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Global Edible Packaging Market was Valued at US$ 536 Bn in 2019 and it is Expected to Reach More than US$ 838 Mn by 2028, Likely to Grow with the CAGR of 5. % During the Forecast Period.
The edible packaging market is at its initial development stage and is anticipated to grow at a moderate compound annual growth rate in the coming years. Some of the major factors driving the growth of the global market include advancement in packaging technology, government initiatives favouring edible packaging solutions, and the development of new sources for edible packaging solutions.
The Rise In Demand For Processed Food Coupled With Technological Advancements In Packaging Industry Have Led To The Growth Of The Edible Packaging Market
The major factor fuelling the growth of the global edible packaging market is the rising popularity of processed food across the globe. These foods need shelf-life packaging, which is possible with edible coatings. The processed food contains salt, added sugar, oils, and fat contents to improve the flavour and taste. The major consumers of processed food are kids and young population.
Moreover, the increasing advancements in the packaging industry are favouring the growth of edible packaging market. Manufacturers are implementing nano-encapsulation and nano-technological solutions with edible packaging which help the food from moisture and heat.
However, the initial cost associated with edible packaging production is comparatively higher from traditional packaging solution. It might hamper the growth of the global market during the forecast period. Although, in response to the growing demand for these solutions the manufacturers are engaged in research and development activities in order to develop cost-effective packaging solutions which is expected to create new opportunities for the growth of global edible packaging market during the forecast period of 2020-2028.
Plant Segment Dominates the Global Edible Packaging Market
On the basis of source, plant segment dominates the global market by holding the largest market share in 2019. The segment held 68.4 % share in 2019. Plants are the larger source of edible packaging solutions which leads to the dominance of the segment.
Food & Beverages and Pharmaceutical is the Key End-Use Industry for Edible Packaging
In terms of end-user, food & beverages are projected to dominate the global market followed by the pharmaceutical sector. The edible packaging has major applications in the food & beverages sector. These packaging is used for wrapping up several food items such as functional food, fresh food, dairy products, cake & bakery products, and baby food. Also, rising adoption of packaged food is expected to create new opportunities for the growth of this segment.
The pharmaceutical segment is projected to show highest growth over the forecast period. Edible packaging is used for packing capsules in pharma industry. The increasing health consciousness across the globe is boosting the growth of the segment.
North America Had Dominated The Global Market That Held More Than 33.4% Share In 2019
In terms of region, North America dominates the global market, accounting for significant market share in 2019. The dominance can be attributed to increasing prevalence for packaged food across the region. The U.S. is the largest market for edible packaging market in North America. Moreover, presence of multiple processed food suppliers is anticipated to positively impact the growth of the market in the region.
Asia Pacific is anticipated to show fastest growth rate during the forecast period. The growth can be attributed to growing awareness regarding disadvantages associated with use of plastics for food packaging coupled with government initiatives in developing countries such as India and china. Also, rising pharmaceutical and F&B industry in Asia Pacific is anticipated to propel the growth of edible packaging market in the region.
Continuous Research to Achieve Perfect Sensitivity is the Strategy Adopted by the Players Present in This Market
The global edible packaging market is fragmented with several local and global players, which makes the market highly competitive. The enterprises are focused on expanding their presence with the organic methods such as product launch, partnerships, collaborations, and merger & acquisition activities.
For instance, in March 2018, Evoware announced their plan to automate the production of seaweed packaging. The company stated that after automating the process they will be able to produce 2,000 seaweed sheets on a daily basis.
Some of the prominent companies operating in global edible packaging market include WikiCell Designs Inc, Devro plc, Tate & Lyle Plc, Watson, Inc., JRF Technology LLC, Tipa Corp, Safetraces, Inc., Skipping Rocks Lab, BluWrap, MonoSol, LLC, Evoware, NAGASE & CO., LTD, and Ingredion, Inc.
Global Edible Packaging Market by Source
Global Edible Packaging Market by Material
- Seaweeds and algae
- Others (Carbohydrates, Composites, and Surfactant)
Global Edible Packaging Market by Packaging Process
Global Edible Packaging Market by End-User
- Food & Beverages
Global Edible Packaging Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America