Feed Packaging Global Market Report 2023
Major players in the feed packaging market are Transcontinental Inc., Bemis Company Inc., Ardagh Group S.A., Winpak Ltd., Snapsil, Sealed Air, Coveris, Immer Ltd., Flextrus AB, Proampac, Amerplast Ltd.
New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Feed Packaging Global Market Report 2023" - https://www.reportlinker.com/p06479703/?utm_source=GNW
, Berry Global Inc., Vietnam Plastic Corporation, International Plastics Inc., and Rutan Poly Industries Inc.
The global feed packaging market is expected to grow from $16.62 billion in 2022 to $17.86 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The feed packaging market is expected to reach $22.85 billion in 2027 at a CAGR of 6.4%.
The feed packaging market consists of revenues earned by entities by providing sustainable packaging, recyclable packaging, smart packaging and aseptic processing.The market value includes the value of related goods sold by the service provider or included within the service offering.
The feed packaging market also includes sales of bulk bags, paper bags, woven valve bags, and barrier bags which are used for providing feed packaging services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Feed packaging refers packaging used for preserving feed products from tampering or contamination from physical, chemical, and biological sources. The purpose of packaging is to shield the completed feed from contaminants such as light, moisture, and other elements.
Asia-Pacific was the largest region in the feed packaging market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in feed packaging report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of feed packaging are flexible packaging and rigid packaging.Flexible single-use packaging is portable, easy to use, unbreakable, and lightweight, which makes it easy for customers to handle.
The various feed types include dry, wet, pet treats, chilled and frozen, and others, that uses various material (for pets) include plastic, polyethylene, low-density polyethylene (LDPE), high-density polyethylene (HDPE), polypropylene (pp), paper, jute, and metal. These are used in various applications such as poultry feed, ruminants feed, swine feed, aquatic animals feed, and others.
An increase in pet adoption is expected to propel the growth of the feed packaging market going forward.Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders.
Pet owners prefer feed packaging as they provide reliable packaging for the protection of animal feed’s (nutritional) quality and safety.Hence, an increase in pet adoption increases the demand for the feed packaging market.
For instance, in February 2023, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Furthermore, in November 2022, according to a national survey of pets and people, an online survey conducted online among a representative sample of 453 Australian adults, by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet and approximately 48% of households had dogs in 2022, 40% increase from 2019. Therefore, the rise in the rate of pet adoption is driving the growth of the feed packaging market.
Product innovation is a key trend gaining popularity in the feed packaging market.Major companies operating in the feed packaging market are focused on developing new products to strengthen their position in the market.
For instance, in September 2020, Amcor, a US-based packaging company partnered with Nestle, a Switzerland food and drink company, introduced the world’s first retort pouch for pet food, a breakthrough in recyclable packaging. This is a modern alternative to metal cans that improves the environmental profile of this packaging solution, which has a reduced carbon footprint of up to 60%.
In July 2020, Mondi, a UK-based pet food packaging producer partnered with Hütthaler, an Austria -based meat company to developed entirely recyclable plastic packaging for its meat and sausage products.With the partnership, both companies aim to create new, fully recyclable packaging from a mono-material for their meat and sausage products to create a more environmentally friendly method that still satisfies the strict food requirements maintains shelf life, and ensures machine runnability.
The new film complies with all of these requirements and, due to its recyclable nature, also helps reduce disposal costs.
The countries covered in the feed packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The feed packaging market research report is one of a series of new reports that provides feed packaging market statistics, including feed packaging industry global market size, regional shares, competitors with a feed packaging market share, detailed feed packaging market segments, market trends, and opportunities, and any further data you may need to thrive in the feed packaging industry. This feed packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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