Earth-Friendly Edible Packaging Market Estimated To Witness High Growth Owing To Increasing Demand For Sustainable Materials
Edible packaging involves the use of various foods like fruits and vegetables as well as their parts like leaves, peels and fibers that can act as protective coatings for food products. Materials used include seaweed, alginates, chitosan and others. Edible films and coatings help increase the shelf life of foods while reducing waste. They are widely used for fruits, vegetables, meat, poultry and seafood products.
The edible packaging market is estimated to be valued at US$ 1,067.15 Mn 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.
Market Dynamics:
With growing environmental concerns, there is increasing demand for sustainable and biodegradable alternatives to plastic packaging. Edible films help reduce the use of plastic in food packaging. Rising health consciousness is also driving the need for clean label products. Major drivers of the edible packaging market include growing demand for minimally processed foods and packaged food items with natural ingredients. Regulations restricting the use of plastics and policies encouraging sustainable production and consumption also promote the adoption of edible packaging materials. Key players are developing innovative solutions to overcome challenges in mechanical and barrier properties for different food applications.
SWOT Analysis
Strength: Edible packaging is a sustainable and innovative packaging solution. It is manufactured from materials that are food-safe and completely biodegradable. Edible packaging reduces plastic waste and provides an eco-friendly packaging option.
Weakness: High production costs make edible packaging less competitive compared to conventional plastic packaging. Poor barrier properties restrict the types of products that can be packaged. Limited shelf life is also a constraint.
Opportunity: Growing consumer awareness about environmental issues is driving the demand for sustainable packaging solutions. Many companies are shifting to edible packaging to meet sustainability goals and green credentials. Supportive government regulations for green packaging present new growth opportunities.
Threats: Underdeveloped supply chain and manufacturing infrastructure pose challenges. Strict regulatory compliance for food contact materials needs to be met. Short shelf life can restrict applications in certain product verticals.
Key Takeaways
The Global Edible Packaging Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing consumer demand for sustainable packaging solutions. Rising environmental consciousness and initiatives to reduce plastic waste are major drivers for market growth.
Regional analysis: North America dominates the edible packaging market currently owing to stringent regulations on conventional plastics. Asia Pacific is projected to witness the fastest growth during the forecast period with growing packaged food industry in countries like China and India. Supportive government policies will further aid the regional market expansion.
Key players analysis: 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. These players are focusing on new product launches, facility expansion and partnerships to strengthen their market position.
Explore more information on this topic @ https://cmiresearch.blogspot.com/2023/12/biodegradable-packaging-is-fastest.html
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