According to CMI Reports in a study report, competition in the edible packaging industry is developing at a rapid pace due to the presence of a small number of competitors. Because the market structure is concentrated, new entrants are projected to have difficulties in the near future. Tate and Lyle Plc., JRF Technology LLC, WikiCell Designs Inc., and MonoSol are the market leaders. These firms jointly account for a sizable portion of the worldwide edible packaging industry.
The pharmaceutical and food and beverage sectors are the two primary end consumers of edible packaging. The usage of edible packaging in these sectors is mostly owing to the fact that they are industries of edible things and that the packaging has to sustain those packed within so that no adulteration or rotting occurs. Food and drinks emerged as the leading category among these two in 2016, with a share of 77 percent in the same year. The sector is likely to maintain its market leadership till the conclusion of the projection period. The need for edible packaging in the food and beverage sector is predicted to skyrocket in the coming years.
The worldwide edible packaging market has been divided into five regions: the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. North America emerged as the top region in the global food packaging market among them. The United States was the market's most significant player, owing to rising consumption in the food and beverage industries. Asia Pacific, on the other hand, is likely to emerge as a prospective region for market expansion and opportunity seeking companies. This expansion can be linked to expanding consumer knowledge of advantages, rising disposable money, and improved living standards.
Posts
0 Comments