Selbyville, Delaware, April 05, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Molded Pulp Packaging Market was estimated at USD 3,328.6 million in 2021 and is expected to reach a valuation of around USD 4,807.3 million by 2028, progressing at a CAGR of 5.7% from 2022 to 2028. The report offers a detailed examination of top winning strategies, drivers & opportunities, wavering market trends, market size & estimations, the competitive scenario, and major investment pockets.
Molded pulp packaging is created using different fibrous materials, such as cardboard, recycled paper, and other natural fibers like bamboo, sugarcane, and wheat straw. Notably, booming demand from the foodservice industry is enhancing the consumption of molded pulp trays in the sector, which is likely to facilitate market growth. Additionally, the growing focus on sustainability has improved product adoption on account of its high recyclability, which is set to further stimulate industry expansion through the forecast period.
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Clamshell packaging is widely used for heavy products and electronic items. Due to its beneficial features, it is likely to witness a surge in demand across various industries, including appliances, electronics, and other sectors. In 2021, the clamshell product segment was valued at more than USD 300 million and is projected to expand at approximately 6% CAGR to garner over USD 440 million in revenue by 2028 on account of prevalent product adoption in varied sectors.
Meanwhile, the industrial molding pulp type segment held a market share of about 16% in 2021 and is slated to grow at a CAGR of above 5% over the review timeline. The segment is anticipated to witness a moderate growth owing to complex processing and uneven material shrinkage with chances of patchy layering in the process. Industrial molding pulp is a cost-efficient process that is preferred for high production volumes and is used for all types of raw materials like low-quality corrugated cardboard, newspaper, papers, wood residue, and so forth. It can also be used for both complicated and simple geometrics, which is foreseen to push segmental progress in the coming years.
Key reasons for molded pulp packaging market growth:
- High product uptake in agro sector.
- Growing adoption of clamshell packaging.
- Increasing usage of industrial molding pulp.
- Booming utilization in foodservice applications.
2028 forecasts show ‘agro’ segment retaining its dominance:
In terms of industry, the agro segment is set to exhibit substantial growth at a CAGR of above 6.3% through 2028. Molded pulp products like tubs and trays are commonly used by cattlemen and ranchers on account of several benefits offered by these packaging products. Cost-efficiency, innovative design, and low ecological impact are some factors that are likely to propel product adoption in the agro sector in the future.
Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe molded pulp packaging market accounted for above 24% of the overall industry revenue in 2021 and is one of the major consumers of molded pulp. Low-carbon initiatives by the regional government are likely to drive product penetration in numerous end-use sectors. Notable technological developments that aim to mitigate the environmental impact of molded pulp packaging production and optimize the use of water, energy, and other raw materials are also foreseen to support regional market growth.
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Impact of COVID-19 pandemic on molded pulp packaging market:
The outbreak of COVID-19 made a significant impact on the global supply chain and increased the demand for personal hygiene paper products, food packaging products, medical specialty papers, corrugated packaging materials, and so on. Rising adoption of the product for packaging of several products across diverse industry verticals has positively influenced market growth during the pandemic.
Leading market players:
Major players operating in the molded pulp packaging industry include Hartmann, Smurfit Kappa, Best Plus Pulp Co., Alta Global, Inc., Enviropak, Pacific Pulp Molding, CMPC, Molpack Corporation Ltd., Huhtamaki, Ltd., Western Pulp Products Company, Sonoco Products Company, DS Smith, YFY Jupiter, and Stora Enso, among others.
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.
