LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the molded fiber packaging market in the Americas provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the molded fiber packaging market in the Americas will grow at a CAGR of above 7% during the forecast period. The growing demand for green packaging is a major factor driving the market’s growth.
The demand for green as well as sustainable packaging solutions has increased due to the high level of awareness about environmental sustainability in the Americas. During the forecast period, this demand is expected to experience a steady growth. The US is the largest market for green and sustainable packaging solutions. Therefore, sustainability is expected to continue to drive the purchasing decisions of consumers during the forecast period.
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Technavio research analysts has listed the growing demand for paper-based packaging in the food industry as one of the emerging trends in the market:
Growing demand for paper-based packaging in the food industry
As thick, paper-based material is used for wrapping products, paper and paper-based packaging is gaining popularity in the food industry. Paper packaging can be easily cut and shaped, besides being lightweight. For molded fiber packaging, the food packaging market is the largest end-user segment. From a global perspective, in developed regions like North America, the food packaging market is expected to reach a plateau in terms of technology. In addition, molded fiber packaging is significantly driven by the robust adoption of sustainable and biodegradable packaging solutions and is cost-effective, requiring less inventory and warehousing costs. The demand for transfer molded pulp is predicted to remain high during the forecast period.
“The leading players in the market are innovating and exploring other end-user segments as molded fiber packaging is extensively used in egg packaging. The product efficiency is expected to increase further due to the technological advances, as well as the introduction of other fibers such as palm, sugarcane, and bamboo,” says a senior analyst at Technavio for research on packaging.
Increase in the consumption of packaged foods, ready meals, and junk food is due to the rise in disposable incomes of consumers in the Americas. Therefore, the growing demand from the food industry is expected to accelerate the growth of the paper packaging market. In addition, the demand for paper packaging is expected to increase due to the growing awareness of biodegradable packaging solutions and the pressure from government authorities.
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Molded fiber packaging market in the Americas segmentation
This market research report segments the molded fiber packaging market in the Americas into the following four major end-users (food and beverage, electronics, automotive, and household and personal care) and two major regions (North America and South America).
The food and beverage segment held the largest market share in 2017, accounting for nearly 54% of the market. The market share for this application is expected to increase by 2022.
North America was the leading region for the molded fiber packaging market in the Americas in 2017, accounting for a market share of 61%. The region will continue its dominance but 1% of it’s market share is expected to be conceded to South America in 2022.
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