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According to the report, the edible packaging market is set to reach $1.98 billion by 2031, growing at a CAGR of 7.3% during the forecast period from 2024 to 2031. This growth is driven by an increasing need to reduce packaging waste, the rising consumption of processed foods, and the demand for eco-friendly alternatives to traditional packaging materials.
However, challenges such as the high costs of edible packaging materials and stringent regulatory requirements may restrain market growth. Despite these challenges, advancements in packaging technologies and innovative product development are expected to provide significant opportunities for stakeholders. Current market trends include the rising popularity of functional and sustainable packaging solutions.
Key Market Insights
Leading Players: Notable companies in the edible packaging market include Notpla Limited (U.K.), Xampla Limited (U.K.), JRF Technology, LLC (U.S.), MonoSol, LLC (U.S.), Evoware (Indonesia), Nagase America LLC (U.S.), Devro Limited (U.K.), TIPA Corp. Ltd. (Israel), Lactips (France), Mantrose-Haeuser Co., Inc. (U.S.), Do Eat (Belgium), Amtrex Nature Care Pvt. Ltd. (India), Glanbia plc (Ireland), and Pace International, LLC (U.S.).
Market Segmentation: The report segments the edible packaging market by source, raw material, packaging process, end use, and geography.
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- Source: The plant segment is expected to hold the largest market share in 2024, driven by concerns over single-use plastics and the growing adoption of veganism and vegetarianism.
- Raw Material: The seaweed & algae segment is projected to account for the largest share of 44.3% in 2024, due to their renewable nature and excellent barrier properties.
- Packaging Process: Antimicrobial packaging is anticipated to dominate the market, attributed to its ability to extend the shelf life of perishable foods.
- End Use: The food & beverages segment is expected to lead with a 78.1% share in 2024, owing to the rising demand for processed foods and the use of edible packaging to enhance food presentation.
Geographical Insights:
- North America is projected to hold the largest market share at 42.5% in 2024, supported by a robust food processing industry and significant R&D investments.
- Asia-Pacific is expected to witness the highest growth rate, driven by changing consumer lifestyles, increasing disposable incomes, and government initiatives to ban single-use plastics.
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Key Questions Addressed in the Report:
- What are the high-growth market segments based on source, raw material, packaging process, end use, and geography?
- What is the historical market size for edible packaging products globally?
- What are the major drivers, restraints, opportunities, challenges, and trends in the edible packaging market?
- Who are the major players, and what are their market shares?
- What is the competitive landscape, and what strategies are key players adopting?
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