Global Edible Packaging Market is expected to grow at a CAGR of 4.6% during the forecast period from 2019-2026

As per the report published by Fior Markets ,the global Edible Packaging market is expected to grow from USD 503.82 Million in 2018 to USD 721.99 Million by 2026, at a CAGR of 4.6% during the forecast period from 2019-2026.The North America region led the global Edible Packaging market with a market share of 32.34% in 2018 owing to a large customer base of edible packaging solutions in the region.The region represents a paradigm shift from single-use plastics to edible alternatives as a key way to reduce packaging waste. Food and beverage manufacturers in the region as well as food service outlets are adopting edible packaging solutions in their product formats in an effort to reduce waste and are incentivized through federal tax breaks which led the North America region to dominate the global Edible Packaging market in 2018.Asia Pacific market is anticipated to grow at the highest rate over the forecast period. The key factor leading to this remarkable demand for the product in the region is the increasing awareness among consumers about the drawbacks of excessive use of plastics for food packaging coupled with the ban on single-use plastics. It is also expected that the growth of the food & beverage and pharmaceutical industries will also strengthen product demand over the next few years.

"Edible Packaging Market by Source (Plant and Animal), Raw Material, End-Use, Regions",and Global Forecast 2019-2026.

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Major players in the global Edible Packagingmarket are Amtrex Nature Care Pvt. Ltd., Apeel Sciences, Coolhaus, DevroPlc, Do Eat, JRF Technology, Lactips, Mantrose UK Ltd., Monosol LLC, Nagase America, Notpla Ltd. and Regeno Bio-Bagsamong others.Edible packaging is a thin film used to wrap or coat food products and drugs to extend the product's shelf life and can be eaten together or removed prior to use. Packaging material needs to adhere to the properties of safe-food ingredients and attain Generally Recognized As Safe (GRAS) status as per the Food and Drug Administration (FDA) regulation. The increase in popularity of edible packaging solutions can be attributed to government initiatives, developments in packaging technology, and the development of new sources for edible packaging solutions. China, Indonesia and India are among the key markets targeted by manufacturers and distributors of edible packaging due to government policies favoring the edible packaging solutions and established base for raw materials in terms of plant-based sources that supports the growth of edible packaging solutions in the region.However, the cost of manufacturing edible packaging is high since the packaging needs to meet the sanitary requirements while in transit which may hamper the market growth over the forecast period.

For instance, in May 2017, Lactips developed an edible plastic made from milk protein (casein), claiming it has enormous potential for intelligent packaging in the food and beverage industry. In may, 2019, BASF and Lactips announced that both companies have signed an exclusive contract to market Lactips' water-soluble, 100% biobased and fully biodegradable material prepared from natural ingredients.

The type segment is divided intoplant and animal. The complete mix segment emerged as the leader in the global Edible Packaging market with a market share of around 67.5% in 2018.Due to growing concerns about single-use plastics and their possible prohibition, edible packaging has gained popularity among both manufacturers and consumers. Advancements in sources for edible packaging have also helped bolster prospects among manufacturers. Edible packaging helps to reduce waste from single-use plastics while also providing a sustainable alternative for container applications in foodservice and delivery applications. The application segment includesseaweeds and algae, polysaccharides, lipids and others. The seaweeds and algae segment is projected to grow at a higher CAGR of around 4.9% during the forecast period becauseseaweed and algae have emerged as popular sources of raw material in the manufacture of edible packaging items. The inherent nature of seaweed as a nutrient-rich food source further boosts the adoption of seaweed in packaging applications without the need for additional chemicals. Commercial seaweed farming across Asia-Pacific countries has also helped supply the industrywith sufficient raw material inputs and is seen as a sustainable source to meet industry packaging requirements.The end-use segment includes food, beverage and pharmaceuticals. The pharmaceutical segment is projected to grow at a higher CAGR of around 4.7% during the forecast period because edible packaging is primarily used in the pharmaceutical industry for the packaging of capsules. Growing global health awareness has boosted pharmaceutical and nutraceutical markets around the globe, this is expected to favorably impact the product demand in the forecast period.

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Edible packaging has witnessed increased adoption due to factors such as high consumption of processed food products, rise in hygiene concerns among people, and increase in packaging waste by the usage of synthetic polymers thereby affecting the environment, which will propel the edible packaging market growth over the forecast period. However, the edible layers are more prone to catch dirt and germs and other harmful particles, which can contaminate the food product. Consequently, to protect those layers from catching dirt and germs, the companies have to spend a lot of money which may hamper the growth of the market.

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