The growth rate charted by global edible films and coating market from 2019 to 2027 will be impressive and that would lead to a steep and upward facing growth curve. A people move towards eco-friendly packaging solutions, demand for edible films and coatings that are biodegradable and environmentally sustainable is set to grow. Additionally, innovation in the market – a product of proactive player approach – will add to the upward trend. Besides, the fact that these are known to improve shelf life without compromising safety of consumer of environment massively goes in favor of their already growing popularity, particularly over the forecast period, as per Transparency Market Research.
The market boasts of a decent number of players who are quite competitive in their approach to growth. The last few years have seen a notable increase in their numbers, making the vendor landscape more fragmented. The new players have gained significant clout, credit new product launches and effective growth strategies – organic and inorganic.
2017: Brands such as Lactips are good examples of players focusing upon new offerings to capture growth in the market. It recently created pellets that were made of casein, a milk-based protein. It is biodegradable, and 100% natural. The launch created intense competition in the market.
Top players in the Edible Films and Coating Market include:
Range of strategies applied by top players is wide, and falls across the organic-inorganic continuum. These include forging key alliances and advancement of technology to bring innovation to fore.
The global edible films and coatings market is growing due to interplay of various trends and drivers. One of the biggest growth factors in the market, as identified by Transparency Market Research, is its viability as substitute to plastic packaging. More details along with a glimpse into other factors is below:
In terms of value share, the North American region will lead the market over the forecast period. The dominance will lead it to a high market share claim. In terms of growth, a moderate value would be registered. It is also quite significant to note here that a very high growth would be registered over the forecast period by the Asia Pacific (APAC) region. It is pertinent to note here that China is set to be at the forefront of projected growth, with massive contributions – a result of high demand for xanthan gum. It is one of the most commonly used films in the country. The region overall is also investing towards research and development to come up with better films and coatings.