Edible Packaging Market is expected to expand at a CAGR of 6.90% between 2016 and 2024, reaching a sum of US$1.3 bn by the end of 2024
Albany, NY -- (SBWIRE) -- 08/08/2017 -- The competition in the edible packaging market is increasing at an extensive rate owing to the presence of a handful of players, states Transparency Market Research (TMR) in a research report. The structure of the market is consolidated and thus the entry of new players is expected to be difficult in the near future. The leading companies in the market are Tate and Lyle Plc., JRF Technology LLC, WikiCell Designs Inc., and MonoSol. These companies account for a sizeable share collectively in the global edible packaging market.
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According to a TMR analyst, "The global edible packaging market is likely to expand at a steady 6.90% CAGR from 2016 to 2024. The market was placed at US$0.77 bn in 2016 and is likely to present an opportunity worth US$1.3 bn by 2024."
Food and Beverage to be Leading Consumer of Edible Packaging
The two core end users of edible packaging are the industries of pharmaceuticals and food and beverages. The use of edible packaging in these is employed mainly due to the fact that they are industries of edible items and that the packaging needs to be in support to those packed within so as to not cause any adulteration or spoilage. Among these two, the food and beverages emerged as the leading segment in 2016 with a share of 77% in the same year. The segment is expected to continue leading the market until the end of the forecast period. The demand for edible packaging in the food and beverages industry is expected to rise exponentially in the years ahead.
Region-wise, the global market for edible packaging has been segmented into the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. Among these, North America surfaced as the leading region in the global edible packaging market. The most prominent market in the market was the U.S. owing to the growing consumption of it in the food and beverages industry. Asia Pacific, on the other hand is expected to emerge as a potential region for the growth of the market and for players to seek opportunities from. This growth can be attributed to the rising awareness regarding benefits among consumers, growing disposable income, and influential living standards.
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Altering Living Standards and Urbanization to Influence Demand
The growing consumption of treated products, snowballing household revenue, and the increasing predilection for hygienic and sturdy products among customers have risen as the key driving forces behind the progress of the global edible packaging market. The increase in urbanization in developing countries is another significant factor that is pushing this market towards growth sturdily.
Additionally, the intensifying awareness among customers about the qualities of edible packaging, such as the relaxed handling of products in spite of upholding their shelf life and quality is likely to drive this market substantially in the years ahead. Nevertheless, the high cost accompanying the packaging machineries and the quality layers exploited in edible packaging is expected to inhibit the smooth seafaring of this market over the coming years. Other than this, the mounting practice of modified atmosphere packaging is further expected to limit the progress of the global edible packaging market to some extent.