Dublin, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The "Molded Pulp Packaging Market Size, Share & Trends Analysis Report 2023-2030" has been added to ResearchAndMarkets.com's offering.
The research highlights the global molded pulp packaging market, projecting it to reach a significant value of $9.1 billion by 2030, expanding at a Compound Annual Growth Rate (CAGR) of 7.6% over the forecast period 2023-2030. This growth is attributed to the surging demand for eco-friendly packaging solutions among various industries and increasing environmental awareness among consumers regarding the use of single-use plastic.
Plastic, a widely used packaging material across industries such as food & beverage, healthcare, cosmetics & personal care, and consumer goods, poses serious environmental concerns due to its non-biodegradable nature. The low recycling rate of plastic waste further contributes to land, ocean, and water pollution. As a result, regulatory agencies and governments worldwide are imposing restrictions on plastic waste production. Consequently, numerous retail chains and food service operators are transitioning from plastic to molded pulp packaging, which is biodegradable and addresses the growing consumer demand for sustainable packaging solutions. This shift is expected to drive the demand for molded pulp packaging in the foreseeable future.
The global pandemic in 2020 positively impacted the molded pulp packaging market, driven by increased demand for eggs from retail chains and doorstep deliveries of fresh fruits, vegetables, and eggs. The surge in egg consumption, owing to factors such as at-home baking and a preference for healthy proteins, led to egg producers shifting their supply to supermarkets. Consequently, the standard molded fiber pulp packaging for eggs saw a significant shortage due to high demand, which has gradually stabilized with time.
The industry players are adopting various strategies, including mergers & acquisitions, joint ventures, and partnership agreements, to expand their customer base and individual market share. For instance, CKF Inc announced the acquisition of Packright Manufacturing Ltd., a packaging manufacturer company, in November 2022. This acquisition aims to strengthen CKF Inc's position in the sustainable packaging market.
Report Highlights:
- The wood pulp source segment dominated the market in 2022 due to the rising awareness of sustainable packaging, considering wood pulp's 100% degradable properties.
- However, higher production costs and the availability of substitute sustainable packaging solutions restrain the growth of the molded pulp packaging industry to some extent.
- The transfer type molded pulp packaging accounted for the highest market share, primarily in the food & beverage industry, offering anti-shock properties to protect products like beverage bottles and egg trays from damage or breakage.
- Molded pulp clamshells are expected to dominate the product segment, as bans on plastic clamshells for packing eggs positively impact the growth of molded pulp clamshells.
- The food packaging application segment is dominating the market, driven by the increasing consumption of vegetables, eggs, and fruits by diet-conscious consumers.
The report covers the forecast period from 2022 to 2030, estimating the market value at $5.11 billion in 2022 and projecting it to reach $9.1 billion by 2030 with a remarkable CAGR of 7.6%. It provides an in-depth analysis of market trends, growth prospects, and regional insights for businesses to make strategic decisions in the evolving molded pulp packaging market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $5.11 Billion |
| Forecasted Market Value (USD) by 2030 | $9.1 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
Company Profiles
- Brodrene Hartmann A/S
- Huhtamaki Oyj
- UFP Technologies, Inc.
- Thermoform Engineered Quality LLC
- Genpak, LLC
- Eco-Products, Inc.
- Pro-Pac Packaging Limited
- Fabri-Kal
- Henry Molded Products, Inc.
- Sabert Corporation
For more information about this report visit https://www.researchandmarkets.com/r/x6768i
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
