The Zero Waste Packaging Market is expected to surpass US$ 3.48 Billion by the end of 2030 and exhibit a CAGR of 12% during the forecast period (2023 to 2030).
Global Zero Waste Packaging Market: Growth Drivers
Global Zero Waste Packaging Market: Restraints
Global Zero Waste Packaging Market: Trends
Growing demand for sustainable packaging solutions in food and beverage, healthcare, personal care, and other applications is expected to create lucrative opportunities for market players during the forecast period. Moreover, the adoption of various emerging technologies such as 3D printing and automation is expected to propel the production capacity of zero-waste manufacturers over the long run, which in turn is expected to create profitable opportunities for the market during the forecast period. Additionally, rising disposable income, a rapidly expanding food and beverage industry, and growing demand from the healthcare industry are expected to boost demand for zero waste packaging and drive market growth. For instance, as indicated by the USDA's Economic Research Service, Americans spent an average of 9.7% of their total disposable income on food at home and food away from home. The USDA demonstrates that $1.7 trillion was spent on all food consumption in the U.S. in 2020, up $78.2 billion from the earlier year.
Global Zero Waste Packaging Market: Impact of Covid 19
The food and beverage industry saw dramatic effects from the pandemic. With the outbreak of the COVID-19, many food and beverage outlets have increased the usage of zero-waste packaging materials. During the lockdown and beyond, vast numbers of consumers turned to online grocery shopping, which in turn boosted the demand for zero-waste packaging. For instance, according to the U.S. National Retail Federation, U.S. digital grocery buyers increased from 131.6 million in 2020 to 137.9 million in 2021, recording 4.8% year-over-year growth.
Zero Waste Packaging Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 1.57 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||12%||2030 Value Projection:||US$ 3.48 Bn|
Loop Industries Inc., Pulp Works Inc., Avani Eco, Loliware, Lifepack, Aarohana Ecosocial Development, and Package Free, GO Box, World Centric, and Biome.
|Restraints & Challenges:||
Global Zero Waste Packaging Market: Market Segmentation
Among regions, North America held the highest market share of 38.05% in 2022, owing to greater awareness among the people in the U.S. and Canada with regards to the harm of plastic waste to the environment. The market in the Asia Pacific region is expected to grow at a CAGR of 9.9% over the forecast period owing to growing awareness about sustainable packaging in China, India, Japan, and Australia.
Figure 1: Global Zero Waste Packaging Market Revenue Share (%), By Region, 2022
Global Zero Waste Packaging Market: By Type
Based on Type, the global zero waste packaging market is segmented into re-usable goods, compostable goods, and edible goods. Among type, the compostable goods segment accounted for the highest market share of 57.0% in 2022, owing to growing applications of compostable goods in various end-use industries such as food and beverages, healthcare, and personal care. In foodservice packaging for restaurants, cafeterias, closed-loop venues, grocery stores and prepared food bars, mostly compostable material is preferred for packaging.
Figure 2: Global Zero Waste Packaging Market Revenue Share (%), By Type, 2022
Global Zero Waste Packaging Market: Key Developments
Global Zero Waste Packaging Market: Key Companies
Major players operating in the zero waste packaging market include Loop Industries Inc., Pulp Works Inc., Avani Eco, Loliware, Lifepack, Aarohana Ecosocial Development, and Package Free, GO Box, World Centric, and Biome.
*Definition: Zero-waste packaging promotes sustainable packaging techniques where all materials are used, reused, or recycled in order to avoid any side effects. In brief, it is the idea of conserving natural resources by utilizing responsible production techniques that incorporate both consumption and recovery of various zero-waste packaging products such as re-usable goods, compostable goods, etc. Zero-waste packaging reduces the threats to human wellbeing or the environment caused by the burning of conventional packaging materials. Manufacturers from around the globe are working to achieve zero waste when creating packaging materials.
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