Edible Packaging Market to Secure a Noteworthy CAGR of 14.31% by 2033
The Rise in Demand for Biodegradable Packaging Stimulates the Innovation in Food Packaging
The edible packaging market is expected to skyrocket, with projections estimating a four-fold increase over the next ten years – from US$1.10 Bn in 2023 up to an incredible US$4.18Bn by 2033.The edible packaging market is primed to skyrocket in the next decade, predicted to grow by an impressive 14.31% CAGR between 2023 and 2033.
Edible packaging is rapidly becoming more accepted as an eco-friendly and efficient alternative to traditional methods. Consumers are now presented with a vast array of possibilities that can improve product stability, quality, safety and diversity in addition to making life easier for customers who benefit from the convenience it brings.
Appetite for eco-friendly packaging is prompting an innovation revolution in food storage. Edible wrapping could be the future of convenience as it keeps snacks looking, tasting and feeling fresh – a tantalizing sell that’s set to accelerate market growth. Policy makers are getting behind this movement too; their support helping fuel advancements in innovative biodegradable packing technologies.
The market for edible packaging is anticipated to increase in response to rising consumer demand for ecologically friendly packaging materials. The extensive usage of single-use plastic and varied restrictions on it are raising environmental concerns. As a substitute for single-use plastic, edible packaging options have gained acceptance among several manufacturers and consumer organizations.
In 2021, North America held the largest market share for edible packaging. The region’s efforts to move away from single-use plastics and use edible packaging alternatives to minimize packaging waste, the rising demand for packaged foods, and the presence of major industry players are just a few of the reasons why the region will maintain its market dominance share throughout the forecast period.
- The North American edible packaging market is estimated to expand at a CAGR of 5.7%. Asia Pacific edible packaging market is projected to develop at a CAGR of 8% over the forecast period.
- The European edible packaging market held 29% of the global market share in 2021.
- The protein material segment dominated the market in 2021 with 48.9% of the global revenue share
These insights are based on a report on Edible Packaging Market by Future Market Insights