The global market of edible packaging is growing and is expected to gain prominence over the forecast period. The global edible packaging market is estimated to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, digit CAGR of 6.1% during the estimated period (2017-2023). Innovation plays a major role in driving the growth of edible packaging market. Therefore, advanced technology in packaging has allowed companies to innovate products instead of sticking to traditional packaging methods. Due to this, many companies are in their product designs. Adopting sustainable and smart innovation will help improve the safety of food and at the same time will enhance the visual appeal for the consumers. Companies spend more on packaging innovation rather than on production cost so as to enhance the performance of the packaging technique.
Global Edible Packaging market appears to be highly fragmented and competitive owing to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition and expansion. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to aid their competitive position.
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The prominent players in the edible packaging market include WikiCell Designs Inc. (U.S.), Tate & Lyle Plc. (U.K), Safetraces, Inc. (U.S.), JRF Technology, LLC (U.S.), Tipa Corp (Israel), MonoSol, LLC (U.S.), Watson, Inc. (U.S.), Devro plc (U.K), Interpack (U.S.), Evoware (Indonesia), Coveris Holdigs, (U.S.), Dupont de Nemours and Company (U.S.), Ingredion Inc (U.S.), Nagase & Co. Ltd. (Japan), and Pace International LLC (U.S.).
Hence, global Edible Packaging Market is expected to grow at a CAGR of 6.2% during the forecast period
On the basis of regions, global edible packaging market is segmented as North America, Europe, Asia Pacific and Rest of the World (RoW). North America dominates the global edible packaging market. Increasing demand packaged food in this region driving the growth of the market. U.S. accounted for the largest market share in North America. Rise in preference of hygienic packaging and the growth of pharmaceutical industry in this region is also fuelling the growth of the market. Europe is expected to be another major market in terms of demand for edible packaging and is expected to contribute significantly during the forecast period. The packaging industry holds a strong ground in Europe owing to high demand for packaging coupled with speedy rates of product innovation and development. South America and the Middle East & Africa regions are also expected to show a positive growth during the forecast period due to rising demand from the e-commerce sector.
Asia Pacific region is expected to be the fastest growing region for the market. Rapid growth in packaging industry in Asia Pacific region is the major factor driving the growth of the market. Growing industrialization and urbanization in the developing countries such as China and India, provides boost to the market. Additionally, the availability of raw materials and low labor cost, together form a positive influence on the market growth. China, Japan, India, Australia, and Indonesia are the major markets of Asia Pacific. China accounts for the largest market share in the region mainly due to rapid growth in urbanization and industrial development.
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Global Edible Packaging market has been segmented based on material, application, and region. On the basis of material, the market has been segmented into polysaccharides, lipid, protein films and others. Lipid based edible packaging dominates the material segment of the market. Lipid compounds contain neutral lipids of glycerides. Lipids are used in edible packaging as they are excellent barrier of oxygen and water vapor and prevents the food from contamination.. Protein film is expected to be the fastest growing material segment. It provides the value-added benefits to the body such as high immunity and proper functioning of human body along with improvement in energy levels in humans. These films are made up of corn zein, gluten, and Casein, and it is considered safe for human consumption. The Polysaccharides segment is also expected to contribute significantly during the forecast period. On the basis of application, the market has been segmented into Food & Beverage, and Pharmaceutical.
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