Yessir…
I’ve done a bunch of this sort of stuff for a local company here in Vancouver called Earthcycle.
http://www.earthcycle.com
Earthcycle’s material is derived from former waste from the palm oil industry in Malaysia -and most importantly is compostable.
Depending on how much fiber you have in the mix you can make the final product quite rigid - which along with some ribs and other details make for very strong - yet compostable - shipping inserts.
The biggest design issue tends to be draft as the products not only need to be easily removed from the tool but also generally need to nest for shipping.
You can do some cool things if you start to look at gluing multiple shells, lining with wax or an internal bag, dying etc…