July 12, 2024
Edible Packaging Market

Flexible Packaging (Monosol) Is The Largest Segment Driving The Growth Of Edible Packaging Market

 
Edible packaging involves materials used for packaging that are entirely edible and non-toxic. These are used for packing food products to increase shelf life while being beneficial for the environment. Edible packaging products are biodegradable and replace the use of plastic and other non-renewable materials.

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 key trends:
One of the key trends in the edible packaging market is increasing demand for sustainable packaging solutions. Rising awareness about negative environmental impact of plastic packaging is driving many food brands and manufacturers to adopt edible packaging made from natural ingredients like seaweed, fruits and vegetables. Additionally, advancements in edible film technology have improved moisture barrier and mechanical properties of packaging films made from materials like casein, gelatin, chitosan, and alginate, further boosting their adoption. Growing popularity of flexible edible packaging like pouches and wraps owing to convenience of use is another major trend in the market.
SWOT Analysis
Strength: Edible packaging is a sustainable and environment friendly alternative to plastic packaging. It reduces environmental pollution.
Weakness: High production costs associated with edible packaging makes it more expensive than conventional plastic packaging. Limited shelf life is also a challenge.
Opportunity: Increasing consumer awareness about sustainability and demand for green packaging presents an opportunity for growth. Favorable government regulations supporting sustainable packaging also support market growth.
Threats: Stiff competition from established plastic packaging players can pose a threat. Unexpected fluctuations in price of raw materials also pose risks.

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 awareness about negative impact of plastics and demand for sustainable solutions.

Regional analysis: North America dominates the global market due to stringent regulations limiting plastic usage. Europe and Asia Pacific also present lucrative opportunities for market players. The Asia Pacific market is expected to grow at fastest pace owing to rapid industrialization and growing food packaging industry 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. MonoSol and Kuraray Co. together account for over 30% of global market share. Expansion of production facilities to cater growing demand is the key strategy adopted by major players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it