Market Momentum: Parchment Paper's Growth Trajectory at 5.7%...

Market Momentum: Parchment Paper's Growth Trajectory at 5.7% CAGR by 2033

Posted 2024-02-21 07:20:45

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The global parchment paper market is anticipated to achieve a valuation of US$ 1,064.2 million in 2023 and is forecasted to soar to US$ 1,789 million by 2033. Projections suggest an expansion at a Compound Annual Growth Rate (CAGR) of 5.7%. This growth trajectory reflects the increasing demand for parchment paper across various industries, driven by its versatile applications in cooking, baking, and food packaging. As consumers prioritize eco-friendly and sustainable alternatives, parchment paper emerges as a preferred choice, contributing to the market's steady rise and positioning it for substantial growth in the coming years.

Parchment baking paper has emerged as an ideal substitute for clamshell packaging, prompting manufacturers to reduce their reliance on clamshell as the primary packaging material to mitigate transportation costs. This ongoing trend is expected to persist over the next decade, creating a conducive environment for the increased sales of parchment paper. As businesses prioritize cost-efficiency and eco-friendly alternatives, the demand for parchment paper is likely to witness a significant uptick, driven by its versatility and sustainability in various packaging applications.

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This paper offers different size variations which help in meeting specific customer requirements. Manufacturers in bakery & confectionary and ready-to-eat meals segments have started to employ these papers which will drive product demand by gaining attraction millennials. Parchment paper has emerged as a sustainable, flexible, and convenient solution for the packaging of a variety of food items. This is expected to drive product demand in the forecast period as well.

Key Takeaways

North America is expected to accumulate over 36% revenue share by end of the forecast period.
The market in India is projected to witness a promising CAGR of 8.3% during the forecast period.
China is projected to exhibit a 6.3 % of CAGR during the forecast period.
By product type, unbleached parchment paper is projected to account for 72% market share by end of the forecast period.
By end-use, ready-to-eat meals are expected to lead the market by withholding over 40% market share by end of the forecast period.

"Rise in consumer spending on fast food service and growing popularity of on-the-go eating and online food delivery services will propel the demand for parchment paper over the forecast period,"- Comments an FMI analyst.

Competitive Landscape

The parchment paper market is extremely competitive and consists of numerous key industry players. These players are innovating new products in the respiratory devices domain. This is expected to propel Parchment Paper market. The key industry players are:

Georgia-Pacific Corp., JK Paper, Ahlstrom Munksjo Oyj., Delfort Group AG, METSA Tissue, McNarin Packaging, KALPATARU Papers LLP, Pudumjee Paper Products, Awa Paper and Technological Co. Inc., Cosmoplast, Nordic Paper AS, The GRIFF Network, KRPA Paper AS.

Key market players are leveraging on inorganic growth strategies like acquisition, mergers, partnerships, and collaboration in order to enhance their product portfolio. This is expected to fuel the global Parchment Paper Market.

In July 2022, Nordic Paper created a new natural greaseproof paper for the food industry without the presence of fluorochemicals in them. The company has achieved a breakthrough in attaining natural barrier properties in its newly developed paper product without the addition of fluorochemicals. Developments like these are helpful for the company to attract more customer base by offering more sustainable options to packaging manufacturers.
In March 2022, Wipak UK shared its plans to launch a recyclable paper wrap for butter developed using renewable, FSC-certified paper. The product offers optimal grease resistance and is manufactured using ultra-thin natural coatings. The company asserts that its new paper wrap will reduce carbon footprint by around 68% relative to standard wraps used for butter packaging.

Who is Winning?

· Georgia-Pacific Corp.,

· METSA Tissue,

· Ahlstrom-Munksjo Oyj.

are the top players operating in the parchment paper market. Furthermore,

Delfort Group AG,
Cosmoplast,
JK Paper,
Nordic Paper and
Kalpataru Papers LLP

are also the noticeable players in the parchment paper market. The Tier 3 players in the market hold 70-75% in the global parchment paper market. In conclusion, key players contribute almost 25-30% of the global market.

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Parchment Paper Market by Category

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