NEWARK, Del, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The edible packaging market is expected to skyrocket, with projections estimating a four-fold increase over the next ten years - from US$1.10 Bn in 2023 up to an incredible US$4.18Bn by 2033.The edible packaging market is primed to skyrocket in the next decade, predicted to grow by an impressive 14.31% CAGR between 2023 and 2033.
Edible packaging is rapidly becoming more accepted as an eco-friendly and efficient alternative to traditional methods. Consumers are now presented with a vast array of possibilities that can improve product stability, quality, safety and diversity in addition to making life easier for customers who benefit from the convenience it brings.
Appetite for eco-friendly packaging is prompting an innovation revolution in food storage. Edible wrapping could be the future of convenience as it keeps snacks looking, tasting and feeling fresh - a tantalizing sell that's set to accelerate market growth. Policy makers are getting behind this movement too; their support helping fuel advancements in innovative biodegradable packing technologies.
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The market for edible packaging is anticipated to increase in response to rising consumer demand for ecologically friendly packaging materials. The extensive usage of single-use plastic and varied restrictions on it are raising environmental concerns. As a substitute for single-use plastic, edible packaging options have gained acceptance among several manufacturers and consumer organizations.
In 2021, North America held the largest market share for edible packaging. The region's efforts to move away from single-use plastics and use edible packaging alternatives to minimize packaging waste, the rising demand for packaged foods, and the presence of major industry players are just a few of the reasons why the region will maintain its market dominance share throughout the forecast period.
Key Takeaways:
- The North American edible packaging market is estimated to expand at a CAGR of 5.7%. Asia Pacific edible packaging market is projected to develop at a CAGR of 8% over the forecast period.
- The European edible packaging market held 29% of the global market share in 2021.
- The protein material segment dominated the market in 2021 with 48.9% of the global revenue share
Competitive Landscape
In the water heater market, key players and innovative vendors include JRF Technology, Pace International, BASF SE, WikiCell Designs Inc., Tate & Lyle Plc., Safetraces, Inc., Tipa Corp, MonoSol, LLC, Watson, Inc., Interpack, Coveris Holdings, Devro plc, Dupont de Nemours and Company, Ingredion Inc, Nagase & Co. Ltd. and others.
To increase their market share in edible packaging, these businesses have employed several strategies. They have employed both organic and inorganic development strategies, such as new product releases, acquisitions, corporate expansions, and partnerships, to extend their clientele and boost revenue.
Recent Developments
- In February 2021, an edible film strip featuring BerryShield Elderberry from INS Farms, a grower, producer, and supplier of black elderberries in North America, was introduced by JRF Technology LLC, a maker of the water-soluble and edible film (Sambucus nigra). To transform soluble polymers into simple-to-use value-added consumer products, JRF Technology offers product formulation and research & development services.
- In September 2021, Pace International LLC introduced PrimaFresh® 60 Organic, a leading supplier of postharvest solutions and technology for the fresh produce sector (OR). To better control the dehydration in stone fruit and enhance its fresh appeal, Pace developed PrimaFresh 60 OR, a premium range of organic edible plant-based coatings.
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Key Segments in the Edible Packaging Market
By Material:
- Protein
- Polysaccharides
- Lipid
- Others
By Source:
- Plant
- Animal
By Packaging Process:
- Antimicrobial
- Nanotechnology
- Electrohydrodynamic
- Coatings
- Microorganism
By End-user:
- Food & Beverages
- Pharmaceuticals
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
TOC to be Continued..
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