The global Molded Fiber Pulp Packaging Market is estimated to be valued at US$ 9619.61 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Molded fiber pulp is a packaging material made from recycled newspaper fibers, old corrugated containers, and other paper waste. It is molded into various shapes using a molding process and then dried. Molded fiber pulp packaging provides cushioning and protection from shock and impact without using plastic packaging materials. It is lightweight, recyclable, compostable, and inexpensive. The growth of e-commerce and food & beverage industries promotes the use of molded fiber pulp packaging for protective cushioning of fragile items during shipping and transportation. It is also considered as an eco-friendly alternative to plastic packaging.
Market key trends:
One of the key trends in the molded fiber pulp packaging market is the growing demand from online retail and e-commerce sectors. E-commerce has boosted demand for protective and sustainable packaging solutions. Molded fiber provides necessary cushioning and insulation for safe delivery of products. It reduces damage during shipping and returns. Another major trend is the rising preference for eco-friendly packaging globally. Strict regulations against single-use plastics and policies promoting sustainability are increasing adoption of molded fiber pulp packaging made from renewable and recycled content. Manufacturers are focusing on developing innovative molded pulp formats like protective molded edge pads and liners to replace plastic packaging.
Porter’s Analysis
Threat of new entrants: The Molded Fiber Pulp Packaging market requires high initial investments for machinery and materials, which pose as a barrier to entry for new players.
Bargaining power of buyers: Large buyers in the market like food & beverage companies have considerable bargaining power due to their bulk purchases. However, the availability of substitutes provides them with alternatives.
Bargaining power of suppliers: The presence of several suppliers in the market ensures adequate supply of pulp and other raw materials. This reduces their bargaining power over buyers.
Threat of new substitutes: Alternatives like plastic and metal packaging pose potential threats. However, government regulations supporting eco-friendly substitutes benefit molded fiber pulp packaging.
Competitive rivalry: The market is highly fragmented with the presence of several global and regional players. Intense competition keeps pricing pressures and also drives innovation.
Key Takeaways
The Global Molded Fiber Pulp Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand from food and beverage industry for sustainable packaging solutions.
Regional analysis: North America dominated the global market in 2022 and is expected to maintain its lead over the forecast period. Asia Pacific is projected to be the fastest growing market, led by countries like China, India, and Japan. Growing focus on environment protection in emerging nations and increasing consumption of packaged foods and beverages are driving growth.
Key players: Key players operating in the Molded Fiber Pulp Packaging market are UFP Technologies, Inc., ESCO Technologies Inc., Huhtamaki Oyj, Brodrene Hartmann A/S, Henry Molded Products, Inc., ProtoPak Engineering Corporation, EnviroPAK Corporation, Pacific Pulp Molding, LLC, Keiding, Inc., FiberCel Packaging, LLC, Guangxi Qiaowang Pulp Packing Products Co, Ltd. and Guangzhou NANYA Pulp Molding Equipment Co., Ltd. UFP Technologies and Huhtamaki capture a major share due to their diverse product portfolio and global presence.
