Sustainable and Innovative Packaging Boost Product Demand
New trends in the pet food market are attracting customers. There is a growing demand for protective and informative packaging of pert food. Hence, manufacturers in the pet food market are increasing their efforts to develop sustainable pet food packaging. Growing concerns about the environmental impact of plastic has led to a rise in the development of sustainable packaging solutions. For instance, in April 2019, global flexible packaging company ProAmpac, revealed their fiber-based PRO-EVP multiwall bags that are made from renewable resources.
Companies in the pet food market are increasing their offerings in hybrid packaging solutions such as paper/poly materials. They are tapping into opportunities in woven polypropylene bags that offer flexibility and durability to customers. Manufacturers are replacing plastic with paper-based packaging for dog food.
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Attractive and innovative packaging plays an important role in boosting the demand for these products in supermarkets and retail stores. Moreover, the modern trade sales channel segment is projected to lead the pet food market, and is estimated to reach a value of ~US$ 71.1 Bn by the end of 2029.
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Emergence of Clean Label Intensifies Competition for Improved Pet Food Formulations
There is a growing awareness about clean label in the pet food market. The clean label pet food trend has led to innovation to meet customer demands. Companies are increasing R&D to produce shelf-stable and safe pet food. The competition is increasing with growing demand for highly palatable pet food produced from limited amount of ingredients to achieve the target of clean label
The introduction of clean label is fueling the demand for organic pet food. Though conventional pet food dominates the pet food market, in terms of value and volume, market players are leveraging high growth opportunities in the organic pet food segment. As such, organic nature segment of the pet food market is anticipated to reach a value of ~US$ 23.5 Bn by 2029. Hence, manufacturers are streamlining their production processes to make pet food that meets industry food safety standards. They are tapping into opportunities in clean label sustainable packaging to improve their positon in the pet food market landscape.
Upcycling of Palatable Ingredients Helps Companies to Produce Gut-friendly Pet Food
The pet food market is expected to expand at a significant CAGR of ~6% during the forecast period. However, producing gut-friendly food for cats and dogs acts as a restraint for the manufacturers. As such, in terms of animal type, the cats segment is projected to lead the pet food market during the forecast period. The cats segment is projected to reach a value of ~US$ 71 Bn by 2029. Hence, it is crucial for companies to address the challenges of producing ethical cat food. Thus, several startups are introducing new pet nutrition options.
Various startups are associating themselves with mentorship programs to gain a competitive edge in the pet food market landscape. For instance, in January 2019, the U.S. pet food company, Purina, announced the finalists for their third pet care innovation prize to encourage startups to reimagine pet nutrition. Companies are experimenting by upcycling ingredients to produce premium dog treats. They are adding value to products by introducing new flavors that are ethically palatable and provide optimal nutrition to pets.
Superfoods and Regional Recipes Lead to New Product Innovations
Product innovations are gaining popularity in the pet food market. Leading pet food companies are introducing dry food options for cats and dogs that are inspired from regional recipes. As such, dry food product segment is expected to dominate the pet food market, in terms of value and volume, during the forecast period. Companies are increasing efforts to develop grain-free and high-protein food sans artificial ingredients.
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