NEWARK, Del, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The molded fiber pulp packaging market is expected to be valued at US$ 9.0 billion in 2024. The market size was US$ 8.6 billion in 2023. The CAGR for the market is projected to be 5.4% from 2024 to 2034. The market is anticipated to reach US$ 15.1 billion by 2034.
Industries such as food & beverage, electronics, and healthcare, are driving the demand for molded fiber pulp packaging solutions. Manufacturers and consumers are increasingly focusing on sustainable practices, driving the growth of the market. Key players are concerned about regulations imposed on plastic packaging and are thus inclined toward green solutions.
The sustainability trends are driving consumers toward recyclable product adoption. As molded fiber pulp packaging prominently uses recyclable material, the market for the product is getting propelled. The lightweight but sturdy nature of the packaging makes it easy to handle while also providing security, fueling product demand in the market.
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The rising cost of raw materials used by manufacturers of fiber pulp is a significant factor restraining the market. Further, market players have to also take into account the various rules by regulatory bodies. Thus, sometimes, the acquisition and import of raw materials bring uncertainties in the market.
Key Takeaways from the Molded Fiber Pulp Packaging Market
- The molded fiber pulp packaging market is estimated to be US$ 9.0 billion in 2024.
- Trays are the highly preferred product type in the market. In 2024, trays are expected to hold a share of 32.8% of the market.
- Transfer molded fiber products are the most popular in the market. In 2024, the transfer molded segment is expected to account for 52.8% of the market share by molded pulp type.
- India is one of the promising countries in the market. The CAGR for the market in India is predicted to be 7.7% from 2024 to 2034.
- China and Thailand are other Asian countries with potential for market growth. The CAGRs for China and Thailand markets are projected to be 6.8% and 6.6%, respectively, through 2034.
- The market is expected to register a CAGR of 4.5% in the United Kingdom over the forecast period.
“Innovative processes of manufacturing are making the market more dynamic. Practices such as impulse drying and 3D printed mold tooling are helping producers to cut down on costs while also saving time. The streamlining of manufacturing processes through the introduction of newer technologies represents exciting opportunities in the market,” says Ismail Sutaria, Principal consultant at Future Market Insights.
Competition Analysis of the Molded Fiber Pulp Packaging Market
The market is competitive as giants co-exist with smaller-scale players operating locally. Partnerships, both local and foreign, between market players are common. Market players predominantly focus on the improvement in technology and easy procurement of raw materials. Some of the prominent companies in the market are UFP Technologies, Inc., FiberCel Packaging LLC, Huhtamaki Oyj, and Pactiv LLC.
Other Key Players are:
- Henry Molded Products, Inc
- EnviroPAK Corporation
- Spectrum Lithograph Inc.
- ESCO Technologies Inc.
- ProtoPak Engineering Corporation
- Brodrene Hartmann A/S
- OrCon Industries Corporation
- Keiding, Inc.
- Pacific Pulp Molding, LLC
- Guangxi Qiaowang Pulp Packing Products Co, Ltd.
- Celluloses De La Loire
- Dynamic Fibre Moulding (PTY) Ltd.
- Primapack SAE
- Green Packing Environmental Protection Technology Co., Ltd.
- Dongguan City Luheng Papers Company Ltd.
- Guangzhou NANYA Pulp Molding Equipment Co., Ltd.
Recent Developments in the Molded Fiber Pulp Packaging Market
- In September 2023, American market player Cirkla raised US$ 3 million in funding.
- In July 2023, Matrix Pack’s partnership with Curt G. JOA Inc. was announced, with the latter lending its machinery to the former for dry mold fiber manufacturing.
- In April 2023, PulPac entered into a partnership with Malaysian company HZ Green Pulp to produce dry molded fiber for packaging products in Malaysia.
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Key Segmentations:
By Product Type:
- Trays
- Drink Carriers
- 2 Cups
- 4 Cups
- 6 Cups
- More than 8 cups
- Boxes
- End Caps
- Plates
- Bowls
- Cups
- Clamshell Containers
By Molded Pulp Type:
- Thick wall
- Transfer Molded
- Thermoformed Fiber
- Processed Pulp
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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In the Western European molded fiber pulp packaging industry, sales are estimated to rise at a 4.1% CAGR through 2033.
By 2033, Japan molded fiber pulp packaging industry is projected to rise significantly to US$ 589.0 million, showing a steady CAGR of 3.5%.
The sales of molded fiber pulp packaging in Korea, valued at US$ 470.7 million in 2022, are expected to increase US$ 902.4 million by 2033.
Europe molded fiber pulp packaging market is forecast to account for US$ 2.6 billion in 2023, and further accelerate at 5.7% CAGR between 2023 and 2033 to attain a valuation of US$ 4.5 billion by 2033.
The USA and Canada molded fiber pulp packaging market is expected to further expand at a CAGR of 5.2% in the next ten years between 2023 and 2033. A valuation of US$ 3.0 billion is predicted for the market by 2033.
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