Edible Packaging Market is projected to be worth USD 1.87 billion by 2028, registering a CAGR of 6.41% during the forecast period (2021 - 2028)., The market was valued at USD 783.32 million in 2021.
Over the forecast period ending in 2023, the global edible packaging market is expected to undergo a reliable figure growth. The global forecast period of 2017-2023, is likely to experience the global market surpassing its previous records and achieving new heights. Innovation has a major role to play in the wide-scale adoption and increase of the adoption of the edible packaging market trends. Innovation is usually combined with the development and advancement of the available technology that has a major role to play in the edible packaging market. This is further pushing the key market players to invest hugely in the development of products that stand out in competition, have a positive impact on the target audience, and end up improving their revenues and sales figures. The companies are on the rise to adopt smart, as well as sustainable king of innovation that will ensure that all the food-related safety standards are met, and the food items have an impact on the customers as a result of their appeal.
As per the current market trends, edible packaging solutions have gained a lot of momentum. The main reason behind this is the initiatives being started by the government to expose the consumers to healthy food that meets the standard requirements for consumption. Also, the technology used in packaging and advancement is on the rise along with the focus of the key market players that are shifting towards the availability of new kinds of sources dedicated to edible solutions for food packaging. The market expects to grow at a rising CAGR of 6.1% by the end of the market forecast in 2023.
The North American market consisting of the USA, and Canada market is expected to have the largest share in the edible packaging market size. The main reason behind this is an increased demand for packaged food owing to lifestyle changes. Also, the companies are allowing innovations and ditching the traditional ways of packaging. The European nations are also expected to grow at a reliable growth rate as this market has a strong hole in the European market. Also, other regions like South America, as well as, the MEA regions, are showing signs of positive growth in the market.
Further, the APAC region is likely to register a very fast growth by the end of the global forecast in 2023. The main reason behind this is industrialization, as well as, growing urbanization in these countries. China is accounting to have the largest share owing to the quantum of its industrial development, as well as, urbanization.
The edible packaging industry is indicated to be highly fragmented and competitive. To judge the market competitiveness, understand the revenue models, and key growth strategies of the players belonging to different regions, the presence of the players should be understood. And for the same, it is important to know which are the prominent players in the edible packaging industry.
They are as follows:
COVID 19 Analysis
The outrageous spread of the novel coronavirus pandemic amongst various locations of the world had sent us into deep analysis of our healthcare system, as well as, the basic lifestyle followed by the people all around the globe. The spread of the pandemic has forced the government to imply various kinds of restrictions and lockdowns owing to the kind of situation in various locations around the globe. These lockdowns have forced the migrant laborers to return back to their hometowns. This has further caused the unavailability of labor. The further consequence of this that many businesses have shut down their manufacturing, as well as, production units. Due to the lockdown, the demand for the edible packaging market initially declined but increased later on as the restrictions were eased.
Owing to the severity of the situation, people are opting for edible packaging solutions that are emerging as healthier and safer options. Also, these solutions are being widely adopted to eliminate the sources through which the virus is spread like wildfire. Also, the target audience is demanding innovative and creative packaging solutions that are emerging the key players to deploy workforce amid the pandemic to think out of the box.
Segmentation: Global Edible Packaging Market
The edible packaging market growth is expected to rise owing to the performance of the market segments. The market is segmented based on the following heads:
Based on material, the market contains segments like lipid, polysaccharides, as well as, protein films, amongst others. Lipids are the segment that is emerging as a dominant player. It contains the neutral lipids of glycerine and is used in packaging owing to its function of acting as a barrier against oxygen, water vapors, and protecting the food from getting contaminated. During the current forecast period of 2021-2028 the market segment of protein films is expected to emerge as a dominant player in the market.
Based on the application segment, the market includes segments like pharmaceuticals, food beverage industry.
Europe, North American nations, the APAC region, along with the nations of the rest of the world (RoW).
Algae, as well as, seaweed, are emerging as the most used sources as raw materials when it comes to the manufacturing of edible packaging solutions. Seaweed is known to be a source of food that is rich in important nutrients of the body and hence, owing to the richness, there is no need for adding extra chemicals for the production. These raw materials can be adopted across different kinds of food and beverage applications and can further be processed in various kinds of forms. Hence, the manufacturers are witnessing a very high degree of flexibility in the lane of production.
The industry for food services is taking up initiatives and investing in the research and development department to integrate the idea of providing edible packaging solutions in their product lines, that are inclusive of containers, wrapping paper, as well as, developing a replacement for the plastic sachets.
There is a major growing environmental concern related to the wide usage of single-use plastic and ways to ban it potentially. These packaging solutions have gained a lot of significance amongst various manufacturers, as well as, consumer groups. There is an advancement in the sources for edible packaging solutions and are helping the prospects amongst various manufacturer groups. Adapting these solutions is going to help in reducing waste that is generated from the use of plastic. There is a growing need for the development of sustainable alternates in the edible packing market size.
During the current forecast year of 2021-2028 the global edible packaging market is expected to rise at a considerable CAGR and this report is a clear depiction of the same. The market report is inclusive of the impact of the COVID 19 pandemic on the market, as well as, the attempts of the key market players to draw the market dynamics. Also, the report includes the view of the industry experts that is likely to play a major role in the market growth owing to its wide-scale implementation. The market report also consists of the historic and expected performance of the market segments and the key market players that is a reflection in the recent developments. Also, the report consists of the functioning of these players in various regions across the globe for a competitive market landscape.
|Market Size||2028: USD 1.87 billion|
|CAGR||6.41% CAGR (2021-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||WikiCell Designs Inc. (U.S.), Nagase & Co. Ltd. (Japan), JRF Technology, LLC (U.S.), Tipa Corp (Israel), Interpack (U.S.), Pace International LLC (U.S.), Ingredion Inc (U.S.), Safetraces, Inc. (U.S.) , Dupont de Nemours and Company (U.S.), Tate & Lyle Plc. (U.K), Coveris Holdings, (U.S.), MonoSol, LLC (U.S.), Evoware (Indonesia), Watson, Inc. (U.S.), Devro plc (U.K)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The edible packaging market is supposed to expand at 6.41% CAGR.
APAC is estimated to exhibit the fastest rate of growth.
The edible packaging market, by material, is segmented into polysaccharides, protein films lipid, and others.
The lipid segment is anticipated to dominate the edible packaging market.
The key players are WikiCell Designs Inc. (U.S.), Safetraces, Inc. (U.S.), Tate & Lyle Plc. (U.K), JRF Technology, LLC (U.S.), MonoSol, LLC (U.S.), Tipa Corp (Israel), Watson, Inc. (U.S.), Interpack (U.S.), Devro plc (U.K), Evoware (Indonesia), Nagase & Co. Ltd. (Japan), Dupont de Nemours and Company (U.S.), Coveris Holdings, (U.S.), Ingredion Inc (U.S.), and Pace International LLC (U.S.).