A method of speckle suppression without any active device is expected for pico-projectors. The effectiveness of the passive method of speckle reduction using a single multimode fiber and a multimode fiber bundle was actually measured and theoretically analyzed. The dependences of the speckle contrast and speckle suppression coefficient on the parameters of multimode fiber and projection systems were investigated. Our results shown that the efficiency of speckle suppression was limited because only the radial direction of the objective lens aperture was used. An improvement using both of the radial and azimuthal directions of the objective lens aperture is required.