Molded fiber trays have gained a wide preference in the food and beverages packaging industry as they are sustainable, biodegradable, and eco-friendly. Made from newsprint, corrugated boxes, or other plant fibers, molded fiber or molded pulp trays are gaining traction as an environmental-friendly packaging of consumer durables and electronics items, healthcare products, automotive and mechanical parts, and a range of food such as fruits and eggs. On account of their excellent protection and the ease of handling, molded fibers are extensively used for providing edge protection to goods in the transportation and logistics industry. A burgeoning e-commerce retail in a number of industrialized countries is a notable trend catalyzing the demand for molded fiber trays. The demand for molded fibers trays in several packaging applications is also attributed to their flexibility to mold into any shape and size and their environmental friendliness, along with the factor that they are less expensive than most plastics packaging. In addition, their versatility of packing light as well as heavy, non-fragile items has bolstered their demand.
The global molded fiber trays market is estimated to be valued at US$1,777.0 Mn by 2017 end and is forecast to reach a worth of US$2,422.8 Mn by 2024 end. The market is projected to rise at a CAGR of 6.4% from 2017 to 2024.
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Demand for Transfer Molded Fiber Trays to Witness Prominent Demand
Based on pulp type, the various segments of the molded fiber trays are transfer molded, thick wall, thermoformed fiber, and processed pulp. Of these, the transfer molded pulp type segment leads the market holding a share of 54.3% in 2017 or US$965.4 Mn of the market. Expanding at a CAGR of 6.9% during 2017–2022, the segment is anticipated to be worth US$1,346.9 Mn by 2024 end. The segment is projected to witness an annual growth of US$76.3 Mn during the forecast timeline and this growth in absolute terms is more than that of any other segment. The wide prevalence of this type of molded fiber trays is attributed to an excellent product finish and their substantial demand in packaging a variety of electronic equipment and household items. Typically being thin-walled relative to other pulp types, transfer molded fiber trays find wide use in the packaging of delicate and light-weight items.
Europe to Hold Major Revenue Share of Global Market
The growth of molded fiber trays is observed in regions such as Latin America, North America, the Middle East and Africa, Europe, Asia Pacific excluding Japan, and Japan. Of these, the Europe molded fiber trays market currently leads the global market and is forecast to hold the dominant share, vis-à-vis revenue, throughout the forecast period. The regional market is projected to expand at a CAGR of 6.6% during 2017–2024 and is anticipated to account for an absolute opportunity of US$231.2 Mn during this period.
North America to Witness Prominent Demand
North America is anticipated to emerge as a prominent market for molded fiber trays in the coming years. A robust food processing industry and a burgeoning modern trade store for packed food items in various parts of North America are notable factors expected to accentuate the regional market. Rising at a CAGR of 5.1% from 2017 to 2024, the North America market is predicted to be worth US$ 492.9 Mn by the end of the forecast period. The regional market is forecast to be valued at US$ 384.6 Mn by 2017 end.
Competitive Analysis
Leading players profiled in the report are Brødrene Hartmann A/S, UFP Technologies, Inc., Huhtamaki, Oyj, Henry Molded Products, Inc., Pactiv LLC, Fibercel Packaging LLC, Orcon Industries Corporation, and Vernacare Limited. Prominent packaging companies operating in the market are expanding their production capabilities and entering into partnerships in major regions, in order to gain a competitive edge over other players.
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Products in Molded Fiber Trays Market Reinforce Packaging Recyclability as Key Consumer Proposition
Trays made of molded fiber are used in both primary and secondary packaging and are used in shipping and transporting applications. Molded fiber are usually made of recyclable or environmentally friendly packaging materials. Key raw materials used are newsprint, plant fiber, and corrugated boxes, and key product types in the molded fiber trays market are processed pulps, transfer molded fiber, and thermoformed fiber. A range of pre and post consumer recycled fibers used in making these trays make them environmentally friendly as well as functional to meet the wide range of needs in end-use industries. They have been used extensively in food packaging as food containers. Growing use of molded fiber packaging in the food and beverages industry is a key factor propelling the expansion of sales in the molded fiber trays market. Advances in composting infrastructures have helped magnify the recyclability quotient of molded fiber. Substantially growing demand for conventional and microwave ovens in the food sector in range of shapes and sizes in several developing economies is a key trend boosting the market. Packaging companies in the molded fiber trays have been increasingly leaning on customizing their offering.
The COVID-19 pandemic has altered the retail and distribution strategies of the food sector around the world. The outbreaks in several parts of the world had led to massive lockdowns and restrictions of various economic activities. The restrictions has also put snags on the consumer demand for retail products, including packaged food and beverages products. Such dynamic has hindered the prospect of the molded fiber trays market as well. However, in recent months, there has been new positive developments and consumer demands have also been growing significantly. Food services industry has also making some strides. All these have favoured the growth dynamics of the molded fiber trays. On the other hand, the recyclability quotients will continue to make waves in the overall packaging sector.
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