Asia-Pacific Palm Fiber Packaging Market, By Source (Wood, Non-Wood), Process (Thermoforming, Thick Wall, Transfer, Others), Product (Plates, Trays, Cups, Clamshell, Bowls, Others), Application (Food & Beverages, Industrial, Cosmetics, Logistics, Electrical & Electronics, Pharmaceuticals, Others), Country (China, Japan, South Korea, Australia, Malaysia, Singapore, India, Thailand, Indonesia, Philippines and Rest of Asia-Pacific), Industry Trends And Forecast To 2029.
Market Analysis and Insights: Asia-Pacific Palm Fiber Packaging Market
Asia-Pacific Palm fiber packaging market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.8% in the forecast period of 2022 to 2029 and is expected to reach USD 377,334.87 thousand by 2029.
Palm fiber is a biodegradable fiber that is obtained from palm tree products such as leaves, fruits. Palm fiber has gained immense popularity in the packaging sector, as these by-products are eco-friendly and have the potential to replace plastic usage in the packaging industry. Palm fibers are extracted using two methods; one of the methods of extracting is via palm fruits. Palm oils are extracted using fruits, and the waste generated after oil extraction can be used for palm fiber. Another method of extraction is via chemical processes where palm leaf sheath is used to extract fiber by treating chemical degumming process at 100°C for 2 hours and 30 min. Palm fiber has various benefits, such as it is inexpensive, naturally available, and have less carbon footprint than others.
Some of the factors which are expected to drive the market is increasing preference for eco-friendly and biodegradable products for packaging and rise in the e-commerce delivery services across the globe. On the other hand, threats from stringent regulations and norms imposed by the government may be a restraining factor for the market's growth.
Significant demand from organized retail stores for innovative packing products is expected to create a new window of opportunity for the market. However, the impact on palm fiber packaging due to environmental factors may act as a major challenge for the market.
This palm fiber packaging market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief. Our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Palm Fiber Packaging Market Scope and Market Size
Asia-Pacific palm fiber packaging market is segmented on the basis of source, process, product and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of source, the Asia-Pacific palm fiber packaging market is segmented into wood and non-wood. In 2022, the non-wood segment is expected to hold a larger share in the palm fiber packaging market due to factors such as the wide availability of raw by-products of palm such as fruits and other by-products in Malaysia, Indonesia, Thailand, and India.
- On the basis of process, the Asia-Pacific palm fiber packaging market is segmented into thermoforming, thick wall, transfer, and others. In 2022, the thermoforming segment is expected to hold a larger share in the palm fiber packaging market factors such as growing awareness among consumers in using plastic-free packing products. Moreover, the palm fiber thermoforming segment ensures the safety of the products and is also used to prevent contamination.
- On the basis of product, the Asia-Pacific palm fiber packaging market is segmented into plates, trays, cups, clamshell, bowls, and others. In 2022, the trays segment is expected to hold a larger share in the palm fiber packaging market due to the growing e-commerce sector in the Asia-Pacific region, which is boosting the demand for packing various commercial products such as trays and others, which are widely used by the consumer.
- On the basis of application, the Asia-Pacific palm fiber packaging market is segmented into food & beverages, industrial, cosmetics, logistics, electrical & electronics, pharmaceuticals, and others. In 2022, the food & beverages segment is expected to hold a larger share in the palm fiber packaging market due to growing demand for fast food packaging and beverage packaging in Asian regions, as Asian consumers prefer fast food, according to global stats.
Asia-Pacific Palm Fiber Packaging Market Country Level Analysis
Asia-Pacific palm fiber packaging market is analysed, and market size information is provided by the source, process, product and application.
The countries covered in the palm fiber packaging market report are Malaysia, Thailand, Indonesia, China, Japan, South Korea, India, Australia, Singapore, the Philippines, and the rest of Asia-Pacific.
Malaysia is expected to dominate palm fiber packaging due to the increasing demand for eco-friendly and biodegradable products for packaging in order to minimize the carbon footprint and rise in the e-commerce delivery services across the globe.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Palm Fiber Packaging.
The palm fiber packaging market also provides you with detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in palm fiber packaging, and changes in regulatory scenarios with their support for the palm fiber packaging market. The data is available for the historical period 2011 to 2020.
Competitive Landscape and Palm Fiber Packaging Market Share Analysis
The palm fiber packaging market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies' focus related to Asia-Pacific Palm fiber packaging Market.
The major players covered in the report are Nextgreen Global Berhad, Global Green Synergy Sdn. Bhd., Heng Huat Resources Group Berhad, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately. Many product developments are also initiated by the companies worldwide, which are also accelerating the growth of the palm fiber packaging market.
For instance,
- In October 2021, Heng Huat Resources Group Berhad acquired MG Furniture Sdn Bhd. The key feature of this acquisition was to strengthen the company's palm fiber production capabilities. This acquisition will help the company to expand its regional market
- In January 2020, Nextgreen Global Berhad entered into a partnership with IHI Corp and Nomura Holdings Inc. the key feature of this partnership was to develop green tech products. This also includes innovative packaging solutions. This helped the company to expand its market
Partnership, acquisition, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also provides the benefit for the organization to improve their offering for the palm fiber packaging market through an expanded range of sizes.
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