by Edible packaging made from various biomaterials provide an innovative and environmentally-friendly solution for food packaging. Key biomaterials used for edible packaging include seaweed, chitosan, edible films and coatings produced from agricultural byproducts. These packaging replace petroleum-based plastic films and provide protection to food products while being consumed along with the food. Edible packaging such as seaweed and chitosan-based films helps extend the shelf life of perishable foods like fruits and vegetables by creating a modified atmosphere and preventing moisture loss. The global edible packaging market provides opportunities for companies to offer sustainable solutions for various food applications. The use of edible films as food wrap and tray liners reduces packaging waste.
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 key trends:
One major trend gaining popularity is the use of seaweed-based films for food packaging. Seaweeds are considered more sustainable than land-based crops since they do not require freshwater, fertilizers or agricultural land. Furthermore, seaweeds grow much faster than land plants and can be farmed using aquaculture techniques. Companies are investing in research and development to utilize different seaweed varieties such as alginate and ulvan to develop edible wrapping films for snacks, cheeses and bakery products. These seaweed-based packaging provide moisture-resistant barrier properties while imparting health benefits from seaweed consumption. Another key trend is leveraging food waste and agricultural byproducts from crops such as potatoes, corn and rice for production of bioplastics. Extraction of biopolymers from these waste biomass helps spur a circular economy approach.
Porter’s Analysis
Threat of new entrants: The high capital requirements for R&D, manufacturing, and marketing present barriers for new entrants in the edible packaging market.
Bargaining power of buyers: Buyers in the edible packaging market size have moderate bargaining power as they can switch between various packaging techniques and materials based on price and functionality.
Bargaining power of suppliers: The edible packaging market witnesses the presence of a large number of suppliers providing a variety raw materials. This gives buyers alternative sourcing options.
Threat of new substitutes: Substitute packaging materials like bioplastics offer competitive threats. However, their environmental benefits provide limited substitution threats to edible packaging.
Competitive rivalry: The global edible packaging market comprises numerous small and large players. Price competitiveness is intense as players focus on innovations to differentiate their products.
Key Takeaways
The global edible packaging market is expected to witness high growth. 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.
Edible packaging solutions are gaining widespread adoption in the Asia Pacific region. Factors such as changing consumer preferences, growing concerns over plastic waste, and presence of a large food processing industry are expected to drive the Asia Pacific market.
Key players related content comprises
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. Innovation and new product development remain key strategies adopted by leading players to gain a competitive edge in the industry.
