Molded Fiber Packaging was valued at USD 13.31 billion in the previous year and is expected to reach USD 17.96 billion by the next five years, registering a CAGR of 4.96% during the forecast period.
The growing need for sustainable packaging made from renewable and recyclable materials is leading to continued interest in the potential of molded fiber packaging market. Factors such as expanding demand in end-user industries and applying envir onment-friendly protective packaging solutions are sorting the market. Waste non-wood products like wheat and bagasse are used more frequently to make pulp.
The molded fiber packaging market is highly fragmented, with the presence of major players like Huhtamaki OYJ, Henry Moulded Products Inc., Omni-Pac Group UK, Cullen Packaging Ltd., and Brødrene Hartmann A/S. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In May 2023, Omni-Pac Group UK, a manufacturer of molded fiber packaging solutions, announced the opening of a new site of EUR 8 Million (USD 8.5 Million) and 60,000 square feet, located in the town of Scunthorpe, which will enable the company to increase its production capacity and create more than 100 new employment opportunities over a period of five years.
In December 2022, Cullen announced a customer acquisition. It will soon be supplying a wide range of its SRPs to CakeDécor, the UK's largest manufacturer and supplier of cake decorations. Cullen also manufactures a wide range of products for factory bakeries, fine food manufacturers, handicraft workshops, and leading UK supermarkets, building a reputation for quality.
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