Key conclusions
- According to estimates, the North American edible packaging industry would grow at a CAGR of 5.7%. Over the course of the forecast period, the Asia Pacific edible packaging market is anticipated to grow at a CAGR of 8%.
- In 2021, 29% of the worldwide food packaging market was based in Europe.
- In 2021, the market was dominated by the protein material category, which accounted for 48.9% of worldwide revenue.
The marketplace for edible packaging is predicted to grow four-fold over the next ten years, from US$1.10 billion in 2023 to an astounding US$4.18 billion by 2033. It is expected to develop at an astounding 14.31% CAGR between 2023 and 2033, setting the stage for a meteoric rise in the coming years.
The use of edible packaging as an effective and eco-friendly replacement for conventional techniques is gaining popularity rapidly. Customers are now given a wide range of options that can enhance product variety, consistency, quality, safety, and security while also making life easier for those who benefit from the benefits they provide.
Food storage innovation is undergoing a revolution due to consumer demand for eco-friendly packaging. Since edible wrapping keeps foods looking, tasting, and feeling fresh, it may represent the convenience of the future and is expected to spur market expansion. Additionally, policymakers are supporting this movement, which is accelerating the development of novel biodegradable packaging solutions.
The desire for environmentally friendly packaging materials from consumers is expected to drive growth in the market for edible packaging. Environmental concerns are being raised by the widespread use of single-use plastic and the many limits on it. Edible packaging alternatives have gained popularity across several manufacturers and consumer groups as a replacement for single-use plastic.
North America accounted for the biggest market share for edible packaging in 2021. The region will preserve its market position throughout the forecast period for a variety of reasons, including its efforts to shift from single-use plastics and use edible packaging options to reduce packaging waste, the growing adoption of packaged foods, and the presence of significant industry players.