Technavio analysts forecast the global molded fiber packaging market to grow at a CAGR of nearly 8% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global molded fiber packaging market from 2018-2022. (Graphic: Business Wire)
The rising demand for paper based packaging is one of the major trends being witnessed in the global molded fiber packaging market 2018-2022. Modeled fiber is used to manufacture disposable packaging materials such as disposable trays and cups for the food sector. Food manufacturers are looking for packaging solutions that are biodegradable and recyclable along with having an extended shelf life and superior barrier properties. The use of pulp in molded fiber for packaging applications is growing at a steady rate.
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According to Technavio analysts, one of the key factors contributing to the growth of the global molded fiber packaging market is the growing popularity of recycled packaging:
Global molded fiber packaging market: Growing popularity of recycled packaging
Various consumer goods companies have shifted from traditional recyclable packaging such as glass. metal, and others to flexible recyclables such as polyethylene (PE), polypropylene (PP), and polyimide (PA) films and molded fibers, over the past few decades. Similarly, there has been a rise in health concerns due to the pollution caused by the mismanagement of packaging waste around the world. Plastic has been a major contributor to the increasing environmental and health concerns as it is one of the most common materials used in packaging.
According to a senior analyst at Technavio for research on packaging, “As plastics are made from the by-products of crude oil and natural gases, most of them are non-bio degradable. Thus, the food inside the packets may get contaminated with hazardous elements when plastic packets are not treated effectively, which can raise health concerns. Also, plastic packs add to the hazardous accumulation of landfills.”
Global molded fiber packaging market: Segmentation analysis
The global molded fiber packaging market research report provides market segmentation by end-user (food and beverage, consumer durables and electronic goods, automotive packaging, and home and personal care products), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The food and beverage segment held the largest market share in 2017, accounting for over 53% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 and the region is expected to dominate the market through 2022.
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