The global molded pulp packaging market is anticipated to propel positively through 2032, owing to the strong product demand from the food and beverage sector.
Leading market players are investing heavily in research & development to offer innovative products in the market. The rapidly growing poultry industry is likely to encourage industry growth over the analyzed timeline.
The molded pulp packaging market has been bifurcated in terms of product, type, industry, and region.
Based on product, the cups segment registered approximately $40 million in 2022 and is slated to grow considerably over the review timeline. Plastic cups, which contribute significantly to plastic pollution, are the most used cups around the globe. As a result, there is a greater demand for recyclable cups made of molded pulp.
Meanwhile, the others segment is expected to witness substantial growth from 2023 to 2032. Other molded pulp products commonly used in industries and households include paper angle boards, corner guards, flowerpots, bowls, jars, bottles, as well as end caps. Corner guards made of molded pulp are becoming increasingly popular in offices and homes due to their insulation and strength.
With respect to industry, the agro segment attained $150 million in 2022 and is poised to expand strongly over the forthcoming years owing to the agribusiness landscape being largely driven by significant consumer demand as well as a steadily increasing middle-class population.
On the other hand, the food & food services segment is speculated to grow steadily throughout the review timeline attributed to the rising income levels across the world. Beer, tequila, and baked goods are among the most popular foods in this category. The SECTUR (Mexico Ministry of Tourism) is working to promote tourism in the country, broadening the scope of the already thriving hotel and food service industry.
From the regional perspective, Latin America molded pulp packaging market is projected to experience strong growth ascribed to increased agricultural production, strong poultry production, and increased investment in the production industry. Soaring regional egg demand is likely to have a positive impact on LATAM market growth.
Meanwhile, the Middle East & Africa molded pulp packaging industry is estimated to showcase more than 8% CAGR by 2032 owing to the significant increase in per capita egg consumption. This is primarily due to the region’s improved economic environment. Furthermore, a rapid boost in the ex-pat population in MEA augmented the eggs demand, agricultural produce as well as other food & food services.