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Edible Films And Coatings Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Edible Films And Coatings Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The edible films and coatings market size is expected to see strong growth in the next few years. It will grow to $4.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.” - The Business Research Company
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What is the Market Size of Edible Films and Coatings in 2024 And Its Growth Rate?
The edible films and coatings market has shown significant growth in recent years. It is set to rise from $3.2 billion in 2023 to $3.46 billion in 2024, reflecting a compound annual growth rate CAGR of 8.3%. This growth during the historic period has been driven by factors such as increased food preservation and shelf-life extension, consumer demand for natural and sustainable packaging, reduction of food waste, regulatory compliance and food safety, and increased environmental concerns.
What is the Future Outlook on the Edible Films and Coatings Market Growth?
The edible films and coatings market is projected to continue its strong growth trajectory over the next few years. It is estimated to reach $4.89 billion in 2028, growing at a CAGR of 9.0%. During the forecast period, growth is expected to be influenced by factors such as the increasing use of plant-based and vegan edible coatings, heightened food security and traceability, incremental use of functional ingredients in edible coatings, the need for cost savings and efficiency, and emergent market growth. Innovation will also play a significant role with trends pointing towards technological advancements in food packaging, industry collaboration and research, and the development of innovative edible packaging materials including smart packaging and qr code integration, alongside clean label and transparent packaging.
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What Factors are Projected to Drive Growth in the Edible Films and Coatings Market?
The increase in the global sales of fruits and vegetables is expected to be a significant growth driver for the edible films and coatings market. Fruits and vegetables serve as food obtained from plants, and edible films and coatings are used for their packaging as these coatings are eco-friendly and can extend their shelf life substantially. A report by FreshPlaza, a Netherlands-based media platform for the fresh produce industry, noted that the sale of organic fresh produce hit $2.3 billion in the first quarter of 2022, growing by 4% from previous years. Therefore, this increase in the global sales of fruits and vegetables is expected to propel the growth of the edible films and coatings market.
The full report on the Edible Films and Coatings Global Market can be accessed here:
Who Are the Key Players in the Edible Films and Coatings Market?
Major companies operating in the edible films and coatings market include Tate & Lyle PLC, DuPont de Nemours Inc., Döhler GmbH, Royal DSM N.V., Cargill Inc., Ingredion Incorporated, Watson Inc., Kerry Group plc, Ashland Global Holdings Inc., JRF Technology LLC, BluWrap Inc., CP Kelco India Pvt Ltd., Nagase & Co. Ltd., Food Machinery and Chemical Corporation FMC Corporation, MonoSol LLC, Lactips S.A., Pace International LLC, Sumitomo Fertilizer Manufacturing Co Ltd., Sufresca, AgroFresh Solutions Inc., Akorn Technology Inc., Bayer AG, H.C. Starck Tantalum and Niobium GmbH, Heliatek GmbH, AGC Seimi Chemical Co Ltd., Novaled AG, Badische Anilin- & Soda-Fabrik BASF SE, AU Optronics Corp., Graphic Packaging International LLC.
What are the Emerging Trends in the Edible Films and Coatings Market?
Technological advancement is a key trend gaining traction in the edible films and coatings market. Major companies are focusing on product innovation and pioneering methods to consolidate their foothold in the market. For example, in April 2021, AgroFresh Solutions Inc., a US-based food freshness and quality solutions provider, launched VitaFresh Botanicals – Life Ultra, a new plant-based film incorporating an innovative nanoemulsion process. This product reduces dehydration and food loss for certain tropical fruits, offering superior food coating and maintaining the freshness of the product.
In Which Segments Does the Edible Films and Coatings Market Breakdown?
1 By Ingredient Type: Protein, Polysaccharides, Lipids, Composites
2 By Application: Dairy products, Bakery and Confectionery, Fruits and Vegetables, Meat, Poultry, and Seafood, Other Applications
3 By End-User: Food and Beverage, Pharmaceuticals
What Are the Regional Insights Into the Edible Films and Coatings Market?
In 2023, North America held the largest share in the edible films and coatings market. However, Asia-Pacific is projected to be the fastest-growing region during the forecast period. The market report also covers other regions such as Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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