Edible packaging involves using edible ingredients like fruits, vegetables and proteins to package food items. Products like edible films and coatings are formed using components like proteins, polysaccharides and lipids which act as protective layers for food packaging. These edible films not only protect foods from external factors like moisture, oxygen, CO2 etc., but also increase the shelf life without using any synthetic chemicals. Use of edible packaging reduces waste and is more environment friendly and sustainable compared to plastic packaging.

The Edible Packaging Market is estimated to be valued at US$ 1067.15 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving growth in the edible packaging market is the rise in demand for sustainable packaging solutions. With increasing awareness about environmental pollution caused by plastic waste, consumers are inclined towards green packaging options. Edible packaging provides a biodegradable and eco-friendly substitute to plastic packaging. It can be consumed along with the product or get degraded after disposal, thus reducing plastic waste. Moreover, the ability of some edible films to increase shelf life of perishables makes them attractive for food manufacturers and retailers. innovations around ingredients, formulations and technologies in edible films and coatings are further expanding their applications across food types.

Porter’s Analysis
Threat of new entrants: The high capital requirements for setting up manufacturing facilities and brand recognition pose barriers for new entrants in the edible packaging market.
Bargaining power of buyers: Buyers in the edible packaging market have moderate bargaining power. The availability of substitutes provide buyers with alternatives.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to diversified supply sources for ingredients like starch, seaweed, and algae used for edible packaging production.
Threat of new substitutes: Expanding applications of innovative bioplastics and paper packaging substitute threaten edible packaging market.
Competitive rivalry: Intense as key players compete on pricing, product differentiation and innovation.

SWOT Analysis
Strength: Strong growth prospects due to increasing demand for sustainable and edible packaging from food & beverage industry.
Weakness: Higher costs compared to conventional plastics restrict wider adoption. Vulnerable to fluctuations in raw material prices.
Opportunity: Growing focus on green packaging offer opportunities. Potential in pharmaceuticals and cosmetic sectors.
Threats: Stringent regulations and safety standards associated with edible packaging. Substitute threat from bioplastics.

Key Takeaways
The Global Edible Packaging Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing awareness towards sustainability and reduction of plastic waste. Regionally, North America dominates currently while Asia Pacific is anticipated to emerge as the fastest growing region backed rising food packaging demand from densely populated countries like India and China.

Key players operating in the edible packaging market are MonoSol, Kuraray Co. Ltd., JRF Technology, WikiFoods Inc., Safetraces Inc., and Tate and Lyle Plc.New Zealand Manuka Group, Hispanagar, Acroyali Holdings Qingdao Co., Ltd., Industrias Roko, S.A., Neogen, Merck Group, Agarindo Bogatama, Setexam, and Norevo GmbH. The market is moving towards consolidation as large players acquire regional firms to strengthen their product portfolios. Innovation is key to gaining competitive edge with new edible films and coatings being explored for applications in biscuits, snacks, candies and more.

Regional analysis related content
North America currently accounts for around 30% share of the global edible packaging market led by the U.S. and Canada. However, Asia Pacific is estimated to emerge as the fastest growing regional market exhibiting a CAGR of 7.8% during the forecast period. Rapid growth in the region is credited to rising food consumption along with strict regulations imposed on single use plastics by governments of densely populated countries such as India and China. The South and East Asian countries offer lucrative opportunities for market players looking to tap into high demand .

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