May 27, 2024
Edible Packaging Market

Edible Packaging Market Embracing Sustainability Concerns through Biodegradable Materials

Edible packaging products are more environmentally friendly than conventional plastic packaging as they can be eaten along with the product or dissolved and consumed as part of a meal. Edible coatings function as barriers to extend shelf life while reducing waste. Edible films and coatings are manufactured from renewable biomaterials such as lipids, proteins, polysaccharides and resins extracted from plants and animals. They help preserve quality attributes like taste, aroma, texture and nutritional value while providing convenience and enhancing safety.

The Global Edible Packaging Market Demand is estimated to be valued at US$ 1229.36 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Edible Packaging 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.

Growing awareness about environmental sustainability and health concerns associated with conventional plastics is driving the demand for edible packaging solutions globally. Advanced research in biomaterials is aiding the development of novel formulations to widen the application scope of edible films and coatings.

Major players are investing in R&D to expand their product portfolios and global footprint through partnerships, mergers and acquisitions. They are developing multifunctional and customized solutions to tap emerging opportunities across food categories in developed as well as developing economies.

Market key trends

One of the key trends gaining traction in the edible packaging market is the increased focus on active and intelligent packaging films. Technologies integrating antimicrobials, antioxidants, moisture regulators, ethylene scavengers, and freshness indicators are being incorporated into edible layers and coatings. This helps extend shelf-life further while monitoring food quality. Research on active compounds from natural sources is making such innovations more sustainable.

Porter’s Analysis
Threat of new entrants: High development and manufacturing costs act as entry barriers for new players in this market.

Bargaining power of buyers: Buyers have high bargaining power due to availability of several options from existing players.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials.

Threat of new substitutes: Threat of substitutes is low as edible packaging is innovating to provide better alternatives than conventional packaging.

Competitive rivalry: Intense competition exists among existing players to gain higher market share.

The geographical region where the edible packaging market is concentrated in terms of value is North America. The region accounted for around 30% value share of the global market in 2022. Rising demand for packaged and convenience food especially in the US and Canada coupled with growing vegan population drive the edible packaging market growth in North America.

The Asia Pacific region is expected to be the fastest growing geographical region for the edible packaging market during the forecast period from 2024 to 2031. The growth can be attributed to increasing consumption of packaged food and expanding middle-class population especially in countries like China and India. Moreover, growing environmental awareness and supportive government policies toward sustainable packaging also contribute to the edible packaging market growth in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it