The edible films and coatings market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Extensive research associated with packaging in western countries, along with the growing government initiatives, are expected to fuel the progress of the market. The growth of the market can also be attributed to the increasing plastic pollution and the rising prevalence of eco-friendly packaging solutions globally. According to the United States Environmental Protection Agency, the containers and packaging category had the most plastic wastage, at over more than 14.5 million tons in 2018 in the United States.
The market is segmented based on ingredients type into protein-based, composites-based, lipids-based, hormonal therapy, and polysaccharides-based, out of which, the protein-based is anticipated to grab the most significant share by the end of 2021 on account of less expensive packaging cost.
Based on application, the fruits and vegetable segment in the global edible films and coatings market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that edible films and coatings are an alternative to other packaging solutions.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the highest CAGR over the forecast period due to the increasing awareness about environmental sustainability and the growing need to develop alternatives of plastic packaging solutions in the region. Furthermore, in 2021, the Asia Pacific market is evaluated to occupy the largest share in terms of revenue, owing to the growing government initiatives to curb plastic pollution. The European market leads in terms of innovation, which is also expected to contribute to the region's market growth. CLICK TO DOWNLOAD SAMPLE REPORT
The global edible films and coatings market is further classified on the basis of region as follows:
Our in-depth analysis of the global edible films and coatings market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing prevalence of eco-friendly packaging solutions due to sustainability awareness is the key factor driving the market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Costly packaging and lack of awareness about environmental sustainability in lower economic regions are estimated to hamper market growth.
The market in the Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about plastic pollution and environmental sustainability.
The major players dominating the edible films and coatings market are Dohler Group, Dupont, NAGASE & CO., LTD., and Ingredion, among others.
The company profiles are selected based on revenues generated from the product segment, geographical presence of the company, which determines the revenue-generating capacity and the new products being launched into the market by the company.
The market is segmented by ingredient type, application and region.
Regarding application, the fruits and vegetable segment is anticipated to hold the largest market share due to the growing preference among individuals for eco-friendly packaging solutions.
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