by The edible packaging market is estimated to be valued at US$ 1067.15 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 Overview: –
Edible packaging consists of films and coatings that are made from compounds which are safe for human consumption. These packagings are gaining popularity as they help reduce food waste by extending the shelf life of food products. They also provide sustainable packaging solutions by being 100% biodegradable and compostable. Common materials used in edible packaging include seaweeds, fruits and vegetable extracts, lipids, polysaccharides and proteins. Products like candies, snacks, fresh produce and meat are coated or wrapped using edible films and coatings.
Market Dynamics: –
Growing environmental concerns regarding use of plastics in food packaging is driving the demand for edible packaging globally. Major players are focusing on developing edible films from organic agriculture by-products and bio-based materials which helps enhance the sustainability of food supply chain. Also, increased focus on reducing food waste along with growing popularity of clean label products is propelling the edible packaging market growth. The key challenges include high material and production costs associated with edible packaging. However, increasing investment in R&D to develop low-cost production techniques will help overcome this challenge.
SWOT Analysis: –
- Strength: – Edible packaging has three main strengths. First, it reduces waste since the packaging is made of food-grade materials and can be eaten. Second, it helps extend the shelf life of foods. Third, it provides portion-control and convenient on-the-go packaging.
- Weakness: – High costs of production are one weakness of edible packaging. Producing food-grade packaging materials and meeting regulatory standards increases expenses. Second, limited variety of food applications is also a weakness as not all types of foods are suitable for edible packaging.
- Opportunity: – Growing focus on sustainability among consumers presents an opportunity. Many want to reduce plastic waste and opt for eco-friendly options. Secondly, the rise of on-the-go eating culture boosts the opportunity to use edible films or coatings for convenience foods.
- Threats: – Stringent regulatory standards for new food contact materials pose a threat. Extensive clinical trials and certifications are required before products can be launched. Second, consumer perception of edible packaging being less durable than traditional plastics can hamper faster adoption.
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 focus on sustainable solutions. Edible films and coatings replace plastic packaging and reduce environmental impact.
Regional analysis: –
The Asia Pacific region dominates the edible packaging market with a share of over 35% in 2023. This is attributed to the ready availability of raw materials, large customer base, and growing disposable incomes in developing countries like China and India which is fueling the demand for convenience foods. North America is another major market driven by regulations banning plastics and consumer awareness.
Key players: –
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 companies are focusing on developing advanced edible films and coatings with varied functionalities like moisture barriers and antimicrobial properties to cater to diverse.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
