The ecofriendly trend is restructuring a number of industries and the manufacturers of food and beverage products are swiftly adopting the changes to make a mark over their end users. Besides being adverse to the environment both in terms of manufacturing requirements and decomposing, the traditional methods of packaging are now being replaced by innovative methods such as edible packaging. Developed using materials that are biodegradable in nature as well as microwave-friendly, the market for edible packaging is expanding as consumer are getting lured to its benefits.
According to a recent business intelligence report by Transparency Market Research (TMR), the demand in the global edible packaging market will increment at a notable CAGR of 6.9% during the forecast period of 2016 to 2024. In terms of revenue, the analyst of the TMR report has estimated the opportunities in the edible packaging market, across the world, to translate into US$1.30 billion by the end of 2024, swelling up substantially from its evaluated worth US$0.77 billion as of 2016.
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Handful of Players Holding Major Shares
The TMR report notifies of a fairly opportune competitive landscape in the edible packaging market, with only a handful of players venturing into this relatively niche segment of the packaging industry as a whole. Currently, the shares are significantly consolidated within a small group of players such as JRF Technology LLC, Tate and Lyle Plc., MonoSol, and WikiCell Designs Inc. These players are among the pioneers in the field and are expected to retain their prominence with consistent emphasis on research and development. However, some of the other major players from similar fields with financial might are expected to make a foray into this lucrative market for edible packaging and eat into the global shares. The threat from local and domestic vendors is expected to be moderate to negligible over the course of the aforementioned forecast period.
Based on material type, the edible packaging market has been segmented into surfactants, polysaccharides, composite films, and protein films. End user industries studied under this report for their potential of demand are pharmaceutical and food and beverage producers, who have been further sub-segmented into dairy products, baby food, cakes and confectionery, and fresh food. Geographically, the developed country of the U.S. is anticipated to sustain North America are the region with maximum demand potential, providing for more than 36% of the total demand for edible packaging as of 2016. A number of key players are housed out of this country and localized demands are being served first. However, in a bid to gain greater shares, a number of players are expected to venture into the developing regions in Asia Pacific as well as other developed countries in the European region.
Growing Consumption of Processed Food Driving Demand
Some of the key factors augmenting the demand in the global edible packaging market are: heightening consumption of processed food products among urban populations with disposable income and restless lifestyle, growing awareness regarding the maintenance of hygiene in order to avoid various viral and infectious diseases, and increased among of packaging waste using synthetic polymers that has come under strong scrutiny from a number of governmental agencies. Edible packaging not only has the benefit of producing significantly lower the amounts of packaging waste, they are also made up from films that constitute milk proteins and probiotics that offer nutrients and oxygen shields for the products to refrain from contamination.
- Global edible packaging market estimated to be worth US$1.30 billion by 2024
- Total shares in this relatively niche packaging market are fairly consolidated within a few pioneering players
- North America is expected to remain the region with maximum demand potential
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Key Segments of the Global Edible Packaging Market
By Material Type
- Protein Films
- Composite Films
By End User
- F&B Manufacturing
- Fresh Food
- Cakes & Confectionery
- Baby Food
- Dairy Products
- Other Food Products