LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global molded fiber packaging market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global molded fiber packaging market for 2017-2021. The market is segmented based on end-user (food and beverages industry, consumer durables and electronic goods, automotive industry, and home and personal care industry), and geography (the Americas, APAC, and EMEA).
Molded fiber packaging provides protection during transportation and distribution of products, and customer convenience with respect to ease of handling and disposability. This type of packaging is also eco-friendly in nature. Molded fiber products are usually manufactured with natural fibers such as cellulose or with waste paper. Unlike plastics, these are recyclable, along with other types of biodegradables and can be easily composted. During the manufacturing process, both water and fiber used are recyclable and produce zero waste. In addition, there are no toxic or hazardous wastes that are expelled into the environment.
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Technavio transportation and logistics research analysts highlight the following three factors that are contributing to the growth of the global molded fiber packaging market:
- Rise in demand from egg packaging manufacturers
- Increasing demand from vegetable and fruit packagers
- Growing demand for green packaging materials
Rise in demand from egg packaging manufacturers
Molded fiber is extensively used for egg packaging. Approximately, 33%–35% of the demand for molded fibers comes from egg packaging. The main reason being, it provides optimal protection and eliminates breakage throughout the entire supply chain, starting from storage, distribution, and transportation. This type of packaging also prevents loss of moisture and prevents eggs from rotting and losing its quality. The types of molded fiber packaging used for eggs are cartons and trays.
Increasing demand from vegetable and fruit packagers
The global molded fiber packaging market is dominated by the fruits and vegetable industry, which accounts for more than 70%. China is the leading producer of fruits and vegetable, followed by India. The vast production base opens tremendous opportunities in India for export. Major destinations for fruits and vegetable produced in India are the UAE, Bangladesh, Malaysia, the UK, the Netherlands, Pakistan, Saudi Arabia, Sri Lanka, and Nepal.
Sharan Raj, a lead packaging research analyst at Technavio, says, “Fruits and vegetable are cultivated and nurtured under constant supervision. Similarly, when fruits and vegetable are being transported and distributed, care needs to be taken, so that they are not damaged or bruised. Molded fiber material is rigid and protects fruits from getting damaged. Owing to its moisture-resistant properties, it also protects fruits and vegetables from bacterial contamination, mold, and fungus.”
Growing demand for green packaging materials
Growing concerns about the environment and the need to reduce pollution have led to greater emphasis on the development of sustainable packaging materials that are recyclable and do not emit toxic gases during production. Molded fibers are easily decomposed by micro-organisms, and have less toxic effects on the environment than conventional plastics.
“Vendors in the molded fiber market, such as Huhtamaki, are working on environment-friendly packaging, and enable efficient water use, reduction of greenhouse gases, management of waste, and enhancement of supply chain for less pollution,” adds Sharan.
Top vendors:
- Huhtamaki
- UFP Technologies
- Moulded Fibre Product
- Henry Moulded Products
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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