Edible Packaging Market Growing Consumption Of Processed Food Products

According to Precision Business Insights (PBI), latest report, the global edible packaging market size was valued at USD 649,8 million in 2022 and is expected to grow at a 4.6% CAGR during the forecast period 2023-2029. The primary drivers of the expansion of the global edible packaging market include growing consumption of processed food products, increasing duration life of the packed products and usage of plastic free products by the industries.

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Plant Segment to dominate the edible packaging market:
Based on source, which is further categorised into plant and animal, and among these the plant segment is expected to record a highest market share than the edible packaging market. Because of the growing adoptability for the plastic free products, maintaining an well balanced ecosystem and the plant based products are highly degradable and an important object for the environmental safety. Thus, the utmost factor is the environmental protection and the consumer, industrial verticals continuously thriving for production of eco-friendly products is constantly helpful in driving the market growth.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global edible packaging market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In November 2020, Tipa Corp announced its expansion into Italian compostable materials market to avail composting infrastructure and readiness of Italian consumers for compostable packaging.

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The global edible packaging market is segmented based on raw material, source, packaging process, end-user, and geography.
Based On the Raw Material:
• Seaweeds & Algae
• Polysaccharides
• Lipids
• Proteins
• Surfactants
• Composite Films
• Others

Based On the Source:
• Plant
• Animal

Based On the Packaging Process:
• Antimicrobial
• Nanotechnology
• Electrohydrodynamic
• Coatings
• Microorganisms

Based On the End-user:
• Beverages
• Pharmaceuticals

Based On the Geography:
• North America
• Europe
• Asia-Pacific
• South America
• MEA

North America edible packaging Market
North America is expected to become the leading region in the global edible packaging market worldwide. Because of its increasing adoptability of plant-based packaging for the food products, which highly impacts the food & beverages and packaging businesses, and in addition the growing demand for edible packaging solutions in the region. The Asia Pacific market is also significantly showing up a decent growth rate after due to its expanding food industry, increasing population and it also adapting the lifestyle into completely using the natural based products. The Europe region is expected to grow moderately in the global edible packaging market.

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The global edible packaging market report key players are Monosol LLC, JRF Technologies, Evoware, Nagase America, Notpla, Wiki Cells Designs, Tate & Lyle, Safetraces, Bluewrap, Skipping Rocks Labs, Tipa Corp, Watson Inc, Devro Plc.

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This release was published on openPR.