The global zero waste packaging market is estimated to be valued at US$ 1.57 Billion in 2023, according to the zero waste packaging market Report, by Type (Re-Usable Goods, Compostable Goods, and Edible Goods), by Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Sales Channels, and Others), by End User (Food & Beverages, Healthcare, Personal care, and Others (Industrial, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global zero waste packaging market is expected to surpass US$ 3.48 Billion by 2030 and exhibit a CAGR of 12% during the forecast period (2023-2030). Zero waste packaging materials are being subjected to re-use and even recycling, so there is no-appearance of any left-over products at the end of such a process. Zero-waste packaging is largely achieved by utilizing, reusing, and recycling waste. A stringent regulatory environment coupled with the global environmental crisis is expected to boost the opportunities for zero waste packaging market players.
Drivers
Waste produced through packaging materials is a problem around the world. A large portion of the waste is buried in landfills or dumped in the sea, which further disturbs aquatic life and creates vast islands of trash. This has led to the development of stringent environmental policies; for example, in 2020, the Singapore government launched a joint initiative named The Singapore Packaging Agreement (SPA). This is a joint initiative between the Singapore government, the packaging industry, and NGOs to reduce packaging waste. The Agreement is voluntary to provide flexibility for the industry to adopt cost-effective solutions to reduce waste. Such rising concerns cater to the need for zero waste stores, which practically encourage customers to bring their own packaging instruments such as bags and containers, among others, to carry their products from the shops. These factors are anticipated to help the growth of the zero waste packaging market throughout the forecast period.
The consumption of marked and non-marked products has increased multifold with the growth of the consumer goods industry, which in turn is boosting the need for sustainable packaging methods. Improvement in production processes, a decrease in the size and thickness of the actual packaging produced, the elimination of superfluous packaging, etc. are some of the steps taken by endeavors in order to reduce the use of raw materials.
Restraints:
Sustainability comes at a price, and frequently, it isn't advantageous or effectively feasible. The cost of the generated items increases as a consequence of ongoing changes in the prices of the raw materials used for zero waste packing techniques in different nations, which is expected to hinder the market's expansion for zero waste packaging throughout the projected period.
Key Trends and Analysis of the Global Zero Waste Packaging Market:
The adoption of zero-waste packaging urges customers and manufacturers to move to sustainable living, leading to the re-utilization of packaging, which in turn is expected to boost market growth during the forecast period. A significant increase has been seen in the utilization of FMCG (fast-moving consumer goods) items. For instance, in 2020, Nestlé used 4.6 million tons of packaging materials. Nestlé S.A. is a Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland. It has been the largest publicly held food company in the world, measured by revenue and other metrics, since 2014. The Company’s worldwide plastics and laminates use was 1.5 million tons in 2020, compared with 1.6 million tons in 2019. Nestlé figured out how to reduce it by approx. 10% in 2020, despite the fact that its business developed by 3.5%. In 2019, 66% of the total plastic utilized by the organization was reused or recyclable. This has driven the demand for sustainable packaging methods such as zero waste packaging. According to figures related to plastic item generation released by the EPA (Environmental Protection Agency) in 2020, the generation of plastic items was 35.4 million tons in the U.S. From 2010 to 2020, the U.S. noticed a huge increment of around 4,000,000 tons of plastic items that have come from durable goods as well as the containers and packaging categories, according to US Environmental Protection Agency. Moreover, many consumers from different regions of the world are placing greater emphasis on buying items that are sustainable, safe, and environment-friendly.
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https://www.coherentmarketinsights.com/market-insight/zero-waste-packaging-market-5018
Key Takeaways of the Global Zero Waste Packaging Market:
- Based on end user, the global zero waste packaging market is segmented into food and beverages, personal care, healthcare, and others. The food and beverage segment has the highest market share in the global zero waste packaging market. More manufacturers are trying to enhance their production of sustainable packaging products. Some organizations have also collaborated with companies such as Dabur India Ltd., which is engaged in the manufacturing of retail reusable packaging to reduce the usage of single-use plastics such as reusable cups, plates, and others. Dabur Ltd is an Indian multinational consumer goods company, founded by S. K. Burman and headquartered in Ghaziabad. It manufactures Ayurveda medicine and natural consumer products, and is one of the largest fast-moving consumer goods companies in India.
- The zero waste packaging market is expected to observe significant growth owing to the rapidly expanding online business during the forecast period. The development of the packaging industry will prompt significant take-up of electronics, clothes, and other services as well. The rising need to make zero waste packaging owing to the growing food and beverage industry and personal care industry, coupled with technological advancements such as automation and 3D printing, is expected to aid in the zero waste packaging market’s growth due to its eco-friendly nature.
- Major players operating in the global zero waste packaging market include Loop Industries Inc., PulpWorks Inc., Avani Eco, Loliware, Lifepack, Aarohana Ecosocial Development, and Package Free, GO Box, World Centric, and Biome. These key players are adopting various organic and inorganic growth strategies, such as expansion, collaboration, joint ventures, alliances, new product launches, etc. to increase their business operations and presence.
Global Zero Waste Packaging Market - Impact of Coronavirus (COVID-19) Pandemic
The personal care industry saw dramatic effects from the pandemic. With the outbreak of COVID-19. In the personal care sector, there has been a growth in the use of packaging materials that generate no waste.. For instance, prior to COVID-19 in-store shopping accounted for 85% of beauty product purchases, “but unsurprisingly, During the Pandemic, online revenues for beauty industry players have risen 20-30%. The pandemic has nudged the beauty purchasing habits online, and therefore the role of packaging has evolved. There has been an increasing demand for it, which in turn boosted the demand for zero waste packaging in the personal care industry.
