Molded Fiber Punnets have gained significant attention for packaging application of the food and vegetable products, in the last few years. Molded fiber is a fully compostable and recyclable material. It also possesses lots of advantages over the polymer-based alternatives such as lightweight, freshness retain ability, etc. In developed countries, consumers also now prefer buying products in a recyclable packaging product which ultimately increases the demand for molded fiber punnets. Molded fiber punnets are easily available in the market at a competitive price. It is a fast becoming solution for the retailers and brand owners in the developed market.
However, the growth is expected to be slower in the developing countries due to the lack of consumer awareness and the predominance of the plastic-based packaging products. Manufacturers of the molded fiber punnets are focusing on the innovation and development of the new product which possesses higher strength and suitable for the packaging of a wide range of products. In the next few years, molded fiber punnets are expected to outgrow the plastics-based packaging products presently available for the food packaging.
Molded Fiber Punnets Market: Market Dynamics:
The molded fiber punnets market is expected to increase at a growth rate of 6%-7% annually in the next 4-5 years. Most of the manufacturers in the molded fiber punnets market are engaged in marketing their products by attending trade fairs at different locations across the globe. For eg. UFP Technologies, Inc., a US-based manufacturer of molded fiber packaging products, attended Pack Expo International and SustPack in 2016, where its packaging products made up of 100% recycled materials have gained significant attention. Recyclability and sustainability are the two major concerns faced by the global packaging industry. Most of the countries have introduced lots of rules and regulations to get rid of the high amount of packaging waste generated annually. Molded fiber punnets are compostable and made up of the recycled paper material which in turn overcomes all the sustainability challenges.
- In October 2017, CKF Inc. in collaboration with Associated Labels and Packaging Ltd. has launched a new lidding film that strongly adheres to its existing molded fiber punnets products.
- In December 2016, Megg Lux S.a.r.l., a majority stakeholder in French CDL Group, has acquired Omnipac, a leading manufacturer of molded pulp packaging products in Europe.
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The trend for the molded fiber punnets is increasing at a good CAGR value in developed countries such as U.S., Germany, U.K., etc. The demand is primarily fuelled by the increasing awareness towards use of fully recyclable packaging products and increase in number of molded fiber punnets packaging manufacturers in the region. Some of the key manufacturers dominate the molded fiber punnets market. However, new players are entering in the market with innovative offerings in their product portfolio. To eliminate the threat arising due to the emergence of new players, companies present in the molded fiber punnets market are continuously innovating their existing product lines to remain competitive in the market.
The primary applications for the Molded Fiber Punnets packaging are fresh produce, fruits, and vegetables. All of these account for more than 50%-60% of the overall molded fiber punnets market, by end use. Also, the growth in the fresh-cut fruits market has boosted the demand of molded fiber punnets packaging in the segment. Growing awareness towards more healthier and convenient lifestyle in the developed countries has boosted the demand for packaged food, fruits, and vegetables. Increase in demand for these products will further boost the demand for molded fiber punnets in these segments.
Molded Fiber Punnets Market: Regional Overview
On the basis of region, the Molded Fiber Punnets market is segmented into seven regions which include North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Middle East & Africa, and Japan. The Europe and North Americas dominate the molded fiber punnets market due to government enforcements and rising awareness towards eco-friendly packaging solutions. Also, there is high penetration of the molded fiber punnets packaging product manufacturers in the region. Consumers are even ready to pay more for the healthy food in these countries. Almost half of the packaged fruits and vegetables supplied in these markets are packaged in the Molded Fiber Punnets and the number is expected to increase in the near future. In some of the countries in Europe, it is found that more than 80% of the consumers now prefer buying any grocery item in the recyclable packaging format.
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Molded Fiber Punnets Market: Market Players
Some of the key players in the Molded Fiber Punnets market are Alta-Global Inc., UFP Technologies, Inc., Huhtamaki Group, CDL SAS, Omni-Pac Ekco GmbH Verpackungsmittel, Pactiv LLC, Henry Molded Products, Inc., CKF Inc., FHU Open Box, Produce Packaging, Element Pack, T&B Containers Ltd, Smurfit Kappa Group, Westpak Products LLP, Carters Packaging Limited, Marinucci Australia Pty Ltd., Maspack Limited.