Asia Pacific Molded Pulp Packaging Market Size & Growth Trends, 2035
The Asia Pacific molded pulp packaging market is to generate the highest revenue by the end of 2035. The increasing need for environmentally friendly packaging in the area is a crucial factor in the market’s expansion. Chinese consumers between the ages of 30 and 49 have the strongest sustainable consumption abilities, whereas young individuals between the ages of 20 and 29 have the most interest and awareness of sustainable consumption. Also, the region’s market is anticipated to rise as a result of the rising consumption of eggs. Millions of Indians rely on eggs, and from 2019 to 2020, the annual intake of eggs per person increased from about 86 to over 91 eggs.
Research Nester’s recent market research analysis on “Molded Pulp Packaging Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global molded pulp packaging market in terms of market segmentation by molded type, product type, source, end user, and by region.
Growing Demand for Sustainable Packaging to Drive Growth of the Global Molded Pulp Packaging Market
The global molded pulp packaging market is estimated to grow majorly on account of the rising popularity of eco-friendly packaging and rising waste ejected from the packaging industry. Molded pulp packaging can be recycled once again and used in other sectors once its useful life has passed. Moreover, molded pulp manufacture produces less carbon dioxide than other forms of packaging. It is a renewable and biodegradable packaging, therefore, it put less pressure on the environment. The environment or landfills are filled up by around 91% of the packaging waste generated worldwide. Also, according to the United States Environmental Protection Agency, 82.2 million tons of municipal solid waste (MSW) were produced in 2018, with containers and packaging accounting for the vast majority of the garbage. In addition to this, almost 77% of consumers in the UK want companies to use sustainable packaging. Furthermore, almost 50% of consumers agreed to pay more for the product if it is packaged responsibly.
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On the other hand, market growth is also expected on the account of the need to reduce plastic use in the packaging segment of various sectors followed by rising government efforts to reduce single plastic use. The World Economic Forum reports that 170 nations pledged in 2019 to massively reduce their consumption of plastic by 2030 and several nations have already started by proposing or passing rules for particular single-use plastics. Moreover, in order to encourage high-quality recycling, the European Commission proposed laws to manage packaging waste, which include the requirement that all packaging marketed in the EU must be recyclable in a way that is economical by 2030.
Some of the major growth factors and challenges that are associated with the growth of the global molded pulp packaging market are:
Growth Drivers:
· Surge in the Waste Discarded from the Packaging Industry
· Rising Demand for Sustainable Packaging
Challenges:
Heavy goods cannot be supported by pulp packing and there is another alternative to molded pulp packaging present in the market. are some of the major factors anticipated to hamper the growth of the global molded pulp packaging market. Molded pulp packing can also be replaced with corrugated cardboard and mushroom foam. Corrugated cardboard, on the other hand, can provide a structural support system with an equal level of security as polystyrene. It is also more reasonably priced, environmentally friendly, and extremely recyclable. On the other hand, adopting eco-friendly packaging is expensive. Molded pulp packaging is a viable solution for eco-friendly packaging, but switching to eco-friendly packaging can be expensive and especially for small enterprises. The cost of production of pulp packaging is expensive, moreover, it is further burdened by fluctuating prices of the raw material. However, the practice of using molded pulp packaging can be cost-effective in long run but it is hard to predict the specific time. Therefore, it becomes expensive to deploy the pulp packaging and is expected to hamper the market growth.
By end-user, the global molded pulp packaging market is segmented into food packaging, manufacturing, electronics, and healthcare. The food packaging segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increase in the use of online food delivery services is responsible for the segment’s growth, and it is projected that the industry’s substantial non-renewable waste creation will accelerate segment expansion. The millions of tons of solid waste created in the United States are made up of 63% of the materials used in food packaging. Moreover, the United States produced close to 2 million tons of non-renewable aluminum packaging in 2018. It is present in everything in supermarkets, including soda cans and chip bags. Moreover, the rising trend of online food services is also expected to boost segment growth. It is estimated that about 2,600 million individuals would place online food orders by 2027.
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This report also provides the existing competitive scenario of some of the key players of the global molded pulp packaging market which includes company profiling of Molpack Corporation Ltd., YFY Jupiter, Inc., Pacific Pulp Molding, Inc., Best Plus Pulp Co., Hartmann, Smurfit Kappa, Western Pulp Products Company, Huhtamaki, SABIC, Sabert Corporation, and Others.
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