According to a new report published by Allied Market Research, titled, "Edible Packaging Market by Material type and End user: Global Opportunity Analysis and Industry Forecast, 2017-2023," the edible packaging market was valued at $697 million in 2016, and is projected to reach at $1,097 million by 2023, growing at a CAGR of 6.81 % from 2017 to 2023. Europe is expected to be the leading contributor to the global edible packaging market, followed by North America and Asia-Pacific.
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Increase in consumption of processed food & beverages, reduction in packaging wastage, rise in hygiene concerns among people and increase in shelf life of products, growth in disposable income of consumers, and rise in standard of living encourages the adoption of edible packaging products in the industry and thus drive the edible packaging market growth. In addition, this eco-friendly packaging technique helps preserve the environment as the products are renewable as well as edible and safe for human consumption thereby reducing plastic packaging waste and fueling the edible packaging market growth. However, the higher cost of edible packaging materials in comparison with the synthetic materials and high regulatory requirements is expected to hamper the edible packaging market growth. Various advancements in technology such as introduction of nanotechnology in packaging as well as the addition of healthy proteins in the edible food packaging is expected to provide numerous opportunities in the edible packaging market.
In 2016, the lipid-based edible packaging segment accounted for the maximum revenue share in the overall edible packaging industry as they are excellent barrier of oxygen and water vapor and prevents the food from contamination. Protein-based films are expected to grow at a fastest CAGR of 7.5% in the edible packaging industry owing to the value-added benefits of proteins to the body such as high immunity and proper functioning of human body as well as improvement in energy levels in humans. Protein films are made up of corn zein, gluten, and caseins, which are considered safe for human consumption.
Moreover, the food & beverages segment held the highest market share in 2016 for of around 72% in the end user segment in the global edible packaging market.
Moreover, the composite films are expected to grow at a CAGR of 7.2% during the forecast period. The demand for polysaccharides is expected to increase as they help preserve the quality of the food and improve the shelf life of the products; they are widely used in the pharmaceutical industry.
Europe accounted for the major share of the global edible packaging market in 2016 owing to the growth of food & beverages segment and stringent regulations regarding the same. North America is expected to generate the maximum revenue during the forecast period. Asia-Pacific is estimated to grow at the highest rate in the global edible packaging market due to rise in preference of hygienic packaging and the growth of pharmaceutical industry in this region.
Key Findings of the Edible Packaging Market:
- In 2016, the lipids segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 6.1% during the forecast period.
- The pharmaceuticals segment accounted for 27.56% in the global edible packaging market.
- The U.S. is the major shareholder in the North America edible packaging market, accounting for more than 42% share in 2016.
The key players profiled in the edible packaging market includes WikiCell Designs Inc, MonoSol LLC, Tate & Lyle Plc, JRF Technology LLC, Safetraces, Inc., BluWrap, Skipping Rocks Lab, Tipa Corp, Watson, Inc., and Devro plc. Market players have adopted various strategies, such as product launch, collaboration & partnership and acquisition, to expand their foothold in the market.