 |
| Global Edible Packaging Market Size |
Edible packaging refers to packaging materials that are completely edible and
non-toxic. These packaging materials are made from edible ingredients like
fruits, vegetables, seeds, seaweeds, and proteins. Edible packaging offers
great advantages over conventional plastic packaging as it is completely
biodegradable and compostable. It keeps food fresh while reducing the usage of
plastic packaging which ultimately helps in decreasing plastic waste.
The global
edible packaging Market is estimated to be valued at US$1067.15 Mn in 2023 and
is expected to exhibit a CAGR of 7.3% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The opportunity to reduce plastic waste is fueling the growth of the edible
packaging market. According to estimates, around 300 million tons of plastic
waste is generated every year across the globe, out of which only 9% gets
recycled while the rest ends up in landfills or oceans. The non-biodegradable
nature of plastic leads to severe environmental pollution issues. Edible
packaging provides a sustainability-oriented solution to this problem as it
eliminates the use of single-use plastic packaging. Being made from edible
ingredients, edible packaging completely biodegrades after usage, thus reducing
plastic waste. As concerns over environmental protection rise, more companies
are expected to switch to edible packaging solutions, driving higher market
growth over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements to enter
the edible packaging market as they need to invest heavily in R&D as well
as production facilities. Bargaining power of buyers: Buyers have high
bargaining power in the edible packaging market as the market is fragmented
with presence of numerous global as well as regional players. Bargaining power
of suppliers: Suppliers have moderate bargaining power due to availability of
raw material suppliers. Threat of new substitutes: Threat of new substitutes is
medium as bioplastics can be used as an alternative for edible packaging.
Competitive rivalry: The market is highly competitive due to presence of
numerous established as well as emerging players.
SWOT Analysis
Strengths: Biodegradable and eco-friendly in nature. Provides protection to
food items. Weaknesses: High production costs. Limited moisture barrier
properties. Opportunities: Growing demand for sustainable packaging solutions.
Increasing usage in food delivery applications. Threats: Availability of
alternative bioplastics packaging. Slow commercialization of technologies.
Key Takeaways
Global
Edible Packaging Market Size is expected to witness high growth during
the forecast period of 2023-2030.
Regionally,
North America dominates the edible packaging market and is expected to maintain
its dominance over the forecast period. Major factors responsible for its large
market share include the increasing demand for sustainable packaging solutions
along with the strong presence of key edible packaging manufacturers in the
region.
Key players operating in the edible packaging market 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.
These players are focusing on new product launches and partnerships to
strengthen their presence in the edible packaging market.
Get More Insights On This Topic: https://www.ukwebwire.com/global-edible-packaging-market-share/