Growth of Edible Packaging Market
The global Edible Packaging Market is estimated to be valued at US$ 1067.15 Mn or Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis: -
· Strength: - Edible packaging offers complete biodegradability and sustainability as it gets digested when consumed. It also serves a dual purpose of packaging and consumption.
· Weakness: - High costs involved in R&D and production of edible films and coatings. Limited shelf life and moisture barrier properties compared to conventional plastics.
· Opportunity: - Growing demand for sustainable solutions driven by stringent regulations against single-use plastics. Increasing health-conscious consumer base looking for natural ingredients.
· Threats: - Conventional plastic packaging still dominates the market due to lack of awareness. Issues with scaling production to meet bulk commercial requirements.
Key Takeaways: -
The Global Edible Packaging Market Growth is expected to witness high, exhibiting CAGR of 6.2% over the forecast period, due to increasing regulations banning single-use plastics and growing consumer preference for sustainable solutions.
The Asia Pacific region is projected to dominate the global market during the forecast period. Countries like China, Japan and India offer lucrative opportunities for growth due to rising health consciousness, large population and economic growth.
North America is expected to grow at a significant rate due to stringent regulations restricting conventional plastics and presence of major players pioneering innovative edible films and coatings in the region.
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.
Read More - https://diveintoinsights.blogspot.com/2023/11/growth-of-edible-packaging-market.html
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