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Western Europe dominates the market owing to high demand and a strong focus on sustainability.
NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 15, 2023 /EINPresswire / -- As per the recent research report by FMI, a market research and competitive intelligence provider, sales of Europe Pet Food packaging Market are estimated to reach a value of US$ 5.06 billion by 2033, recording a CAGR of 4.4% over the forecast period.
Functional foods contain a number of the necessary nutrients for healthier pets. In order to grow their business, manufacturers should concentrate on the introduction of new functional food products. The manufacturers of pet food protein ingredients situated in Europe can benefit greatly from the increased consumer interest in new protein-based nutrition. However, it is anticipated that the expansion of this sector will be hampered by fluctuating raw material prices and a decline in free trade in Europe.
The rising focus on pet health has boosted the market for functional pet food. Pet owners are looking for food products that have higher nutritional value. The rising awareness about healthy pet food is fueling the demand in the functional pet food segment. These factors are creating lucrative growth opportunities for new and existing players. They are encouraging market players to launch a product enriched with all essential vitamins and minerals.
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The development of the pet food protein components market in Europe is anticipated to be hampered by regulatory frameworks and interventions, significant capital expenditures necessary for pet food production, and the threat of pet food products that are not authentic.
Key Takeaways from Market Study
The Europe Pet Food Packaging market is estimated to be valued at US$ 3.29 billion in 2023.
In Europe, the conventional sub-segment holds a significant market share of 50.6% of the Pet Food packaging market by 2023.
In the product type segment, Kibble/Dry holds the considerable market share of 25.0% of the Pet Food packaging market.
In the pet type sub-segment, dog segment holds a significant market share of 55.0% of the pet food packaging market.
“Majority of the key players are focusing on the acquisition of small players, whereas small-scale companies need to make significant investments in R&D to introduce new products and enhance their presence across the globe.", - says Ismail Sutaria, Principal consultant at Future Market Insights
Market Drivers
The surge in pet ownership rates across Europe is fueling an escalating demand for both pet food products and their accompanying packaging. As consumers increasingly regard their pets as integral family members, there is a noticeable uptick in the desire for premium-quality pet food.
Concurrently, a heightened environmental consciousness among individuals is contributing to a growing preference for eco-friendly packaging options in the pet food industry. Consumers are seeking sustainable choices that align with their environmental values, prompting manufacturers to explore innovative packaging materials that not only prioritize eco-friendliness but also boast appealing designs. This dual focus on sustainability and aesthetic appeal is particularly resonant with pet owners, further stimulating the demand for pet food products and packaging that caters to both the well-being of their pets and their environmental concerns.
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Competitive Landscape
Pet food has a strong competitive market in Europe. As more pets are being adopted, people in Europe are looking for luxury pet foods that are nutrient-dense and have useful qualities. The demand for pet food in the region is driven by all of these causes. While the demand for pet food has remained stable in the majority of EU nations, the pet food business in Eastern Europe is still in its infancy.
Some of the leading companies offering Europe Pet Food Packaging Market include: Berry Global Inc., Sonoco Products Company, Constantia Flexibles, Huhtamaki OYJ, Smurfit Kappa, Ardagh Group S.A, AptarGroup, Inc, Goglio S.p.A
Market Segmentation
By Material:
Paper & Paperboard
Plastic
Metals
Others
By Product Type:
Cans
Bags & Pouches
Folding Cartons
Tubes
Blister Pack
Plastic Bottles & Jars
Others
By End Use:
Dog Food
Cat Food
Fish Food
Others
Author
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Explore Related Reports of Packaging:
Food Packaging Market Growth : The anticipated growth of the global market is remarkable, with projections indicating an increase from US$ 353.7 billion in 2023 to an estimated US$ 592.8 billion by 2033. In 2022, the industry already boasted a substantial value of US$ 335.9 billion. The forecast for the period from 2023 to 2033 suggests a robust 5.3% CAGR in global food packaging sales.
PET Food Trays Market Size : According to Future Market Insights research, the global market is poised to reach US$ 310.5 million in 2023, with a projected acceleration at a CAGR of 4.5%, reaching a valuation of US$ 482.2 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Ankush Nikam
Future Market Insights, Inc.
+91 90966 84197
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