According to a new research report by Global Market Insights Inc., the Molded Pulp Packaging Market size is forecast to reach USD 4.8 billion by 2028 owing to the increasing demand for eggs and food-related packaging solutions that are environmentally friendly will drive the global market.
The global production of eggs has witnessed a significant increase due to the growing population and increasing per capita consumption of eggs in various developing economies. According to the FAO, the global egg production increased from over 61 million tons in 2008 to over 77 million tons in 2018. The consumption of eggs rose by around 24.5% in 2018 compared to 2008. China is the world leader in eggs production, accounting for over 34% of the global market. China is followed by the EU, the U.S., and India, and they produce almost 60% of the world’s eggs, while the next six largest producers account for 16% of the market.
The top egg-producing countries currently account for over 75% of the world’s egg production. China has been the world’s largest producer of eggs for over 30 years. The key factors for such growth are the rapid economic growth in Asia Pacific, improved supply chains, and favorable product prices. Moreover, the government’s initiatives to increase eggs consumption in kid’s meals also increased the egg demand around the world. The growing demand for eggs worldwide will further increase the demand for molded pulp packaging, which is the most preferred packaging solution for eggs.
The COVID-19 pandemic has adversely impacted the molded pulp packaging market. There was a decline in the demand for various types of packaging products as the demand for eggs and various types of food products decreased during the pandemic. However, the demand for food products has started to increase, and the market for molded pulp packaging is expected to bounce back to normal.
Browse key industry insights spread across 400 pages with 499 market data tables & 24 figures & charts from the report, “Molded Pulp Packaging Market Size, By Product (Trays, Cups, Clamshells, Plates, Splitters), By Type (Rotary Molding Pulp, Fiber Thermoforming/Wet Press, Industrial Molding Pulp/Dry Press), By Industry (Eggs, Agriculture, Food & Food Service, Electronics, Appliances, Other Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
The plates segment to drive the market growth in the molded pulp packaging market
The plates segment was valued at over USD 30 million in 2021 and is expected to grow to over USD 45 million by 2028 in the molded pulp packaging market. Molded pulp plates are widely utilized as replacements for various types of plastic tableware to serve food products in hotels and different types of catering events. These are easily manufactured in large numbers and can be configured to any size & shape based on the requirement of customers. Moreover, the growing demand for sustainable packaging solutions will further boost the market penetration of molded pulp packaging in the coming years.
Fiber thermoforming technique to gain attention among industry players
The fiber thermoforming segment was valued at over USD 880 million in 2021 and is expected to reach over USD 1.2 billion by 2028 in the molded pulp packaging market. The demand for various types of eco-friendly packaging solutions is on the rise, owing to the increasing interest of consumers regarding the adoption of eco-friendly packaging solutions. Fiber thermoforming or wet press technology is the recent trend in the manufacturing of molded pulp packaging products, as this technique produces superior quality thin-walled packaging products. Moreover, this technique is more economical and can produce multiple packaging solutions in a minimum period.
The food & food services segment to offer new opportunities for the market
The food & food services segment will grow at a CAGR of 5.7% during the forecast period in the molded pulp packaging market. The industry is currently witnessing rapid growth due to the increasing income levels around the globe. Various food products, such as baked goods, beer, fried food products, etc., are witnessing an increasing demand in various emerging economies. Moreover, an increase in the tourism industry worldwide is driving the food service industry, having a positive impact on the molded pulp packaging market.
Increasing demand for sustainable packaging solutions to drive the industry growth in North America
North America was valued at over USD 820 million in 2021 and is expected to grow to USD 1.17 billion by 2028 in the molded pulp packaging market. In the U.S., the per capita eggs consumption has increased by over 16% in the past 20 years. According to United Eggs Products, over 275 million cases of eggs were products in 2021, half of it was sold as shell eggs via the retail outlets. More than one-third of eggs that were products, were processed into products required for food services. Moreover, the demand for substituting the packaging solutions with sustainable products will further drive the molded pulp packaging market during the projected period.
The presence of various molded pulp packaging industry players coupled with the rise of sustainable packaging solutions will have a positive influence on the molded pulp packaging market. Some of the industry players associated with the molded pulp packaging market are Best Plus Pulp., Co. Enviropak, Sonoco Products Company, Pacific Pulp Molding, Molpack Corporation Ltd., Western Pulp Products Company, Smurfit Kappa, Alta Global, Inc., DS Smith, CMPC, YFY Jupiter, Huhtamaki, Ltd., Hartmann, and Stora Enso.