The edible packaging market is estimated to grow at a CAGR of 9.93% to reach US$719.752 million in 2024 from US$407.836 million in 2018. Edible packaging refers to an alternative to conventional packaging wherein the packaging itself is safe for human consumption. The concept of edible packaging was created to eliminate waste that accumulates after consuming packaged food products. Besides from the perspective of eliminating waste, edible packaging can be utilised for multiple applications such as product quality, stability, safety, convenience for consumers, etc. the demand for edible packaging is expected to increase on account of the rising consumption of processed food around the world. The growing concern regarding the waste created through conventional forms of packaging is projected to improve the demand of the edible packaging market.
Furthermore, the intensifying hygiene concerns around the globe is poised to create new avenues for the edible packaging market. The developing technological advancements fuelled through the increasing investments in research and development of edible packaging is poised to create new opportunities for the market. Geographically, the North American region is estimated to hold a significant share of the market owing to the early use as well as the production of the packaging process in the region. The Asia-Pacific region is anticipated to have a high growth rate during the forecast period due to the rise in the standard of living coupled with the growing consumption of processed food products in the region.
The major players profiled in the Edible packaging market include Kuraray Co. Ltd., Tate and Lyle Plc, JRF Technology, LLC, WikiCell Designs, Pace International LLC, Safetraces, Inc., Tipa Corp, Watson, Inc., Devro plc, Interpack, Nagase & Co. Ltd, Ingredion Inc, Evoware, Coveris Holdings, and Dupont de Nemours and Company.
The edible packaging market has been analyzed through the following segments: