Edible packaging refers to packaging materials that are completely edible and non-toxic. These packaging materials are made from edible ingredients like fruits, vegetables, seeds, seaweeds, and proteins. Edible packaging offers great advantages over conventional plastic packaging as it is completely biodegradable and compostable. It keeps food fresh while reducing the usage of plastic packaging which ultimately helps in decreasing plastic waste.
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:
The opportunity to reduce plastic waste is fueling the growth of the edible packaging market. According to estimates, around 300 million tons of plastic waste is generated every year across the globe, out of which only 9% gets recycled while the rest ends up in landfills or oceans. The non-biodegradable nature of plastic leads to severe environmental pollution issues. Edible packaging provides a sustainability-oriented solution to this problem as it eliminates the use of single-use plastic packaging. Being made from edible ingredients, edible packaging completely biodegrades after usage, thus reducing plastic waste. As concerns over environmental protection rise, more companies are expected to switch to edible packaging solutions, driving higher market growth over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements to enter the edible packaging market as they need to invest heavily in R&D as well as production facilities. Bargaining power of buyers: Buyers have high bargaining power in the edible packaging market as the market is fragmented with presence of numerous global as well as regional players. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material suppliers. Threat of new substitutes: Threat of new substitutes is medium as bioplastics can be used as an alternative for edible packaging. Competitive rivalry: The market is highly competitive due to presence of numerous established as well as emerging players.
SWOT Analysis
Strengths: Biodegradable and eco-friendly in nature. Provides protection to food items. Weaknesses: High production costs. Limited moisture barrier properties. Opportunities: Growing demand for sustainable packaging solutions. Increasing usage in food delivery applications. Threats: Availability of alternative bioplastics packaging. Slow commercialization of technologies.
Key Takeaways
Global Edible Packaging Market Size is expected to witness high growth during the forecast period of 2023-2030.
Regionally, North America dominates the edible packaging market and is expected to maintain its dominance over the forecast period. Major factors responsible for its large market share include the increasing demand for sustainable packaging solutions along with the strong presence of key edible packaging manufacturers in the region.
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. These players are focusing on new product launches and partnerships to strengthen their presence in the edible packaging market.
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