Selbyville, Delaware, May 04, 2020 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Molded Pulp Packaging Market Size is expected to exceed $4.3 billion by 2026, registering a CAGR of 4.5% from 2020 to 2026. Growing poultry and agriculture industry to induce product demand till the forecast period.
The molded pulp packaging market is anticipated to grow exponentially primarily owing to growing environmental concerns and stringent government regulations against extensively used materials such as plastics. The material is also been increasingly used in packaging and shipping industrial spare parts & components.
The highly effective impact absorption owing to tightly stacked fibers has allowed many manufacturers to adopt molded pulp as a preferred material during long haul transportation. There are a slew of raw material choices ranging from wood, paper, and bamboo with all having their own and unique physical characteristics. The manufacturing process is quick and does not require any or extensive use of chemicals or post-production processing.
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Fiber thermoforming/wet press-molded pulp majorly produced by the small and mid-scale manufactures due to the requirement of low-cost machinery compared to the rotary molding pulp. The molded pulp packaging market segment will account for over 25% of the global demand share in 2026. In addition, abundant availability of the raw material such as sugarcane pulp helps to reduce its cost and production due to which wet press-molded pulp segment is forecast to experience healthy growth in the coming years.
In terms of industry, molded pulp packaging is widely used in poultry and agriculture industries owing to its natural shock-absorbing characteristics. In agriculture, the material is shaped as certain fruit shapes & sizes to provide protection from bruises and molds during long haul transportation. These specialized shaped trays and boxes can accommodate avocados, strawberries, lemon, mangos, papayas, and others.
Europe accounted for over 23% share in 2019 and expected to grow with a CAGR of over 4% during the forecast period. Increasing environmental regulations in the region expected to boost the product demand as it is made from recycled materials and degradable in nature. Furthermore, increasing fruit production across the globe projected to augment the molded pulp packaging market share.
Increasing environmental awareness & regulations in North America & Europe are projected to drive the molded pulp cups demand in the food & beverage sector over the forecast period. Molded pulp cups are made from 100% recycled material and can be recycled again. As they are biodegradable, they are rapidly replacing foam and EPS in the food & beverage service industry.
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Key Findings of the Molded Pulp Packaging Market Report:
- Growing poultry industry on account of increasing egg consumption across the globe
- Increasing agricultural exports due to growth in production
- Growing food & food services industry owing to increasing population
- Rising e-commerce activities to induce an increased product demand
- Industry players undergoing strategic mergers and acquisition activities which is expected to increase industry rivalry
Many multinational and mid-scale companies are working in the molded pulp packaging market. Multinational companies are trying to increase their geographical presence by acquiring local manufacturing companies.
Key market players analyzed in the molded pulp packaging industry research include Smurfit Kappa, UFP Technologies, Sonoco Products Company, Pacific Pulp Molding, Inc., Western Pulp Products Company, Alta Global, Inc., Huhtamaki Group, DS Smith, CMPC, Austin Foam Plastics, Inc. (AFP), YFY Jupiter, Enviropak, Molpack Corporation Ltd., Best Plus Pulp Co. Ltd. Hartmann, Stora Enso. They have adopted various strategies including partnerships, mergers & acquisitions, collaborations, and others to gain a stronghold in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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