Eka Global, sees continuous growth in Q3/2023 in the ready to eat food and pet food packaging driven by peak season for food export, sustainability, and “pet parents” trend.
Chaiwat Nantiruj, Eka Global’s Group CEO, said that the food packaging industry will continue to reap the benefits from the peak season of food export industry, including processed seafood, frozen food, and ready-to-eat food products.
In addition, the company’s key markets, including the US, Europe, Japan, China, India, and Thailand, are moving towards the two global emerging megatrends – green and pet humanization or pet parenting.
Consumers worldwide tend to adopt the pet humanization practice, viewing their pets as family members. They, therefore, care more about the quality of life of their pets and carefully select food, goods, and pet care services. Some even look for a house or residential projects that are pet friendly.
A recent report on behavior of consumers who rent a house in the US showed that more and more are looking for a place where tenants are allowed to keep pets. In Thailand, pet humanization also becomes a significant megatrend. The growing number of Gen Z, Gen Y and aged population, as well as single family with less or no children tend to keep pets as their family members. In 2022, approximately 37% Thai households have pets, a significant increase from previously. This trend is expected to continue in the years to come.
Many Thai business sectors have also captured this trend, developing and launching products that address the increase needs of pet parents. Many property companies have developed residential projects, both low-rise and high-rise, specifically for pet lovers. The first pet-friendly theatre was also recently launched.
“Food packaging, especially the ones that can extend shelf life of food products, is a key factor enhancing success of food and premium pet food industries. When these two industries grow, longevity packaging grow accordingly. Being a leading longevity packaging producer, Eka Global has received great benefits from this trend. Thanks to our comprehensive product portfolio, including green products and premium pet food, Eka Global has observed increasing orders and our production capacity is now full,” said Chaiwat.
He added that the growing demand for longevity packaging is driven by higher domestic consumption, expanding travel and tourism industry, and the peak season of food export. However, there are some factors that must be closely watched, including high inflation and interest rates worldwide that may affect consumers’ purchasing power.
In the meantime, the company has observed slightly improving trends in overall costs, namely sea freight, container fee, raw material cost and energy cost.
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