Northbrook, IL 60062 -- (SBWIRE) -- 06/30/2022 -- The molded pulp packaging market is growing rapidly in accordance with the growth of the packaging market, globally. Factors such as cost-effectiveness, sustainability, and growth in demand for recyclable food service disposables and packaging products have largely contributed to the growth of the molded pulp packaging market. The molded pulp packaging market is classified on the basis of molding type, source type, product, end use, and region. It has experienced continuous progress in terms of acquisitions, mergers, and expansions in the packaging industry. According to MarketsandMarkets, the global market for molded pulp packaging, in terms of value, is estimated at USD 3.5 billion and is projected to reach USD 4.4 billion by 2024, at a CAGR of 4.4%.
The key players in the molded pulp packaging market are Brødrene Hartmann A/S (Denmark), UFP Technologies (US), Thermoformed engineered Quality (TEQ) LLC (US), Genpak LLC (US), Eco-Products (US), Pro-Pac Packaging (Australia), PrimeWare-by PrimeLink Solutions (US), Fabri-Kal (US), Henry Molded Products (US), EnviroPAK Corporation (US), Pacific Pulp Molding (US), Sabert Corporation (US), Protopak Engineering Corporation (US), and Cellulose de la Loire (France). These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions & investments, and new product launches are some of the major strategies adopted by the market players to achieve growth in the molded pulp packaging market.
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Acquisitions accounted for the largest share of all the strategic developments in the molded pulp packaging market in 2016. Companies such as Brødrene Hartmann A/S (Denmark), Huhtamaki OYJ (Finland), and UFP technologies (US) adopted this strategy to expand their geographical reach, strengthen their product & service portfolios, and enhance their growth prospects in the molded pulp packaging market.
Brødrene Hartmann A/S (Denmark) is one of the leaders operating in the global molded pulp packaging market. The company has maintained its leadership position through its strong distribution network in more than 50 countries and has set up 12 manufacturing facilities across Europe and the Americas to strengthen its leadership position and expand its brand. It adopted expansions and acquisitions as its key strategy to capture the market. In January 2016, the company expanded its manufacturing facility in Rolla, Missouri with USD 30 million, with the aim to increase its production capacity and presence in North America, which would give the company access to a larger share of the market and a solid foundation for expansion. This expansion enabled the company to strengthen its position in the North American market.
Hutamaki Oyj (Finland) is also one of the global providers of molded pulp packaging solutions. The company innovates and offers molded pulp packaging solutions for various applications. It adopted acquisitions as its key strategy to gain a competitive advantage in the market. In May 2016, Huhtamaki acquired Delta Print and Packaging Limited (Europe). This acquisition helped Huhtamaki to enter the folding carton packaging business in Europe, and to penetrate the European market, which expanded its business and enhanced its geographical footprint, worldwide.