Edible Films and Coatings Market: North America Projected to be the Most Attractive Regional Market Through 2027
Revenue generated from the global edible films and coatings market is estimated to be valued at US$ 2,139.1 Mn by the end of 2017 and is expected to increase at a CAGR of 4.5% over the forecast period. Global edible films and coatings market is expected to be valued at US$ 3,336.7 Mn by the end of 2027.
Global Edible Films and Coatings Market: Driving Forces
A growing focus by food manufacturers on reducing wastage from packaging material, Increasing shelf life of products, safety issues, and effective usage of space, Rising consumption of convenient food offerings especially in developed regions, Governmental initiatives to reduce the carbon foot print in the food sector, Alternative uses of edible films and coatings as additives
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Drivers & Restraints
Packaging accounts for approximately one-third of the world’s garbage. Increasing awareness about environmental problems related to disposal of solid waste and reducing the amount of waste generated are major reasons why food manufacturers are focussing on packages that can be recycled, in order to reduce the amount of waste. Edible packaging plays a key role in minimising packaging material wastage from a sustainable materials perspective. Packaging manufacturers and retailers have a key role in making valuable contribution to resolve these problems.
Films and coatings that are used in edible packaging are helping manufacturers reduce wastage of raw material. The inherent benefits of edible packaging have led to an increased adoption by manufacturers and this factor is boosting revenue growth of the global edible films and coatings market.
The global edible films and coatings market is not bereft of challenges. Lack of local manufacturers and import dependency of edible films and coatings results in a high value of packaging over the present packaging solutions. Recycling cost is lesser against total value required for edible packaging. This, coupled with the restrictions on availability is anticipated to act as a major restraint globally for the growth of the edible films and coatings market over the forecast period.
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Analysis by Region
On the basis of region, the market is segmented into North America, Latin Europe, Western Europe, Eastern Europe, APEJ, the Middle East and Africa, and Japan. The North America region is expected to dominate the global edible films and coatings market over the forecast period in terms of value share. The North America edible films and coatings market is estimated to account for a relatively high value share of 33.8% by 2017 end, and is anticipated to register CAGR of 5.0% in terms of value over the forecast period.
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