The global edible packaging market is likely to expand at a steady 6.90% CAGR from 2016 to 2024. The market was placed at US$0.77 bn in 2016 and is likely to present an opportunity worth US$1.3 bn by 2024
The two core end users of edible packaging are the industries of pharmaceuticals and food and beverages. The use of edible packaging in these is employed mainly due to the fact that they are industries of edible items and that the packaging needs to be in support to those packed within so as to not cause any adulteration or spoilage.
Among these two, the food and beverages emerged as the leading segment in 2016 with a share of 77% in the same year. The segment is expected to continue leading the market until the end of the forecast period. The demand for edible packaging in the food and beverages industry is expected to rise exponentially in the years ahead.
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The growing consumption of treated products, snowballing household revenue, and the increasing predilection for hygienic and sturdy products among customers have risen as the key driving forces behind the progress of the global edible packaging market. The increase in urbanization in developing countries is another significant factor that is pushing this market towards growth sturdily.
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Additionally, the intensifying awareness among customers about the qualities of edible packaging, such as the relaxed handling of products in spite of upholding their shelf life and quality is likely to drive this market substantially in the years ahead.