PET Packaging Market, Business Strategies, Revenue, Growth, Developments Forecast by 2030

PET Packaging Market

Edible Packaging Market is projected to be worth USD 2.14 billion by 2030, registering a CAGR of 6.79% during the forecast period (2022–2030)

Eminent industry players profiled in the global edible packaging market report include

  • WikiCell Designs Inc. (U.S.)
  • Tate & Lyle Plc. (U.K.)
  • Safetraces, Inc. (U.S.)
  • JRF Technology, LLC (U.S.)
  • Tipa Corp (Israel)
  • MonoSol, LLC (U.S.)
  • Watson, Inc. (U.S.)
  • Interpack (U.S.)
  • Evoware (Indonesia)
  • Coveris Holdigs, (U.S.)
  • Devro plc (U.K.)
  • Dupont de Nemours and Company (U.S.)
  • Ingredion Inc (U.S.)
  • Nagase & Co. Ltd. (Japan),
  • Pace International LLC (U.S.).
  • Among others.

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The global edible packaging market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.

Growing Need for Biodegradable Films to Boost Edible Packaging Market Growth

Market Analysis 

Edible Packaging Market is projected to be worth USD 2.14 billion by 2030, registering a CAGR of 6.79% during the forecast period (2022–2030)., The market was valued at USD 783.32 million in 2021.

Drivers 

Growing Need for Processed Food Products to Boost Market Growth 

The growing need for processed food products will boost market growth over the forecast period. These food products have added salts, oils, fats, and sugar to improve the flavor and taste of foods. Besides, processed foods need longer shelf life packaging that edible coatings can offer. Owing to the huge consumption of processed foods, the use of edible coatings and films is likely to bolster market growth.

Opportunities 

Growing Need for Biodegradable Films to offer Robust Opportunities 

The growing need for biodegradable films in edible packaging will offer robust opportunities for the market over the forecast period. This cut down the reliance on fossil fuels while materials like cellulose/starch-based materials, lipid, polysaccharides, and composite films can offer new properties and functionalities like biodegradability.

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Restraints 

Hygiene Issues to act as Market Restraint 

Hygiene issues during transportation of products and high price of edible packaging materials may act as market restraints over the forecast period.

Challenges 

Need for Secondary Packaging to act as Market Challenge 

The need for secondary packaging while utilizing edible packaging and the COVID-19 impact may act as market challenge over the forecast period.

Market Segmentation 

The global edible packaging market is bifurcated based on application and material.

By material, the lipid-based packaging will lead the market over the forecast period for their effective use as a water-vapor barrier especially in edible films.

By application, the food & beverage sector will dominate the market over the forecast period at a high CAGR for the growing need for packaged foods & beverages which also includes snack foods, frozen meals, and ready to eat meals.

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COVID-19 Analysis

Supply chain disruptions, economic situations, fluctuations in demand share, along with long term and immediate effect of the novel coronavirus possessed a negative impact on the edible packaging market growth. This outbreak has slowed the economic activity, thus pushing the economy in a steep recession. With the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. These factors have affected the growth of the market. But on the other hand, following the relaxation of lockdowns, this market is likely to get back to normal in the days to come.

Regional Analysis

North America to Sway Edible Packaging Market 

North America will sway the edible packaging market over the forecast period. Canada and the US having the maximum share, increased need for packaged foods for lifestyle changes, companies allowing innovations and advances and ditching the traditional ways of packaging, large consumer base in edible packaging solutions, paradigm shift to edible alternatives from the use of single-use plastics to reduce packaging waste, increasing adoption of edible packaging by foodservice outlets and food & beverage manufacturers in their product formats to reduce wastage and incentivized via federal tax breaks, and the presence of a large-sized processed food & pharmaceutical industry are adding to the global edible packaging market growth in the region. Besides, the existence of a huge number of edible packaging producers, rising innovations in edible packaging space especially in the US, the presence of huge scale processed food & pharmaceutical industries, and the presence of several food packaging producers are also adding market growth.

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