April 24, 2024
Edible Packaging Market

Edible Packaging Market is Estimated to Witness High Growth Owing to Increasing Need for Sustainable Packaging

Edible packaging refers to biodegradable food packaging materials made from edible ingredients like fruits and vegetables, which can be safely consumed as food. Edible packaging films are typically made from polysaccharides and lipids that form thin, flexible films which help extend the shelf life of fresh food products. The edible films act as semi-permeable barriers to moisture, oxygen, carbon dioxide, and flavors. They are environment-friendly, non-toxic, and biodegradable. With growing concerns about plastic waste and demand for sustainable packaging solutions, edible packaging is gaining traction worldwide.

The Global Edible Packaging Market Demand is estimated to be valued at US$ 1229.36 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Edible Packaging are Tianshui Huatian Technology Co Ltd, Hana Micron Inc., lingsen precision industries Ltd, Formosa Advanced Technologies Co. Ltd (FATC), Advanced Semiconductor Engineering Inc. (ASE Inc.), Amkor Technology Inc., Jiangsu Changjiang Electronics Technology Co. Ltd, Powertech Technology, King Yuan Electronics Corp. Ltd, ChipMOS Technologies Inc., TongFu Microelectronics Co., and Signetics Corporation.

The key opportunities in the edible packaging market include large untapped markets in developing countries and growing popularity of biodegradable and sustainable packaging solutions among consumers and regulatory push for single-use plastic ban. Emerging applications in pharmaceuticals, nutraceuticals and other industries will further drive the market growth.

Globally, the edible packaging market is expected to witness highest growth in Asia Pacific region mainly due to large population, rapid urbanization, growing middle class, and strict regulations against plastic usage. North America and Europe are also seeing increased adoption of edible films and coatings for food packaging driven by sustainability goals.

Market drivers

One of the key drivers for the edible packaging market is the increasing need for sustainable and eco-friendly packaging solutions. There is a rising global movement against single-use plastics due to the massive plastic waste generation. Edible packaging provides a biodegradable and greener alternative to conventional plastic packaging materials. Consumers are also more inclined towards brands promoting sustainable practices through edible coatings on fruits and vegetables. The regulatory push for single-use plastic bans across countries will further drive the demand for edible packaging films and coatings.

PEST Analysis

Political: The edible packaging market is affected by regulations related to food safety and environmental sustainability. Various governments are promoting edible packaging to reduce plastic waste.

Economic: Rising disposable incomes and changing consumer preferences towards sustainable packaging solutions are positive factors. However, high R&D costs required for new edible materials impact growth.

Social: Growing awareness about eco-friendly options and health concerns related to plastic packaging boost demand. Social media promotes sustainable brands using edible films and coatings.

Technological: Advancements in material science facilitates the development of novel edible polymers with improved properties. Companies invest in automation to produce edible films and coatings on a large scale.

Geographical concentration

North America accounts for the largest share of the global edible packaging market in terms of value. This is attributed to stringent government policies promoting sustainable packaging and presence of major players. Europe is another major regional market driven by rising adoption of plant-based and biodegradable options across industries.

Fastest growing region

Asia Pacific region is expected to witness the highest growth during the forecast period. Factors such as growing food processing industry, rapid urbanization, rising disposable incomes, and increasing health and environmental concerns are fueling market expansion in the region. China, India and other developing countries offer immense growth opportunities for edible films and coating manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it