NEWARK, Del, March 18, 2024 (GLOBE NEWSWIRE) -- The fiber based packaging market is expected to be valued at US$ 308.8 billion in 2024. The market is expected to progress at a consistent rate over the forecast period, with a CAGR of 1.9%. By 2034, the value of the market is forecasted to have inflated to US$ 372.7 billion.
Rising inclination toward sustainability is a primary contributing factor to the growth of the fiber based packaging market. As both consumers and manufacturers become more aware of sustainability concerns, fiber based packaging is being preferred over plastic packaging. The need to adhere to governmental standards regarding sustainability are also guiding stakeholders
The fiber based packaging industry is advancing with the development of various end-user industries. Food & beverage is a prominent end-user industry that is propelling the demand for fiber based packaging. Other industries whose use is helping out the market include pharmaceuticals, healthcare, electronics, and more.
The fiber based packaging market however comes packed with hindrances. The unavailability of fiber at certain times makes production difficult. The volatility of raw material prices also counteracts the rising demand for the packaging solution.
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“Molded fiber is advancing in popularity as the demand for lightweight sustainable products rises. The development of new techniques for the processing of pulp is further seeing the material become more commonplace. Thus, the increasing demand for pulp molded fiber packaging represents an opportunity in the market,” says a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Fiber Based Packaging Market:
- The fiber based packaging market is anticipated to be US$ 308.8 billion in value in 2024.
- Corrugated is the top type of material in the market. For 2024, corrugated packaging is expected to account for 57.1% of the market share.
- Recycled fiber is the prominent fiber source in the market. For 2024, recycled fiber is anticipated to account for 75.5% of the market share by material source.
- India is a promising country for the market. The CAGR for India over the forecast period is forecasted to be 4.1%.
- China is another country poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for China is pegged at 3.7%.
- The market is expected to register a CAGR of 2.1% in Spain over the forecast period.
Competition Analysis of the Fiber Based Packaging Market
With a rarity of dominant players, the fiber based packaging competitive landscape is accommodating of players of all sizes. Partnerships with both players inside and outside the market are common. Some of the prominent companies in the market include UFP Technologies Inc., Bumaga BV, Oji Fibre Solutions, and WestRock Company.
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Key Companies in the Fiber Based Packaging Market
- UFP Technologies Inc.
- Bumaga BV
- Oji Fibre Solutions
- WestRock Company
- Ahlstrom Corporation
- Sonoco Products Company
- Pratt Industries Inc.
- KapStone Paper and Packaging Corp.
- Mayr-Melnhof Karton AG
- Rengo Co. Ltd.
- Mondi Group
- AR Packaging Group AB
- BillerudKorsnäs AB
- USA Corrugated Inc.
- ESCO Technologies Inc.
- Brodrene Hartmann A/S
- International Paper Company
- Smurfit Kappa Group PLC
- Georgia-Pacific LLC
Recent Developments in the Fiber Based Packaging Market
- In September 2023, Rypax and CelluComp showcased the fiber based bottle they had developed together.
- In August 2023, a collaboration between Ahlstrom and the Paper People produced a fiber-based frozen food packaging solution.
- In June 2023, the Modified Atmosphere Packaging (MAP) RAP Sandwich Wedge was launched by ProAmpac in North America.
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Key Segments
By Material Type:
- Corrugated
- Boxboard/Cartonboard
- Molded Pulp
- Kraft Paper
By Material Source:
- Virgin Fiber
- Recycled Fiber
By Vertical:
- Corrugated Boxes
- Cartons
- Folding Cartons
- Liquid Cartons
- Hinge Lid Cartons
- Partations & Inserts
- Bottles & Cup Carriers
- Trays & Clamshells
- Plates & Bowls
- Bags & Sacks
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Authored by:
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.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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