by 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.
A) Market Overview:
Edible packaging refers to a type of packaging material that is designed to be eaten along with the packaged food or beverage. It offers various advantages such as reducing plastic waste, increasing product shelf life, and minimizing carbon footprint. The need for sustainable packaging solutions has been growing rapidly due to rising environmental concerns and increased consumer demand for eco-friendly products.
B) Market Key Trends:
One key trend driving the growth of the global Edible Packaging Market is the increasing adoption of biodegradable and compostable materials. With the growing awareness about the harmful effects of traditional plastic packaging, manufacturers are turning to alternative materials that can be easily broken down by natural processes. For example, MonoSol, a leading player in the edible packaging market, offers water-soluble films that can dissolve in water within seconds, leaving no trace behind.
C) PEST Analysis:
Political: Governments around the world are implementing stricter regulations on single-use plastics and promoting sustainable packaging practices. This is creating favorable conditions for the growth of the edible packaging market.
Economic: The increasing demand for eco-friendly packaging solutions is driving investment in research and development of edible packaging materials, creating economic opportunities for manufacturers in the market.
Social: Consumers are becoming more conscious about their environmental footprint and are actively seeking out products that come in sustainable packaging. This shift in consumer behavior is fueling the demand for edible packaging.
Technological: Advancements in technology are enabling the development of innovative edible packaging materials with improved properties such as enhanced barrier strength and longer shelf life. These technological advancements are driving the market growth.
D) Key Takeaways:
The global edible packaging market is expected to witness high growth, exhibiting a CAGR of 6.29% over the forecast period, due to increasing demand for sustainable packaging solutions.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the edible packaging market. This can be attributed to strict regulations on single-use plastics and a high level of consumer awareness about environmental issues.
Key players operating in the global edible packaging market include MonoSol, Kuraray Co. Ltd., JRF Technology, WikiFoods Inc., Safetraces Inc., and Tate and Lyle Plc. These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position.
