New Jersey, NJ, Jan. 21, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Edible Packaging market is expected to grow from USD 503.82 Million in 2017 to USD 721.99 Million by 2026 at a CAGR of 4.6% during the forecast period 2019-2026.
Rising demand for biodegradable packaging worldwide, growing processed food markets, and increasing global innovation in food packaging are the major factors driving the growth of the global bakery premix market. The increase in popularity of edible packaging solutions can also be attributed to government initiatives, developments in packaging technology, and the development of new sources for edible packaging solutions. China, Indonesia and India are among the key markets targeted by manufacturers and distributors of edible packaging due to government policies favoring the edible packaging solutions and established base for raw materials in terms of plant-based sources that supports the growth of edible packaging solutions in the region.
Edible packaging is a thin film used to wrap or coat food products and drugs to extend the product's shelf life and can be eaten together or removed prior to use. Packaging material needs to adhere to the properties of safe-food ingredients and attain Generally Recognized As Safe (GRAS) status as per the Food and Drug Administration (FDA) regulation.
Edible packaging has witnessed increased adoption due to factors such as high consumption of processed food products, rise in hygiene concerns among people, and increase in packaging waste by the usage of synthetic polymers thereby affecting the environment, which will propel the edible packaging market growth over the forecast period. However, the edible layers are more prone to catch dirt and germs and other harmful particles, which can contaminate the food product. Consequently, to protect those layers from catching dirt and germs, the companies have to spend a lot of money which may hamper the growth of the market.
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Key players operating in the global Edible Packaging market include Amtrex Nature Care Pvt. Ltd., Apeel Sciences, Coolhaus, Devro Plc, Do Eat, JRF Technology, Lactips, Mantrose UK Ltd., Monosol LLC, Nagase America, Notpla Ltd. and Regeno Bio-Bags among others. To enhance their market position in the global bakery premixes market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in may 2017, Lactips developed an edible plastic made from milk protein (casein), claiming it has enormous potential for intelligent packaging in the food and beverage industry. In May, 2019, BASF and Lactips announced that both companies have signed an exclusive contract to market Lactips' water-soluble, 100% biobased and fully biodegradable material prepared from natural ingredients.
- For instance, in November, 2019, Kuraray's MonoSol Division announced plans to further expand its operations with the construction of a new manufacturing facility in Poland to meet rapidly increasing demand for its water-soluble and biodegradable films. Additionally, the company confirmed plans to increase manufacturing capacity at its recently completed plant near Indianapolis in Lebanon, Indiana. MonoSol is an integral part of Tokyo-based Kuraray Group, a leading global specialty chemical company.
The plant segment had a market value of around USD 340.08 million in 2018
The source segment is divided into plant and animal. The Plant segment emerged as the leader in the global Edible Packaging market with a revenue of USD 340.08 million in 2018. Due to the growing concerns about single-use plastics and their possible prohibition, edible packaging has gained popularity among both manufacturers and consumers. Advancements in sources for edible packaging have also helped bolster prospects among manufacturers. Edible packaging helps to reduce waste from single-use plastics while also providing a sustainable alternative for container applications in foodservice and delivery applications.
The seaweeds and algae segment is anticipated to grow at a CAGR of around 4.9% in 2019-2026
The raw material segment includes seaweeds and algae, polysaccharides, lipids and others. The seaweeds and algae segment is anticipated to grow at the highest CAGR of around 4.9% over the forecast period because seaweed and algae have emerged as popular sources of raw material in the manufacture of edible packaging items. The inherent nature of seaweed as a nutrient-rich food source further boosts the adoption of seaweed in packaging applications without the need for additional chemicals. Commercial seaweed farming across Asia-Pacific countries has also helped supply the industry with sufficient raw material inputs and is seen as a sustainable source to meet industry packaging requirements.
The pharmaceutical segment is anticipated to grow at a CAGR of around 4.7% in 2019-2026
The end-use segment includes food, beverage and pharmaceuticals. The pharmaceuticals segment is anticipated to grow at the highest CAGR of around 4.7% over the forecast period because edible packaging is primarily used in the pharmaceutical industry for the packaging of capsules. Growing global health awareness has boosted pharmaceutical and nutraceutical markets around the globe, this is expected to favorably impact the product demand in the forecast period.
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Regional Segment Analysis of the Edible Packaging Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region led the global edible packaging market with a revenue of USD 162.94 million in 2018. North America represents a large consumer base in edible packaging solutions. The region represents a paradigm shift from single-use plastics to edible alternatives as a key way to reduce packaging waste. Food and beverage manufacturers in the region as well as food service outlets are adopting edible packaging solutions in their product formats in an effort to reduce waste and are incentivized through federal tax breaks which led the North America region to dominate the global Edible Packaging market in 2018. Asia Pacific market is expected to grow at the highest rate over the forecast period. The key factor leading to this remarkable demand for the product in the region is the increasing awareness among consumers about the drawbacks of excessive use of plastics for food packaging coupled with the ban on single-use plastics. It is also expected that the growth of the food & beverage and pharmaceutical industries will also strengthen product demand over the next few years.
About the report:
The global edible packaging market is analysed on the basis of value (USD Million), volume (Tons), consumption (Tons), imports (Tons) and exports (Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients' objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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