Molded Pulp Packaging Market size worth around $4.3 billion by 2026
Published Date: May 4, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Molded Pulp Packaging Market size will likely reach $4.3 billion by 2026. Surging growth in agriculture industry shall drive the market during the forecast period.
Growing agribusiness is expected to boost industry growth
The agribusiness has been observing a constant & firm expansion, largely driven by strong consumer demand and a steadily growing middle-class population in Asia Pacific & MEA. Increasing consumption of fruits on account of increasing health awareness shall fuel the molded pulp packaging market demand in next few years. Molded pulp usage for fruit packaging has been growing rapidly due to its properties such as shock absorption capacity and safe transportation.
On account of changing lifestyle, growing consumption of processed food will drive the demand for packaging materials. Furthermore, increasing usage of recyclable materials for processed food will result in the demand for molded pulp packaging market over the forecast period. However, recent outbreak of COVID-19 expected to fiercely affect the industry growth.
COVID-19 has affected economic activities across the globe, especially poultry and food services industry, that got highly affected by the COVID-19 outbreak due to which molded pulp demand in these industries expected slowdown.
Browse key industry insights spread across 485 pages with 548 market data tables & 24 figures & charts from the report, “Molded Pulp Packaging Market 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, Others Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Dry press molding pulp shall experience healthy demand growth
Industrial molding/dry press molded pulp demand is expected to experience high growth and shall account for over 15% of the overall share in 2026. It is an economic process for sizeable production volumes and is suitable for both simple & complicated geometries, which are conventionally used to produce precision ceramic products.
In the molded pulp packaging market, dry press utilizes all sorts of raw materials including low-quality corrugated cardboard, newspaper, papers, wood residues, etc., resulting in rough surface molded products. Owing to the usage of low-quality raw materials production cost of dry press molded pulp is compared to the other product types.
Appliances as one of the prominent growth sectors
The molded pulp packaging market for appliances packaging applications is likely to witness growth over 4% from 2020 to 2026. And its demand for appliances has been experiencing healthy growth from past several years. This can be attributed to the molded pulp properties such as shock absorption and safe transportation. Changing lifestyle on account of increasing disposable income in emerging economies such as India, Indonesia, Brazil, etc., is expected to fuel the appliances demand over the forecast period.
North America was one of the prominent regions in 2019
North America was the one of the largest markets in 2019 and expected to account over 22% of the overall consumption in 2026. This can be attributed to the large poultry and food & beverages industry in the region. Due to increasing environmental awareness in the region, molded pulp is rapidly replacing the plastic in food & beverages and electronics industry as it made from recycled and bio-degradable products. Furthermore, growing agricultural exports from the region are projected fuel the molded pulp packaging market growth over the forecast period.
Strategic mergers and acquisition to influence the market growth
Merger & acquisition was the major strategy adopted by the molded pulp packaging industry participants to increase their market share. For instance, In January 2019, DS Smith announced the acquisition of Europac. This acquisition will boost the company’s pulp paper production, streamlining the supply chain for molded pulp products.