Molded Pulp Packaging Market revenue to reach USD 6 Billion

August 14, 2023 05:00 ET | Source: Research Nester Research Nester

New York, New York, UNITED STATES Bagasse Pulp Mobilephone Tray Machine

New York, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The global molded pulp packaging market size is projected to expand at ~8% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 6 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.The market growth is attributed to the government's proactive efforts to reduce plastic in all types of applications, including packaging. This step should open further possibilities for molded pulp packaging. The Indian government proposed the Plastic Waste Management Amendment Regulation in 2021 to ban some single-use plastic products by 2022. Apart from that, the growth of the molded pulp packaging market is also believed to be driven by the increase in harmful packaging waste from the healthcare industry, among others.

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On the other hand, the harmful material can be replaced with molded pulp because it contains no toxic substances and is suitable for making safe medical packaging. About 20-25% of the 14,000 tons of garbage produced daily in US healthcare facilities is plastic; However, around 91% of plastics, including those used in healthcare, are not recycled and end up in landfills or in the environment. . In addition, the increasing use of packaged food, water and beverages is also expected to fuel the growth of the market.

Molded Pulp Packaging Market: Key Takeaways

Increasing Packaging Waste across the Globe to Boost Market Growth

Once the molded pulp packaging has reached the end of its useful life, it can be recycled again for use in various industries. In addition, it is lightweight and reduces excess space. So, reduce packaging waste. Today, 91% of the world's packaging waste ends up in landfills or in the environment. The production of molded pulp does not emit as much carbon dioxide as other packaging materials. They also break down easily, which is driving the packaging industry towards sustainability. In the UK around 77% of consumers are demanding sustainable packaging from companies. Additionally, almost 50% of people agreed to pay more for the product if it was packaged sustainably.

Online shopping or e-commerce is expected to boost the demand for packaging and is likely to create more opportunities for molded pulp packaging. In the year 2020, more than a billion people shopped online worldwide. Moreover, by 2021, that number has grown to over 2 billion. Molded pulp packaging is a safer option than toxic aluminum and petroleum packaging, which are widely used in the food industry. The consumption value of organically packaged food in India was USD 15 million in 2021. Compared to the previous year, the consumption value was around 14 million US dollars. With growing concerns about the use of single-use plastics, molded pulp packaging is gaining popularity around the world.

Molded Pulp Packaging Market: Regional Overview

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Expanding demand for sustainable packaging to Drive the Market Growth in Asia Pacific Region

The molded pulp packaging market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The growth of the market is mainly due to the growing demand for sustainable packaging in the region. Young people aged 20-29 show the most enthusiasm and awareness for sustainable consumption, and Chinese consumers aged 30-49 have the greatest capacity for sustainable consumption.

Additionally, around 24% of Gen Z and Millennial consumers in China check the sustainability of packaging before purchasing a product. In addition, the increasing consumption of eggs, which typically use shaped paper shell packaging, is also expected to drive the market growth in the region. In India, millions of people depend on eggs, with annual egg consumption per person increasing from about 86 in 2019-20 to almost 91 in 2020-21.

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Growing e-commerce companies to Propel the Growth in the North America Region

The North America molded pulp packaging market is estimated to garner the highest CAGR by the end of 2035. The rapid growth of the e-commerce industry in North America has fueled the demand for protective packaging solutions. Molded pulp packaging offers excellent cushioning and protection for fragile products during transit, making it an ideal choice for e-commerce companies. According to a report, e-commerce sales in the United States alone are projected to reach USD 1.5 trillion by 2025, driving the demand for packaging solutions.

Government regulations and initiatives aimed at reducing plastic usage and promoting sustainable packaging have further boosted the demand for molded pulp packaging. With the rising emphasis on reducing plastic waste and promoting circular economy practices, businesses and consumers are actively seeking alternatives to traditional plastic packaging. Molded pulp packaging, being made from recycled paper or other plant-based fibers, offers a biodegradable and compostable solution. Today's consumers are becoming more conscious of the environmental impact of their purchasing decisions. They are actively seeking products from brands that demonstrate a commitment to sustainability. Molded pulp packaging, being an eco-friendly option, aligns with consumer preferences and can help brands enhance their sustainability image and appeal to environmentally conscious customers.

Molded Pulp Packaging, Segmentation by End User

Amongst these four segments, the food packaging segment in molded pulp packaging market is anticipated to hold the largest share over the forecast period. Consumers are increasingly concerned about the environmental impact of packaging materials, leading to a demand for sustainable and eco-friendly packaging solutions in the food industry. A study that 54% of consumers globally consider environmentally friendly packaging as an important factor in their food purchasing decisions. This has driven the adoption of materials like biodegradable plastics, recycled materials, and paper-based packaging in the food packaging segment.

Governments and regulatory bodies have implemented strict guidelines and regulations to ensure food safety throughout the supply chain. These regulations require food packaging to meet certain standards for hygiene, contamination prevention, and labeling. Compliance with these regulations has led to the development and adoption of advanced packaging solutions that help preserve food quality and safety. Busy lifestyles and the desire for convenience have led to a rise in the demand for ready-to-eat meals and packaged foods. Consumers are seeking packaging options that offer convenience in terms of portability, ease of use, and extended shelf life. Packaging plays a crucial role in brand differentiation and product presentation. Food companies are investing in innovative packaging designs and materials to stand out in the market and enhance the overall consumer experience. Creative packaging solutions can help attract consumers, build brand loyalty, and drive sales.

Molded Pulp Packaging, Segmentation by Product Type

Amongst these segments, the cups segment in molded pulp packaging market is anticipated to hold a significant share over the forecast period. Cups are not just functional containers but also serve as branding and marketing tools. Customization options, such as branding, logos, and designs, allow businesses to differentiate themselves and create brand awareness. Cups have become a canvas for creative and eye-catching designs that attract consumers. This drives the demand for cups as companies strive to enhance their brand image and engage customers.

The expansion of quick-service restaurants (QSRs) and the growth of food delivery services have fueled the demand for cups. These establishments require disposable cups for serving beverages to customers, and the popularity of food delivery platforms has increased the need for packaging that ensures spill-proof and secure transportation of beverages. Advancements in cup manufacturing technologies, such as improved printing techniques, better insulation, and advanced materials, have expanded the possibilities and functionalities of cups. This has resulted in innovations like double-walled cups for better heat insulation and printing techniques that allow for high-resolution graphics and branding.

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Molded Pulp Packaging, Segmentation by Source

Molded Pulp Packaging, Segmentation by Molded Type

Few of the well-known industry leaders in the molded pulp packaging market that are profiled by Research Nester are Molpack Corporation Ltd., YFY Jupiter, Inc., Pacific Pulp Molding, Inc., Best Plus Pulp Co., Hartmann, Smurfit Kappa, Western Pulp Products Company, Huhtamaki, SABIC, Sabert Corporation, and other key market players.

Recent Development in the Molded Pulp Packaging Market

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