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Molded Fiber Packaging Market 2024: Growth, Industry Size, and Share Analysis
Molded Fiber Packaging Global Market Report 2024
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According to The Business Research Company's, The molded fiber packaging market size has grown strongly in recent years. It will grow from $8.00 billion in 2023 to $8.46 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased awareness and concern about environmental sustainability, increased consumer preference for sustainable and biodegradable products, abundant availability of raw materials, recyclability and biodegradability of molded fiber packaging, and increased demand in the food and beverage industry.
The molded fiber packaging market size is expected to see strong growth in the next few years. It will grow to $10.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing stringent environmental regulations, recyclability and biodegradability of molded fiber packaging, the rapid growth of e-commerce, the rapid expansion of retail stores, and advocacy and support from environmental organizations. Major trends in the forecast period include technological advancements, improved product quality, innovation in design, enhanced durability, and improvements in the supply chain and logistics.
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Market Drivers and Trends:
The growing e-commerce industry is expected to propel the growth of the molded fiber packaging market going forward. The growth can be fueled by increased internet penetration, convenience for consumers, a wider product selection, and flexible shopping options. Molded fiber packaging is required for e-commerce due to its protective, sustainable, and versatile characteristics that safeguard products during shipping while minimizing environmental impact. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the fourth quarter of 2023, e-commerce sales surged by 7.5% compared to the same period in 2022. Therefore, the growing e-commerce industry is driving the growth of the molded fiber packaging market.
Major companies operating in the molded fiber packaging market are developing technologically advanced products, such as sustainable molded fiber packaging, to meet the growing demand for eco-friendly packaging solutions. Sustainable molded fiber packaging utilizes recycled paperboard or other fibers to create biodegradable and recyclable packaging solutions, minimizing environmental impact compared to traditional materials like plastic. For instance, in January 2024, Genpak LLC, a US-based food service packaging company, launched the Harvest Fiber line, which includes hinged food service containers, trays, and tableware. Harvest Fiber containers are specifically crafted to meet the rigorous demands of food service operators, seamlessly integrating environmental sustainability with robust packaging performance and durability. Crafted from renewable fibers, these containers are microwave-safe, polyfluoroalkyl substances (PFAS)-free, and adept at accommodating both hot and cold foods. They are designed to maintain meal integrity, whether used for in-house dining or off-premises service, providing a practical solution for restaurants navigating regulatory challenges concerning PFAS substances.
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Major Key Players of the Market:
Sonoco Products Company, Pactiv Evergreen Inc., Huhtamaki Oyj, Nippon Molding Co. Ltd., Cascades Inc., Genpak LLC, Brødrene Hartmann A/S, Fabri-Kal Corporation, UFP Technologies Inc., CKF Inc., Pro-Pac Packaging Ltd., Dentas Paper Industry Inc., Henry Molded Products Inc., EnviroPAK Corporation, Guangzhou NANYA Pulp Molding Equipment Co. Ltd., Fibercel Packaging LLC, Dynamic Fibre Moulding (PTY) Ltd., Omni-Pac Group, Moulded Fibre Products Ltd., Cullen International, Eco-Products Inc., Pacific Pulp Molding Inc., Primeware LLC, Qingdao Xinya molded Pulp Packaging Co. Ltd, TRIDAS
Molded Fiber Packaging Market 2024 Key Insights:
• The molded fiber packaging market size is expected to see strong growth in the next few years. It will grow to $10.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Growth In E-commerce Driving The Molded Fiber Packaging Market
• Advancements In Sustainable Molded Fiber Packaging
• North America was the largest region in the molded fiber packaging market in 2023
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