Edible Packaging Market Is Estimated To Witness High Growth Owing To Increasing Demand for Sustainable Packaging Solutions
The global Edible Packaging Market is estimated to be valued at US$ 1,004.00 million in 2022 and is expected to exhibit a CAGR of 6.29% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Edible packaging refers to packaging materials that are safe for consumption and can be eaten along with the food or drink. This innovative packaging solution offers various advantages such as reducing waste, promoting sustainability, improving food safety, and enhancing convenience. With the growing awareness about environmental issues and the need for sustainable packaging solutions, the demand for edible packaging is witnessing significant growth. Additionally, the convenience factor provided by these packaging materials, such as easy disposal and reduced packaging waste, is further driving their adoption in the food and beverage industry.
Market Key Trends:
One key trend driving the growth of the edible packaging market is the increasing demand for sustainable packaging solutions. With the rising concern for environmental damage caused by traditional packaging materials, consumers are actively seeking eco-friendly alternatives. Edible packaging offers a sustainable solution by reducing packaging waste and eliminating the need for disposal. It also aligns with the trend of clean label and natural products, as edible packaging materials are often made from plant-based or biodegradable substances. Furthermore, the innovation in edible packaging technologies and the development of new edible materials are expected to further drive the market growth, providing opportunities for manufacturers to cater to the evolving consumer preferences.
Overall, the edible packaging market is poised for high growth, driven by the increasing demand for sustainable packaging solutions and the growing awareness about the benefits of edible packaging materials.
PEST Analysis:
Political: The political factors influencing the edible packaging market include government regulations and policies related to packaging materials. Governments globally are increasingly focusing on reducing plastic waste and promoting sustainable packaging solutions. This has led to the implementation of stringent regulations on the use of non-biodegradable packaging materials, creating opportunities for edible packaging solutions.
Economic: The economic factors influencing the market include the increasing disposable income of consumers, which is driving the demand for packaged food and beverages. The growing middle-class population in emerging economies is a key driver for the market. Additionally, the rising costs of traditional packaging materials such as plastics are making edible packaging solutions a cost-effective alternative for manufacturers.
Social: The social factors influencing the market include changing consumer preferences towards sustainable and eco-friendly products. With growing environmental concerns, consumers are actively seeking packaging options that are biodegradable and do not contribute to plastic pollution. Edible packaging aligns with these changing consumer preferences and is gaining popularity among environmentally-conscious individuals.
Technological: The technological factors influencing the market include advancements in food processing and packaging technologies. Innovations in materials and manufacturing techniques have enabled the production of edible packaging that can withstand various environmental conditions and protect the quality and safety of the packaged products. Additionally, advancements in printing and labeling technologies have allowed for attractive and informative packaging designs on the edible films.
Key Takeaways:
The global Edible Packaging Market is expected to witness high growth, exhibiting a CAGR of 6.29% over the forecast period of 2023-2030. The market is being driven by increasing environmental concerns and the growing demand for sustainable packaging solutions. The rising disposable income and changing consumer preferences for eco-friendly products also contribute to market growth.
Regionally, the Asia-Pacific region is expected to be the fastest-growing and dominating region in the edible packaging market. The region has a large consumer base and a growing middle-class population, increasing the demand for packaged food and beverages. Additionally, governments in countries like China and India are implementing strict regulations on plastic waste management, creating favorable conditions for the adoption of edible packaging solutions.
Key players operating in the edible packaging market include MonoSol, Kuraray Co. Ltd., JRF Technology, WikiFoods Inc., Safetraces Inc., 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 actively involved in research and development activities to introduce innovative edible packaging solutions and gain a competitive edge in the market.