Edible packaging involves packaging materials that are entirely edible and biodegradable. Edible packaging is produced from materials that include proteins, polysaccharides, lipids, and resins. Common biopolymers used in edible packaging include proteins such as zein, gelatin, gluten, soy protein, and casein. Polysaccharides such as cellulose, chitin, chitosan, and starch are also incorporated. Edible packaging materials protect foods from damage, contamination, and tampering while increasing their shelf life. They avoid the need for disposal as they get digested like regular food.
The global Edible Packaging Market is estimated to be valued at US$ 1067.15 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Reducing plastic waste generated from packaging has become a major opportunity in the edible packaging market. Growing environmental concerns towards excessive and non-biodegradable plastic usage are driving demand for edible and biodegradable packaging alternatives. Edible packaging gets completely dissolved and assimilated in the human body and environment without leaving behind any toxic residues like plastic. This helps address waste management issues and drive sustainability in the packaging sector. Regulations prohibiting single-use plastic are further fueling uptake of edible packaging made from biopolymers. As awareness rises regarding benefits of edible packaging in waste reduction, the market is expected to gain significant traction over the forecast period.
Porter's Analysis
Threat of new entrants: The Edible Packaging Market Share requires high capital investments for R&D activities and setting up production facilities, acting as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market as there are numerous established players offering a variety of edible packaging products.
Bargaining power of suppliers: The edible packaging market has the presence of numerous raw material suppliers globally. This reduces supplier bargaining power.
Threat of new substitutes: There exists a threat of substitute products like biodegradable and compostable plastic packaging.
Competitive rivalry: The edible packaging market witnesses high competition due to the presence of numerous regional and international players.
SWOT Analysis
Strengths: Edible packaging is environment-friendly and prevents food wastage. It offers advantages like extending shelf life.
Weaknesses: High costs involved and limited applications. Adoption of technology remains a challenge.
Opportunities: Growing focus on sustainability and demand for green packaging present opportunities for market expansion.
Threats: Stringent regulations and availability of substitute products pose threats.
Key Takeaways
The global edible packaging market is expected to witness high growth.
Regional analysis: North America is the second largest as well as the fastest growing region owing to rising health awareness and stringent environmental regulations regarding food packaging in the US and Canada. Europe is another major market supported by presence of key players and focus on eco-friendly solutions.
Key players: Key players operating in the edible packaging market are Tianshui Huatian Technology Co Ltd, Hana Micron Inc., lingsen precision industries Ltd, Formosa Advanced Technologies Co. Ltd (FATC), Advanced Semiconductor Engineering Inc. (ASE Inc.), Amkor Technology Inc., Jiangsu Changjiang Electronics Technology Co. Ltd, Powertech Technology, King Yuan Electronics Corp. Ltd, ChipMOS Technologies Inc., TongFu Microelectronics Co., and Signetics Corporation.
Get More Insights On This Topic: https://www.ukwebwire.com/edible-packaging-market-share-and-size-analysis/
