Edible Packaging Market worth USD 1.87 billion by 2028, registering a CAGR of 6.41% – Report by Market Research Future (MRFR)
New York, Sept. 17, 2021 (GLOBE NEWSWIRE) — Edible Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Edible Packaging Market Research Report, Material, End User and Region – Forecast till 2028” the market is projected to be worth USD 1.87 billion by 2028, registering a CAGR of 6.41% during the forecast period (2021 – 2028)., The market was valued at USD 783.32 million in 2021.
Key Players
Notable players in the global edible packaging market are –
- WikiCell Designs Inc. (U.S.)
- Nagase & Co. Ltd. (Japan)
- JRF Technology LLC (U.S.)
- Tipa Corp (Israel)
- Interpack (U.S.)
- Pace International LLC (U.S.)
- Ingredion Inc (U.S.)
- Safetraces Inc. (U.S.)
- Dupont de Nemours and Company (U.S.)
- Tate & Lyle Plc. (U.K)
- Coveris Holdings (U.S.)
- MonoSol LLC (U.S.)
- Evoware (Indonesia)
- Watson Inc. (U.S.)
- Devro plc (U.K)
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Multiple Factors to Bolster Market Growth
The global edible packaging market is predicted to increase steadily over the forecast period ending in 2028. The global market is expected to break existing benchmarks and reach new heights during 2021-2028. Innovation has a significant impact on the widespread adoption and expansion of edible packaging market trends. In most cases, innovation is combined with the development and advancement of existing technology, which plays a significant role in the edible packaging market. This is further pushing key market players to invest heavily in the development of items that stand out from the competition, have a positive influence on the target audience, and ultimately improve their revenues and sales figures. Companies are increasingly using smart, as well as sustainable, ways of innovation to guarantee that all food-related safety criteria are followed and that the food items have an influence on customers as a result of their appeal.
According to current industry trends, edible packaging solutions are gaining traction. The key cause for this is the government’s initiatives to expose consumers to healthy food that meets the standard requirements for consumption. Furthermore, packaging technology and advancement are on the rise, as is the emphasis of leading market participants, who are moving their attention to the availability of new types of sources dedicated to edible solutions for food packaging.
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The Worldwide Market to Grow Amid COVID-19 Pandemic
The unexpected spread of the novel coronavirus pandemic throughout many parts of the world prompted us to conduct a thorough examination of our healthcare system, as well as the basic lifestyle practices of people all over the world. Due to the nature of the situation in various regions around the world, the government has been obliged to impose various types of restrictions and lockdowns as a result of the pandemic’s spread. The migrant laborers have been forced to return to their hometowns as a result of these lockdowns. This has resulted in an even greater scarcity of labor. As a result of this, several enterprises have closed down their manufacturing and production operations. The lockdown originally reduced demand for edible packaging, but it eventually increased once the restrictions were relaxed.
Due to the gravity of the situation, people are turning to edible packaging solutions, which are developing as healthier and safer alternatives. Furthermore, these remedies are extensively used to eradicate the sources from which the virus spreads like wildfire. Furthermore, the target audience is expecting novel and creative packaging solutions, and key players are emerging to deploy the workforce amid the pandemic to think out of the box.
Market Segmentation
The global edible packaging industry has been segmented into material and end-user.
On the basis of material, the global edible packaging market has been segmented into Polysaccharides, Lipid, Protein Films and Others.
On the basis of end-user, the global edible packaging market has been segmented into Food & Beverage and Pharmaceutical.
Regional Analysis
North America to Lead the Global Market
The North American market, which includes the United States and Canada, is predicted to have the greatest share of the edible packaging market size. The primary cause for this is an increase in demand for packaged food as a result of lifestyle changes. Furthermore, firms are allowing for innovation and ditching traditional packing methods.
APAC to Witness Fastest Growth
The APAC region is expected to increase at a rapid pace by the conclusion of the global projection in 2023. The primary reasons for this are industrialization and rising urbanization in these countries. Due to the magnitude of its industrial expansion and urbanization, China is expected to have the highest share.
Segmentation of Market covered in the research:
Edible Packaging Market Research Report, by Material (Polysaccharides, Lipid, Protein Films and Others), by End User (Food & Beverage, and Pharmaceutical) and by Region – Forecast to 2028
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