PUBLISHER: Grand View Research | PRODUCT CODE: 1301230
PUBLISHER: Grand View Research | PRODUCT CODE: 1301230
The global edible packaging market size is expected to reach USD 1,416.77 million by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period 2023 to 2030. The market growth is attributed to increasing awareness among consumers about the negative impact of traditional packaging solutions and stringent government regulations around the world for single use plastic ban. Moreover, increasing application of these packaging solutions in pharmaceutical and food & beverage industry is fueling the market growth.
The edible packing method makes the product a more sustainable option compared to traditional packing materials such as plastic, paper, and metal. Consumers are becoming more environmentally conscious and are looking for packing options that have a lower impact on the environment. In addition, these packaging solutions enhance the taste and texture of certain foods, such as adding a crunchy coating to snack foods or enhancing the flavor of beverages.
Moreover, the growing trend of processed foods and online food & grocery deliveries have fueled the market growth for edible packaging. Due to the busy lifestyles of consumers the need to eliminate the time consumption on waste management drives the need for sustainable and eco-friendly packaging solutions. These packaging solutions made from protein, lipid, and polysaccharides can be consumed after use which reduces the negative impact on the environment.
The industry players are adopting several strategies including partnerships, expansions, mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in February 2022, Notpla Limited expanded its product portfolio by launching a sustainable packaging made with seaweed. With this product launch, the company is expected to expand its product portfolio and meet the growing consumer demand for innovative edible packaging solutions.