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(Health-NewsWire.Net, August 24, 2022 ) Global "Molded Pulp Packaging Market is growing rapidly in accordance with the growth of the packaging market, globally. Factors such as cost-effectiveness, sustainability, and growth in demand for recyclable food service disposables and packaging products have largely contributed to the growth of the molded pulp packaging market. The molded pulp packaging market is classified on the basis of molding type, source type, product, end-use, and region. It has experienced continuous progress in terms of acquisitions, mergers, and expansions in the packaging industry. According to MarketsandMarkets, the global market for molded pulp packaging, in terms of value, is estimated at USD 3.5 billion and is projected to reach USD 4.4 billion by 2024, at a CAGR of 4.4%.
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“The non-wood pulp segment, by source, to grow at a higher rate during the forecast period”
Raw materials or various types of sources such as wood pulp and non-wood pulp are used for the manufacturing of molded pulp packaging. The wood pulp segment accounted for a larger market share, in terms of value, in the molded pulp packaging market. Wood pulp is cost-effective, recyclable, and biodegradable, which offers a sustainable property to the packaging material; this segment is thus accounted for a larger share in the molded pulp packaging market. On the other hand, the non-wood segment is projected to grow at a higher rate during the forecast period. Non-wood pulp is generally made from agricultural food crop residues, grasses, and tree leaves that do not have immediate applications. It is processed and used as an excellent alternative for wood pulp, offering the same properties and benefits.
“Asia Pacific projected to be the largest shareholder in the molded pulp packaging market by 2024”
The molded pulp packaging market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is estimated to account for the largest share among all the regions in 2018 and is projected to grow at the highest rate from 2018 to 2024, in terms of value. This can be mainly attributed to the increase in demand for molded pulp packaging in China and India, coupled with the growth in the food packaging and healthcare industries in these countries. The urbanized population is shifting its preference to convenient, healthy, and safe packaged foods owing to the rise in disposable incomes.
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Browse in-depth TOC on "Molded Pulp Packaging Market”
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The major players include Brødrene Hartmann A/S (Denmark), UFP Technologies (US), Thermoformed engineered Quality (TEQ) LLC (US), Genpak LLC (US), and Eco-Products (US). Other players include Pro-Pac Packaging (Australia), PrimeWare-by PrimeLink Solutions (US), Fabri-Kal (US), Henry Molded Products (US), EnviroPAK Corporation (US), Pacific Pulp Molded (US), Sabert Corporation (US), Protopak Engineering Corporation (US), and Cellulose de la Loire (France). These companies have adopted strategies such as acquisitions, expansions & investments, and new product launches to cope with the increasing demand in the emerging markets.
Brødrene Hartmann A/S (Denmark) is one of the leaders operating in the global molded pulp packaging market. The company has maintained its leadership position through its strong distribution network in more than 50 countries and has set up 12 manufacturing facilities across Europe and the Americas to strengthen its leadership position and expand its brand. It adopted expansions and acquisitions as its key strategy to capture the market. In January 2016, the company expanded its manufacturing facility in Rolla, Missouri with USD 30 million, with the aim to increase its production capacity and presence in North America, which would give the company access to a larger share of the market and a solid foundation for expansion. This expansion enabled the company to strengthen its position in the North American market.
Hutamaki Oyj (Finland) is also one of the global providers of molded pulp packaging solutions. The company innovates and offers molded pulp packaging solutions for various applications. It adopted acquisitions as its key strategy to gain a competitive advantage in the market. In May 2016, Huhtamaki acquired Delta Print and Packaging Limited (Europe). This acquisition helped Huhtamaki to enter the folding carton packaging business in Europe, and to penetrate the European market, which expanded its business and enhanced its geographical footprint, worldwide.
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