cater to the growing demand for product differentiations to provide high-quality packaging finish with effective graphical representation and ingredient and labeling requirements.
Further, growing pet population, increasing per capita pet care expenditure (due to change in lifestyle and growing nuclear families), and the rising premiumization and humanization trends are propelling pet food manufacturers to stand out in the market and seek well-packaged and labeled food for their pets.As the market is fragmented, it offers huge opportunities to pet food packaging product manufacturers to invest and acquire a large-growing customer base.
Meanwhile, North America is projected to hold the largest market share during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, pet food and feed manufacturers, and executives from various key organizations operating in the feed and feed packaging Industries.
Furthermore, APAC is projected to have the highest growth rate during the forecast period in the feed packaging (for livestock) market.The market for livestock feed packaging in these regions is mainly driven by the evolution of animal husbandry and a need for feed shelf-life extension.
The rising awareness among livestock rearers about the benefits of feed packaging in the region has encouraged feed manufacturers to provide innovative and highly safe packaging for feed.Packaging also helps in upscaling the sales volume of feed with descriptive labeling about feed ingredients and their nutritional value, graphic representations, and most importantly, mentions of government feed safety approvals.
These growing trends are expected to drive the demand for feed packaging (for livestock) in the global market.
•?By Company Type: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
•?By Designation: C-level Executives: 24%, Directors: 36%, and Others: 40%
•?By Region: North America: 10%, Asia Pacific: 40%, Europe: 20%, and RoW: 30%
The feed packaging market comprises major solution providers such as LC Packaging (Netherlands); El Dorado Packaging, Inc. (US); NPP Group Limited (Ireland); Plasteuropa Group (UK); NYP Corp. (US); ABC Packaging Direct (US); Shenzhen Longma Industrial Co., Limited (China); Amcor Limited (Australia); Mondi Group (Austria); ProAmpac (US); Sonoco Products Company (US); Winpak Ltd., (Canada); NNZ Group (the Netherlands), Constantia Flexible Group (Austria), and Huhtamäki Oyj (Finland). The study includes an in-depth competitive analysis of these key players in the feed packaging market, with their company profiles, recent developments, and the key market strategies.
Research Coverage
The study covers the feed packaging market across segments.It aims at estimating the market size and its growth potential across different segments such as pet, livestock, type, feed type, material, and region.
The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall feed packaging market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
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