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The global market of edible packaging is growing and is expected to gain prominence over the forecast period. The global Edible Packaging Market Size is estimated to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, digit CAGR of 6.1% during the estimated period (2017-2023). Innovation plays a major role in driving the growth of Edible Packaging Market Size. Therefore, advanced technology in packaging has allowed companies to innovate products instead of sticking to traditional packaging methods.
The prominent players in the Edible Packaging Market include WikiCell Designs Inc. (U.S.), Tate & Lyle Plc. (U.K), Safetraces, Inc. (U.S.), JRF Technology, LLC (U.S.), Tipa Corp (Israel), MonoSol, LLC (U.S.), Watson, Inc. (U.S.), Devro plc (U.K), Interpack
Global Edible Packaging Market has been segmented based on material, application, and region. On the basis of material, the market has been segmented into polysaccharides, lipid, protein films and others. Lipid based edible packaging dominates the material segment of the market. Lipid compounds contain neutral lipids of glycerides. Lipids are used in edible packaging as they are excellent barrier of oxygen and water vapor and prevents the food from contamination.
On the basis of regions, global Edible Packaging Market Size is segmented as North America, Europe, Asia Pacific and Rest of the World (RoW). North America dominates the global Edible Packaging Market Size. Increasing demand packaged food in this region driving the growth of the market. U.S. accounted for the largest market share in North America. Rise in preference of hygienic packaging and the growth of pharmaceutical industry in this region is also fuelling the growth of the market.
Asia Pacific region is expected to be the fastest growing region for the market. Rapid growth in packaging industry in Asia Pacific region is the major factor driving the growth of the market. Growing industrialization and urbanization in the developing countries such as China and India, provides boost to the market. Additionally, the availability of raw materials and low labor cost, together form a positive influence on the market growth.
Global COVID-19 Impact appears to be highly fragmented and competitive owing to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition and expansion.
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