The global parchment paper market is poised for substantial growth, with an expected valuation of USD 1,064.2 million in 2023, projected to reach USD 1,789 million by 2033. The market is anticipated to expand at a robust CAGR of 5.7% over the forecast period.
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Key Growth Drivers:
- Consumer Preferences: Increasing consumer preference for products that facilitate easy clean-up and easy transfer during cooking is a major growth driver. This trend is further bolstered by the rising tendency of consumers to spend more on bakery and restaurant products.
- Convenience Products: The growing penetration of convenience products in the market is positively influencing parchment paper demand. Additionally, the rise in applications of vegetable parchment paper is contributing to this growth.
- Hygienic Products: The accelerating demand for hygienic products due to rising health awareness among consumers is stimulating market growth. Parchment paper, being biodegradable and recyclable, aligns well with the increasing eco-consciousness among consumers.
- Technological Developments: Advances in the packaging industry and the growing trend of packaged foods are expected to drive revenue growth. The heat-resistant and highly hygienic nature of greaseproof paper further expands its application range, boosting market growth.
Eco-Friendliness and Cost-Effectiveness:
Parchment paper is gaining traction as an eco-friendly and cost-effective packaging solution. Its widespread use in food service wraps, composite packaging, and as a microwave-safe material underscores its versatility. The bakery industry, in particular, is expected to benefit significantly from parchment paper’s eco-friendly properties.
Regional Insights:
North America:
- Market Share: North America accounted for 23.1% of the global market share in 2022, projected to increase to 24.2% by the end of 2023, and command over 36% by the end of the forecast period.
- Growth Drivers: The region’s thriving packaging industry, rising demand for packaged foods, and increased investment in the food & beverage sector are key growth drivers.
- Regulatory Impact: The implementation of strict food safety norms is driving the demand for safe and hygienic packaging solutions like unbleached parchment paper.
- Market Leader: The United States is expected to dominate the North American market, accumulating over 72% of the regional share by 2033. The rise in bakery and confectionery product sales is a major contributing factor.
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Parchment Paper Market by Category
By Product Type:
- Bleached Parchment Paper
- Unbleached Parchment Paper
By Basis Weight:
- Less than 40 GSM Parchment Paper
- 41 to 60 GSM Parchment Paper
- 61 to 80 GSM Parchment Paper
By End Use:
- Bakery and Confectionary
- Ready-to-Eat Meals
- Fresh Produce
- Others
By Region:
- North America
- Latin America
- Europe
- MEA
- East Asia
- South Asia
- Oceania
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