SAN FRANCISCO, March 1, 2023 /PRNewswire/ -- The global molded pulp packaging market size is expected to reach USD 9.11 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% during the forecast period. The growing demand for environment-friendly sustainable packaging by end-users, rising awareness toward waste management, and environmental concern on single-use plastic are attributed to be the key drivers of the market for molded pulp packaging.
Key Industry Insights & Findings from the report:
- The wood pulp segment dominated the market with a revenue share of 86.2% in the source segment in 2021. The abundant availability of virgin wood and wastepaper at a lower cost is responsible for the highest share of the segment in 2021.
- The transfer type segment accounted for the highest share of 57.3% in 2021 owing to the high penetration of transfer molded pulp products such as clamshells and trays for fruits and eggs packaging.
- Trays emerged as the dominant product segment with a revenue share of 41.6%. Wide availability, low cost, and good shock absorption capabilities for transport of fragile products including glass beverage bottles, wine bottles, eggs, and other glass products have contributed to the highest share of the segment.
- The electronics end-use segment is anticipated to advance at the highest CAGR of 8.8% during the forecast period. Several electronic products such as modems, set-up boxes, refrigerators, inverters, and printers are packaged using molded pulp packaging products such as end caps. End caps protect electronic products during storage and transportation.
- New product developments coupled with mergers & acquisitions, and capacity expansions are some of the strategies adopted by industry players. For instance, in December 2019, Huhtamaki launched a packaging product line called Future Smart Duo Fiber Lid, suitable for cold and hot beverages. It is a sustainable packaging solution produced using a mixture of bagasse and wood fibers.
Read 144-page market research report, "Molded Pulp Packaging Market Size, Share & Trends Analysis Report By Source (Wood Pulp, Non-wood Pulp), By Molded Type (Thermoformed, Transfer), By Product, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Molded Pulp Packaging Market Growth & Trends
The escalated production and consumption of plastic has become a major global environmental problem due to inefficient waste management systems. According to a United Nations Principles for Responsible Investment (UNPRI) report, less than 20% of the world's plastic gets recycled yearly. Plastic is a non-biodegradable substance, resulting in environmental pollution wherein the world's 40% of plastic waste comes from packaging. Therefore, end-use industries are moving toward sustainable packaging approaches, considering this global issue.
Lately, molded pulp packaging was limited to egg trays, and some basic packaging; however, the demand has increased considerably due to its sustainable properties. Molded pulp packaging is completely renewable and biodegradable as it is made from various plant-based fibers.
The COVID-19 pandemic in 2020 created a positive impact on the molded pulp packaging sector, owing to the increased demand for eggs from the retail segment, followed by rising demand for home deliveries of fresh food, and fruits & vegetables. According to a report by the Council on Foreign Relations, Walmart's online sales grew by 87 percent, while Amazon experienced a 200 percent increase in profits during the pandemic.
Also, the National Representative Survey stated that 34% of households conducted grocery shopping online more frequently since the beginning of the pandemic, and 60% of these households planned to continue shopping online after the pandemic ends. The rise in online shopping increased the demand for packaging material for safe delivery. However, shortages of raw materials owing to supply chain disruptions have increased the prices of the packaging products.
The industry players are adopting several strategies including mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in January 2020, Sonoco Products Company acquired Plastique Holdings, Ltd., and Thermoform Engineered Quality LLC, together known as TEQ, a manufacturer of thermoformed packaging products. It was acquired from ESCO Technologies, Inc. for USD 187 million. This acquisition has further widened the product offerings of Sonoco Products Company.
Molded Pulp Packaging Market Segmentation
Grand View Research has segmented the global molded pulp packaging market on the basis of source, molded type, product, application, and region
Source Outlook (Revenue, USD Million, 2017 - 2030)
- Wood Pulp
- Non-wood Pulp
Molded Type Outlook (Revenue, USD Million, 2017 - 2030)
- Thick Wall
- Transfer
- Thermoformed
- Processed
Product Outlook (Revenue, USD Million, 2017 - 2030)
- Trays
- End Caps
- Bowls & Cups
- Clamshells
- Plates
- Others
Application Outlook (Revenue, USD Million, 2017 - 2030)
- Food Packaging
- Food Service
- Electronics
- Healthcare
- Industrial
- Others
Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
List of Key Players in the Molded Pulp Packaging Market
- Brodrene Hartmann A/S
- Huhtamako 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
Check out more related studies published by Grand View Research:
- Europe Molded Pulp Packaging Market- The Europe molded pulp packaging market size is expected to reach USD 1.43 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.6% from 2020 to 2028. Rising usage of molded fiber for the packaging of eggs and fruits in Europe is expected to fuel the growth of the market. The European Union (EU) is amongst the top four egg-producing regions globally. As per the European Commission, the overall egg production in the region was 6,313 thousand tons in 2020. Whereas, according to International Egg Commission, the average egg consumption in the European Union is 210 eggs per person per year. These factors are expected to fuel the demand for molded pulp packaging in the region.
- India Molded Pulp Packaging Market - The India molded pulp packaging market size is expected to reach USD 600.7 million by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.1% over the forecast period. Growing demand for eco-friendly, biodegradable packaging solutions to replace its plastic counterparts is expected to drive market growth. The market is highly unorganized with several small- and medium-scale companies manufacturing egg trays and fruit trays using recycled pulp.
- North America Molded Pulp Packaging Market - The North America molded pulp packaging market size is projected to reach USD 1.36 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 4.1% during the forecast period. The demand for molded pulp packaging is likely to be driven by the rising consumption of fresh fruits and eggs, coupled with the growing demand for sustainable packaging in the region.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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