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Growth in urbanization, adoption of hygienic and packaging food products, and improvement in living standards of the consumers
WILMINGTON, DE, UNITED STATES, December 19, 2024 /EINPresswire / -- Edible Packaging Market: Growth, Trends, and Opportunities
A recent report by Allied
market Research titled "Edible Packaging Market by Material Type and End User: Global Opportunity Analysis and
industry Forecast, 2017-2023" highlights significant growth in the edible packaging sector . Valued at $697 million in 2016, the market is projected to reach $1,097 million by 2023, growing at a compound annual growth rate (CAGR) of 6.81% from 2017 to 2023. Europe leads the market, followed by North America and Asia-Pacific.
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Market Drivers
The edible packaging market is driven by several key factors:
Rising Demand for Processed Foods: Increasing consumption of processed food and beverages has propelled the demand for sustainable packaging solutions like edible packaging.
Eco-Friendly Packaging: Edible packaging reduces plastic waste, offering an environmentally friendly alternative. These materials are both renewable and safe for human consumption, aligning with global sustainability goals.
Hygiene and Shelf-Life: Enhanced hygiene standards and improved shelf life of packaged products encourage the adoption of edible packaging across industries.
Economic Factors: Rising disposable incomes and improved living standards have increased consumer preference for innovative, sustainable packaging solutions.
However, challenges such as the higher cost of edible materials compared to synthetic options and stringent regulatory requirements hinder market growth. Despite this, technological advancements, such as nanotechnology and the integration of protein-based films, provide promising opportunities.
Material Analysis
In 2016, the lipid-based edible packaging segment dominated the market, contributing the largest revenue share. Lipid-based materials act as effective barriers to oxygen and water vapor, preventing contamination and preserving food quality.
Protein-based films are projected to grow at the fastest CAGR of 7.5% during the forecast period. These films, derived from materials like corn zein, gluten, and caseins, are not only safe for consumption but also offer health benefits, including boosting immunity, improving energy levels, and supporting proper body functioning.
Composite films are expected to grow at a CAGR of 7.2%, driven by their ability to preserve food quality and extend shelf life. Polysaccharides, a key component of these films, are particularly in demand within the pharmaceutical sector for their protective properties.
End-User Insights
The food and beverages segment held the highest market share of around 72% in 2016 and continues to dominate the edible packaging market. Its widespread adoption across the industry reflects growing consumer demand for hygienic and sustainable packaging solutions.
Additionally, the pharmaceutical sector accounted for 27.56% of the global market in 2016. The rising use of edible packaging to enhance product safety and preserve medicinal properties drives this segment's growth.
Regional Outlook
Europe: The region accounted for the largest market share in 2016, driven by growth in the food and beverages sector and stringent regulations promoting sustainable packaging.
North America: Anticipated to generate the highest revenue during the forecast period due to advancements in packaging technology and increasing consumer awareness.
Asia-Pacific: Estimated to grow at the highest CAGR, fueled by rising preferences for hygienic packaging and rapid expansion of the pharmaceutical industry in countries like India and China.
Key Market Developments
Leading companies in the edible packaging industry have employed strategies such as product launches, collaborations, partnerships, and acquisitions to expand their market presence.
WikiCell Designs Inc, MonoSol LLC, and Skipping Rocks Lab are prominent players offering innovative edible packaging solutions.
In addition, companies like Tate & Lyle Plc, BluWrap, and Tipa Corp are leveraging advancements in technology to introduce sustainable and effective packaging materials.
For instance, MonoSol LLC has developed water-soluble packaging films, while Skipping Rocks Lab introduced an edible water pod, showcasing the industry's commitment to innovation.
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Key Findings
The lipid-based segment accounted for the maximum revenue in 2016 and is projected to grow at a CAGR of 6.1%.
The food and beverages segment dominated the end-user market, while the pharmaceutical segment held a significant 27.56% share.
The U.S. led the North American market, contributing over 42% of the regional revenue in 2016.
David Correa
Allied Market Research
+ 1 800-792-5285
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