Petfood Packaging Market in Europe 2017-2021
About Petfood Packaging
Petfood packaging ensures high barrier packaging for protecting the petfood from moisture and oxidization. It is useful in resisting greasing and odor in petfood. The different types of raw materials that are used in the petfood packaging market include plastic (both flexible and rigid), folding carton, and metal. Pouches, metal cans, and multiwall bags are expected to witness a steady growth rate during the forecast period, pouches being the most popular.
Technavio’s analysts forecast the petfood packaging market in Europe to grow at a CAGR of 7.15% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the petfood packaging market in Europe for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Petfood Packaging Market in Europe 2017-2021
Technavio recognizes the following companies as the key players in the petfood packaging market in Europe: Amcor, Bemis, Mondi, and Sonoco.
Other Prominent Vendors in the market are: Ardagh, CCL, Coveris, DS Smith, and Printpack.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is premium petfood packaging. Premiumization of petfood packaging is one of the major trends in the petfood packaging market in Europe. The petfood market is growing tremendously in Europe. In addition, the consumer appetite and demand for value-added as well as convenient packaging is growing significantly.”
According to the report, one driver in the market is rise in demand for convenient and pouch packaging. The evolution of consumer lifestyle has affected their preferences. There is a significant increase in demand for single-serve and innovative packaging with new designs and techniques. Therefore, vendors are constantly developing packaging materials that provide easy access as well as resealable features. Hence, the pouch segment is expected to witness strong demand from petfood manufacturers due to the convenience of lightweight and zippered closures. Also, lightweight packaging helps in reducing the transportation cost of the product.
Further, the report states that one challenge in the market is increased raw material prices. The raw materials used for manufacturing packaging products include plastic, paper, and metal, and their prices are volatile based on their availability. Due to a widening gap between the demand and supply, there has been a substantial increase in the raw material prices since 2014. Any increase in the price of raw materials, such as plastic resins, raises the manufacturing cost of packaging, leading to reduced profit margins for the vendors. Therefore, to remain competitive in the market, manufacturers experiment with cheaper substitutes, which adversely affect the packaging sector.
Amcor, Bemis, Mondi, Sonoco, Ardagh, CCL, Coveris, DS Smith, and Printpack.
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