The pulp molding machine market is estimated to reach a valuation of US$ 740.5 million in 2023. The market is expected to register a CAGR of 3.7% and reach a valuation of US$ 1.1 billion in 2033 from 2023 to 2033.
Various products such as clamshells, plates, and trays are part of the molded pulp packaging product. These products are used widely in the industry for food packaging. Globally, people are getting conscious about following a healthy lifestyle by consumption of organic and healthy food. This has also given rise to the acceptance of sustainable packaging solutions which is the primary reason for the expansion of the pulp molding machines market.
As the demand for sustainable products increases from consumers, the food industry is also responding by adopting products like pulp-molded packaging for packing food items. Key players in the food industry are expected to switch to pulp-molded packaging from plastic packaging. This is expected to boost the demand for the pulp molding machines market.
The busy lifestyle of people globally has increased the demand for on-the-go and packaged food packs which are beneficial for the packaging industry. Further, growing awareness about the sustainability of products is increasing the need for pulp-molded packaging.
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On the other side, the usage of plastic packaging, particularly for food items, may be curtailed by increased purchasing power and healthier living standards. Hence boosting sales of pulp molding machines on a global scale.
Asia-Pacific is anticipated to have a significant market share for pulp molding machines throughout the course of the projected period. The primary driver of the region’s dominance is the rise in demand for environmentally friendly and sustainable packaging, particularly from the food and beverage industry.
Key Takeaways from the Pulp Molding Machines Market:
- The historical CAGR for the market was 3.3% from 2018 to 2022.
- The semi-automatic machines segment is expected to record a CAGR of 3.9% during the forecast period.
- Regarding product type, the rotary pulp molding machine is anticipated to record a CAGR of 3.8% during the forecast period.
- China is expected to be the dominant market, with an anticipated market size of US$ 226.1 million by 2033.
- The United States market is expected to record a CAGR of 3% and reach a valuation of US$ 189.1 million by 2033.
Recent Developments:
- Brodrene Hartmann A/S has kept its primary focus on getting its machinery upgraded. It is also focusing on enhancing its service. This is done to attract new customers with improved services like maintenance and troubleshooting.
- HGHY Pulp Molding Pack Co. Ltd., which provides various services such as maintenance and installation of machines to its clients, has also added after-sales services to its list of offerings.
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South & East Asia Remains the Main Growth Engine for Pulp Moulding Machines
The gigantic food industry in South & East Asia is offering a lucrative sales opportunity for molded pulp packaging products. Additionally, factors such as rising consumer awareness of sustainable products, expansion of retail distribution, and global food chains entering the market are significantly contributing to the pulp molding machines market growth.
The food delivery channels are gaining traction in the Asia Pacific region, which also provides high market growth to the food packaging industry. The overall development of the food industry in the Asia Pacific region is expected to provide impressive growth to the pulp moulding machines market during 2021-2031.
According to the study, environmental, social, and economic concerns have resulted in a growing demand for sustainable packaging products including trays, containers, cups & bowls, plates, and others. Thus, the global moulded fiber packaging market is expected to experience significant growth during the forecast period.
The global retail sector is showing strong performance across the globe. Also, rising concerns of single-use plastic among consumers is likely to create a massive opportunity for stakeholders active in the global pulp moulding machines market during the forecast period.
South & East Asia Remains the Main Growth Engin
FMI’s business intelligence also highlights significant insights into the competitive scenario of the pulp moulding machines market along with manufacturers’ differential strategies. Key players in the pulp moulding machines market are focusing on after-sales services and efficiency enhancement to gain popularity among end users.
For example, BeSure Technology Co., Ltd is strongly focusing on research and development activities to improve the performance of its machines. To achieve the same, the company established a research and development center in Europe to become an international company with China-Europe technical co-operation.
According to FMI’s report, manufacturers are also concentrating on the expansion of businesses in the developing markets and partnering with new value chain participants to achieve sales growth.
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