Impact of COVID-19 on the Global Pet Food Packaging Market
The Pet food packaging market has witnessed a dual impact on the product demand in recent months owing to the lockdowns imposed in the majority of the countries due to the outbreak of the COVID-19 pandemic in December 2019. Several countries, including Italy and the US, have witnessed curfew-like situations where businesses (except essential services) were not allowed to operate. The uncertainty surrounding the situation resulted in consumers engaging in impulse buying and stockpiling groceries and essential products, including pet food. The increasing demand can also be attributed to several groups and organizations offering aid to street animals who survived by eating food remains dumped by food shops and restaurants. Pet food packaging is used for wrapping or enclosing food items produced specifically for pet animals. The packaging of such products is available in rigid, semi-rigid, and flexible options. The pet food packaging market is mainly driven by factors such as increasing adoption of pets, innovation in packaging, and increasing disposable incomes of pet owners. However, market growth is hindered by stringent pet food regulations.
The demand for pet food and pet food packaging is anticipated to increase in the coming months as several governments prepare to lift the lockdowns in a phased manner. However, the stockpiling of pet food during the pandemic is expected to negatively impact the demand for pet food till the stocks last. In the coming months, the demand for pet food packaging is anticipated to be moderate and is likely to grow in the long term. The pet food packaging industry is anticipated to rebound in the first quarter of 2021 and grow at a significant CAGR in the next five years. Additionally, increasing awareness about the pet-humanization trend and concerns about the health of pets has led to consumers preferring quality packaging for food products, which can protect the pet food from spoilage and have quality standards similar to human food packaging.
US Pet Industry Spendings (USD BILLION)