Parchment paper market analysis by Future Market Insights (FMI) identifies rising application in bakeries and restaurants as chief growth drivers. The report offers optimistic growth forecast for the market, covering factoring aiding expansion key segments, including products, basis weight, and end use
DUBAI, UAE, July 12, 2021 /PRNewswire/ -- The global parchment paper market is forecast to surpass the valuation of US$ 959.3 million by the end of 2021, projects ESOMAR-certified consulting firm Future Market Insights (FMI). The market is expected to register growth at 5.8% CAGR between 2021 and 2031.
Bakeries, restaurants, and food delivery services are shifting from non-biodegradable packaging materials and adopting parchment paper owing to the implementation of strict environmental laws, especially on usage of plastic and other materials.
Sales in China and India will rise at a high pace, backed by expansion of food service sector at an accelerated pace. Coupled with this, focus on sustainable packaging solutions will remain a chief growth driver.
Some restaurants are using parchment paper as a tool for marketing and brand promotion by printing their logos on these papers. Increasing utilization of parchment paper in fancy and convenient packaging styles will guarantee growth in the coming years.
Parchment paper has emerged as a suitable alternative to clamshell packaging. To reduce the logistical cost, packaging manufacturers are working towards cutting down on the use of clamshell as a primary packaging source. This trend is expected to continue in the coming years, presenting a conducive environment for parchment paper sales growth.
COVID-19 pandemic temporarily hampered the sales of parchment paper due to closure of restaurants and manufacturing plants. Scarcity of raw materials in paper mills due to lockdown hindered the manufacturing process of parchment paper. With lockdown and other restrictions gradually getting lifted, the market is expected to showcase a rapid recovery in next few years.
"Increasing consumer spending on fast food service and rising popularity of on-the-go eating and online food delivery services will boost the demand for parchment paper over the forecast period," says the FMI analyst
The U.S. is expected to account for over 3/4th of North America market by the end of 2031. Increasing sales of bakery and other confectionary products are leading to increased consumption of parchment paper in the country.
Urbanization and rapid expansion of quick service restaurants and other food service sectors will create opportunities for market growth in China.
India is expected to dominate the South Asia parchment paper market and is expected to hold around 24% market share in the region. Rising population and increasing consumption of packaged food in India will drive the market growth.
Unbleached paper segment is predicted to lead the parchment paper market accounting for more than 55% market share owing to its high recyclability.
40-60 GSM weight segment is gaining traction for its high durability, superior safety and hygienic properties. The segment will hole around 44% market share by the end of 2021.
Increasing purchasing power of middle class families especially in developing countries will allow the ready-to-eat meal segment to register a rise of US$ 293 Mn over the assessment period.
Future Market Insights in its report states that top market players like Georgia-Pacific Corp., Ahlstrom-Munksjo Oyj., METSA Tissue, Delfort Group AG, and Nordic Paper AS collectively hold around 20% of global market share.
Companies operating in the parchment paper market are emphasizing on expanding their manufacturing capabilities and establish global presence. The companies are also looking towards expanding their product portfolio through new product development.
To gain competitive advantage, market players are turning towards inorganic growth techniques like entering in strategic partnerships with other manufacturers with leading manufacturing companies.
In October 2020, Holmen PACK launched a new fresh and smooth food packaging paper with government approval for direct contact with food.
In August 2020, one of India's leading premium stationery brands launched a product line called "TopCare" to promote healthy and sustainable food packaging and cooking. The product line started with food wrapping as well as baking and cooking paper.
Some of the leading companies operating in the parchment paper market are:
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