Edible packaging is a biodegradable and edible coating or wrapping for food products that prevents contamination and extends shelf life. Advantages of edible packaging include reducing plastics pollution, providing nutrients, and increasing convenience for consumers. For industries, edible packaging offers marketing opportunities by promoting products as environment-friendly.
The global Edible Packaging Market is estimated to be valued at US$ 1067.15 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the edible packaging market size is the increasing focus on sustainable packaging globally. Regular plastic packaging has emerged as a major contributor to environmental pollution. Edible packaging provides a solution as it eliminates the use of plastic and is completely biodegradable. Made from natural ingredients like alginate, pectin, chitosan etc, edible packaging breaks down easily without harming the environment. Leading brands are actively promoting edible packaging as it helps achieve sustainability goals and appeals to environmentally conscious consumers. Governments worldwide are also supporting innovations in edible packaging through funding and initiatives. This growing focus on sustainable solutions is estimated to boost demand in the edible packaging market during the forecast period.
SWOT Analysis
Strength: Edible packaging is environment friendly and reduces plastic waste. It is biodegradable and consumption of food directly without opening packaging reduces waste.
Weakness: High cost of production of edible packaging as compared to conventional plastics. Limited shelf life and moisture absorption are key challenges.
Opportunity: Growing consumer awareness about sustainable packaging and government regulations on single use plastics offer huge market potential. Emerging applications in pharmaceuticals and confectionery present new opportunities.
Threats: Stiff competition from conventional plastic packaging in terms of properties. Dependence on crop prices for raw material availability is a threat.
Key Takeaways
The global edible packaging market is expected to witness high growth. . The global Edible Packaging Market is estimated to be valued at US$ 1067.15 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis comprises the Asia Pacific region dominates the edible packaging market currently. Countries like China, Japan and India offer largest market opportunities due to growing food and beverages industry.
Key players operating in the edible packaging market are MonoSol, Kuraray Co. Ltd., JRF Technology, WikiFoods Inc., Safetraces Inc., and Tate and Lyle Plc.New Zealand Manuka Group, Hispanagar, Acroyali Holdings Qingdao Co., Ltd., Industrias Roko, S.A., Neogen, Merck Group, Agarindo Bogatama, Setexam, and Norevo GmbH. MonoSol and Kuraray are the leaders in the market with wide product portfolio and global presence.
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