The use of cellulose fiber-filled polypropylene (PP) composites in combination with foam injection molding has enabled the lightweight design of injection-molded parts. The study provides achievements for the physical foam injection molding (MuCell^®) process of PP–cellulose fiber compounds by using CO₂ as the direct foaming agent, including a comparison of MuCell^® foaming with N₂ and a comparison to a chemical foaming process. Weight and density reductions, foam structure and specific mechanical properties are highly dependent on the applied processing parameters. The maximum weight reduction reached values of up to 16%, and density reduction even reached 33% in relation to the compact plates. The extent of weight and density reduction could be adjusted, among other factors, by a reduction in the shot volume. Setting the density reduction to 22% allowed for simultaneously decreasing weight while sustaining the specific flexural properties and limiting the loss of specific impact strength. By using optimized FIM parameters, the mechanical performance could be improved, with specific modulus values even outperforming the compact reference sample. This presents a significant benefit for the preparation of lightweight products and sets the basis for further optimization and modeling studies.