by 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 paper fibers or sugar cane fibers. It is an eco-friendly and recyclable packaging solution made from renewable resources through a molding process. Molded fiber pulp packaging provides cushioning and protection by absorbing shocks and maintaining the shape of the product. They can be manufactured in custom designs according to product requirements. Environmentally sustainable and biodegradable nature of molded fiber makes it a suitable replacement for thermoformed plastic packaging. Growing environmental concerns and regulations regarding single-use plastics are fueling the demand for sustainable molded fiber packaging globally.
Market key trends:
One of the key trends in the molded fiber pulp packaging market is the rapid growth of e-commerce industry worldwide. E-commerce companies prefer molded fiber pulp for protective packaging of various products due to its shock-absorbent properties. Features such as lightweight and customizable design further support the adoption of molded fiber in e-commerce shipments. Manufacturers are offering new product variants made from recycled fiber for e-commerce players to enhance sustainability. Development of biodegradable molded fiber assortments without any chemical additives is another ongoing trend in the market.
Porter’s Analysis
Threat of new entrants: The established players hold major market share which acts as a barrier for new entrants. Moreover, high capital requirement for setting up manufacturing facilities further limits threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative packaging options. However, stringent government regulations favoring sustainable packaging augments buyer’s bargaining power.
Bargaining power of suppliers: Major players forward integrate to gain control over raw material suppliers, thus limiting supplier bargaining power. Established supply chain also restricts supplier bargaining power.
Threat of new substitutes: Emergence of innovative sustainable packaging solutions like bioplastics poses threat of substitution. However, properties similar to plastic and lower price makes substitutes less viable.
Competitive rivalry: The market is moderately competitive with major players differentiating based on product property, design and sustainability.
Key Takeaways
The Global Molded Fiber Pulp Packaging Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing awareness about eco-friendly packaging solutions.
Regionally, the market in North America dominated in 2023 with over 30% share due to stringent regulations towards packaging sustainability. Asia Pacific is expected to witness fastest growth on back of growing e-commerce industry in the region.
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 specializes in thermoformed fiber and has wide product portfolio catering to food and consumer goods packaging.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
