Molded Pulp Packaging Market projected to surpass $4.4 billion by 2027, Says Global Market Insights Inc.
SELBYVILLE, Del., May 10, 2021 /PRNewswire/ -- Based on the Global Market Insights Inc., report, the global Molded Pulp Packaging Market was estimated at $3.2 billion in 2020 and is slated to exceed $4.4 billion by 2027, registering a CAGR of 5.2% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The COVID-19 impact on poultry, agro, and food & food services industries will be low to mild compared to other industries over the forecast period. Electronics, appliances, and other industries will witness mild to moderate impact in terms of demand.
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The food & beverage industry offers a tremendous opportunity for molded pulp manufacturers. Product demand for food & food services was valued at USD 163.4 million in 2020 and with a CAGR 5.1% it is projected to reach USD 226.8 million by 2027. As large corporations are trying to introduce sustainable business practices and adopting environment-friendly policies, the product demand is expected to rise. Many food & beverage organizations changed the packaging materials to recyclable materials. For instance, PepsiCo is a trailing recyclable alternative to plastics rings on its flagship product with rings made from molded pulp.
Appliances accounted for 2% of market share in 2020. Traditionally corrugated and plastic packaging is used for appliance packing. In recent years, people are preferring molded pulp packaging over its counterparts. This can be attributed to increasing environmental awareness coupled with a reduction in product prices. Molded pulp packaging demand for appliances is anticipated to grow with a CAGR 5% over the forecast period.
Molded pulp packaging is used for appliances such as TVs, grinders, juicers (Food processor), washing machines, mixers, refrigerators, ovens/microwaves, air conditioners, dryers, dishwashers, induction, toasters & coffee makers, and vacuum cleaners. The rising disposable income due to economic growth drove appliances demand in the last decade. The growing number of middle-class households, high-income levels along with strong appliances demand will drive market growth.
Food & foodservice, electronics, appliances, and other industrial end-user industries have suffered significantly during the COVID-19 pandemic. Cumulatively, the industries are responsible for over 10% demand share of the total market. The food & foodservice market suffered from the closure of eateries and restaurants around the world. The electronics and appliances industry witnessed a huge loss due to reduced demand and global economic slowdown.
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Asia Pacific is the largest regional market with the highest growth rate among all regional markets. It occupied around 40% market share in 2020 and is projected to grow with the highest CAGR of 5.4% over the forecast period. Such promising growth of the region is expected to be coming from highly growing countries such as India, Malaysia, Indonesia, China, etc. The region has the largest share of the population with more than 4.2 billion people. Moreover, the region has the largest number of growing economies with the rising middle-class population.
Strong economic growth, increasing population, and rising income levels in the region will drive market growth during the projected timeframe. Moreover, eggs demand is increasing in the region due to the growing young population and government efforts to introduce eggs into the diet. Growth in end user industries is expected to propel the product demand.
Leading Market Players:
Major multinational packaging companies are investing more in molded pulp. This can be attributed to the favorable regulatory landscape owing to the environment friendly nature of the product. For instance, in May 2019, Smurfit Kappa invested in its Roermond Paper Mill to meet the growing demand for paper-based packaging. Other major companies operating in the molded pulp packaging industry are UFP Technologies, Sonoco Products Company, Pacific Pulp Molding, Huhtamaki, DS Smith, CMPC, YFY Jupiter, Enviropak, Molpack Corporation, and Stora Enso.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Molded Pulp Packaging Market Statistics - 2027
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SOURCE Global Market Insights Inc.