The global molded pulp packaging market size is expected to reach USD 6.1 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% over the forecast period. Growing demand for eco-friendly sustainable packaging from the end-user segments owing to growing awareness regarding the adverse effects of plastic pollution is expected to be the key driver for the market.
The Covid-19 pandemic has benefitted the molded pulp packaging owing to increased demand for eggs from the retail segment. In addition, increasing demand for home deliveries of fresh food, vegetables, and other grocery items owing to restrictions on the movement of the public also supported the market growth. However, shortages of raw material owing to supply chain disruption have increased the prices of the packaging products.
Molded pulp packaging usage was limited to the transportation and distribution of eggs but owing to increased demand for recyclable, eco-friendly packaging, the penetration of these products in electronics, healthcare, and other industrial applications is also on the rise, which is expected to drive the market over the forecast period.
Molded pulp products are made of pulp obtained from virgin wood, discarded corrugated & folding boxes, recovered or wastepaper, and other sources. The aesthetic appeal and geometry of molded pulp products are not consistent when compared with plastic products. whereas plastic molded products offer excellent finishing & product appeal and shape consistency. Rapid development in bioplastic and biodegradable plastics is expected to create challenges for the market players.
The industry players are adopting several strategies including mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in January 2020, Sonoco Products Company acquired Plastique Holdings, Ltd. and Thermoform Engineered Quality LLC, together known as TEQ, a manufacturer of thermoformed packaging products. It was acquired from ESCO Technologies, Inc. for an amount of USD 187 million. This acquisition has further widened the product offerings from Sonoco Products Company.
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Molded Pulp Packaging Market Report Highlights
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Molded Pulp Packaging Market Segmentation
Grand View Research has segmented the global molded pulp packaging market on the basis of source, molded type, product, application, and region:
Molded Pulp Packaging Source Outlook (Revenue, USD Million, 2017 – 2028)
Molded Pulp Packaging Molded Type Outlook (Revenue, USD Million, 2017 – 2028)
Molded Pulp Packaging Product Outlook (Revenue, USD Million, 2017 – 2028)
Molded Pulp Packaging Application Outlook (Revenue, USD Million, 2017 – 2028)
Molded Pulp Packaging Regional Outlook (Revenue, USD Million, 2017 – 2028)
List of Key Players of Molded Pulp Packaging Market
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