Selbyville, Delaware , Nov. 14, 2023 (GLOBE NEWSWIRE) -- Molded Fiber Packaging Market value could reach USD 10.9 billion by 2032, according to the latest report by Global Market Insights Inc.
As per the report, the growing demand for sustainable packaging solutions, attributed to the escalating environmental concerns, will stimulate market growth. As environmental awareness and concerns intensify, there is a notable shift towards eco-friendly packaging materials. Molded fiber, being biodegradable and recyclable, aligns with these sustainability goals. Companies and consumers alike are increasingly favoring this environmentally responsible choice, which is expected to fuel the market's expansion and further bolster its size.
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For instance, in July 2023, Omni-Pac Group, a leading provider of molded fiber packaging, joined forces with HP to initiate a digital transformation of industrial-scale molded fiber production. This collaborative effort represents a significant leap in innovation and sustainability within the molded fiber industry. Partnering with HP enables Omni-Pac to revolutionize how molded fiber applications are developed, launched, and manufactured. This breakthrough not only minimizes environmental footprints but also establishes cutting-edge, eco-friendly packaging solutions.
Cosmetic and Personal Care Packaging to gain popularity
Cosmetic and personal care packaging segment will secure a significant molded fiber packaging market share, attributed to the increasing focus on sustainable packaging solutions in the cosmetics and personal care industries. Consumers are more conscious of the environmental impact of their product choices and prefer packaging solutions that are biodegradable and recyclable. Molded fiber, being a renewable and compostable material, aligns with these preferences and offers excellent protection for delicate cosmetics and personal care products, making it a sought-after choice in this sector.
Consumer Goods to remain a major end-use segment
The report cites that the molded fiber packaging industry from the consumer goods segment will garner a decent valuation by 2032. The adoption of molded fiber packaging in the consumer goods sector is promoted by its eco-friendly and sustainable attributes. Companies in this sector are increasingly seeking packaging solutions that reduce their environmental footprint and resonate with environmentally-conscious consumers. Molded fiber, made from recycled materials and biodegradable, fulfills these criteria. Its protective qualities, cost-effectiveness, and versatility in design and functionality also drive its adoption, making it a preferred choice for packaging a wide range of consumer goods.
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Asia Pacific to lead the molded fiber packaging market
Asia Pacific molded fiber packaging industry will register a notable CAGR between 2023 and 2032. The region's increasing awareness of environmental issues and a desire for sustainable packaging solutions have driven the demand for molded fiber products. Additionally, growing industrialization, rising consumer populations, and expanding e-commerce markets in countries like China and India offer substantial opportunities for manufacturers. Furthermore, governmental initiatives promoting eco-friendly practices and stringent regulations on plastic usage further support the expansion of the molded fiber packaging industry in the Asia Pacific region.
Molded Fiber Packaging Market Players
UFP Technologies, Inc., Pactiv LLC, Huhtamaki Oyj, Brødrene Hartmann A/S, Henry Molded Products, Inc., Earthly 4Molded Solutions, Fabri-Kal Corporation, Genpak, LLC, Keiding, Inc., ProPak Corporation, FiberPak, Inc., Pacific Pulp Molding, among others.
Companies operating in this landscape are investing in research and development to enhance product offerings, expanding their production capacity to meet rising demand, forging strategic partnerships, and focusing on eco-friendly and sustainable packaging solutions to cater to the evolving needs of environmentally conscious consumers, all contributing to their market share growth.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
