Edible packaging materials are biodegradable films or coatings intended to prolong the shelf life of foods while minimizing waste. They are manufactured using polysaccharides, lipids, and proteins. Edible packaging helps reduce the usage of single-use plastics by acting as an eco-friendly alternative. They are edible and can be consumed along with the food. These packaging materials increase the shelf life of fruits & vegetables by creating a modified atmosphere and preventing moisture loss. They also act as carriers of health-benefiting components.

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 Opportunity:
The increasing concerns towards environmental sustainability around the world have boosted the demand for eco-friendly packaging solutions. Plastic packaging waste is a major issue harming the environment. Edible packaging provides a sustainable solution as it can degrade completely without harming the environment. It helps reduce the carbon footprint of the packaging industry significantly. With growing awareness about the benefits of edible packaging, there is immense growth potential for this market. Manufacturers are exploring the feasibility of developing innovative edible films and coatings made from various biopolymers. Many companies are investing in R&D to commercialize new edible packaging products, offering convenient and green alternatives. This presents lucrative growth opportunities for players in this market.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as the edible packaging market size requires large capital investments and technological know-how.

Bargaining power of buyers: The bargaining power of buyers is high as edible packaging products can be substituted easily by conventional packaging materials.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute raw materials.

Threat of new substitutes: The threat of new substitutes is high as different types of edible films and coatings are being introduced by manufacturers.

Competitive rivalry: The competitive rivalry is high as the market is consolidated with the presence of large global players.

SWOT Analysis

Strengths: Edible packaging is more sustainable and eco-friendly than plastics. It helps reduce food wastage and provides nutritional benefits.

Weaknesses: High production costs and limited properties compared to plastics. Require development of technologies for mass production.

Opportunities: Growth in demand for sustainable packaging solutions from industries like food and pharmaceutical. Rising health and environmental awareness among consumers.

Threats: Strict international quality standards and regulations for food contact materials. Substitution threat from alternative sustainable packaging options.

Key Takeaways

The global edible packaging market is expected to witness high growth over the forecast period due to the rising focus on sustainability and increasing health concerns. 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.

The North America region currently dominates the market due to stringent regulations on single-use plastics and presence of major players. However, the Asia Pacific region is expected to show fastest growth due to rapid industrialization, growing population, and increasing food consumption in countries like China and India.

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. The key players are focusing on new product launches, partnerships, and capacity expansions to strengthen their market presence.

Get more insights on this topic: https://creativenewsalert.blogspot.com/2023/12/the-global-edible-packaging-market.html