Zero Waste Packaging Market Overview
Zero-waste packaging is primarily known as a system of packaging, wherein materials are either completely utilized, re-used or are recycled in such as way that no waste products remain after such process. Normally, packaging of any kind may lead to any form of leftovers that may remain at the time of such packaging. Sustainable packaging aims to conserve natural resources by applying responsible production methods, so that the packaging process that is being applied ultimately results into a zero-waste product.
Growth Highlights based on Region during 2018-2027
The global zero waste packaging market is predicted to grow at a CAGR of 8.78% over the forecast period, i.e. 2018-2027. The market in North America is predicted to occupy the largest market share over the forecast period, owing to the primary factors being higher awareness prevailing among consumers in the region on the detrimental effects that can be caused to the environment by the accumulation of such environment waste, due to the adoption of traditional system of packaging. Moreover, several initiatives taken up by the governments in the region to control environmental waste are all anticipated to boost the growth of the market in the region over the next few years. On the other hand, the market in Asia Pacific region is also predicted to observe notable growth by registering the highest CAGR globally over the forecast period, owing to the governments of many countries in the region working towards many initiatives in order to promote sustainable packaging over the last few years. This factor is predicted to drive the growth of the market in the region over the next few years.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Material Type
On the basis of material type, the global zero waste packaging market is segmented into re-usable goods, compostable goods and edible goods. Compostable goods falling under material type segment held the largest market share in the year 2018, which has primarily arisen on account of greater awareness and concerns on the significance of waste among the global population that can cause harmful effects on environment. This has in turn driven the demand for compostable products as a credible alternative to other disposable products in order to dispose off the waste. CLICK TO DOWNLOAD SAMPLE REPORT
By End-Use Industry
The market is segmented on the basis of end-use industry into food and beverages, healthcare, personal care and others. Food and beverages had occupied the largest market share in the year 2018. More manufacturers have also been initiating efforts to improve their sustainable packaging that includes order, return, re-use and also recycling. Some of the organizations have even collaborated with companies who are engaged in the manufacture of retail reusable packaging in order to bring down the usage of single-use plastic such as reusable cups, plates and few others.
By Distribution Channel
On the basis of distribution channel, the market is further segmented into offline and online. The offline segment is predicted to generate the highest revenue globally over the forecast period. However, online segment is predicted to register a significant growth rate over the forecast period, owing to a steady rise in the number of individuals globally who are purchasing products by transacting through the online mode.
Market Drivers and Challenges
Rise in Environmental Concerns Among the Global Population on the Harmful Effects of Conventional Packaging
The global population has gained tremendous awareness on the need to eliminate conventional packaging methods such as plastic packaging that can leave waste behind thereby causing damage to the environment and are seriously considering better alternatives that are eco-friendly and convenient for the users. According to US EPA, it had estimated that nearly 42% of all greenhouse gas emissions are caused due to production and use of goods that also includes food products as well as packaging. The waste that arises from packaging ultimately end up at landfills or are dumped into the Oceans. The aquatic life in the Oceans could be affected adversely, in addition to creating vast islands of trash. This has led governments of various nations to focus on framing policies as well as laying down stringent rules and regulations related to environment conservation in order to protect the environment from further degradation. One of such environmental policies that had been introduced was the Singapore Packaging Agreement that was signed by the National Environment Agency, whose goal was aimed at decreasing waste from product packaging on a large scale, apart from raising awareness among the population on the significance of reducing waste. Moreover, reducing, reusing and recycling helps in conservation of energy thereby helping in reduction of carbon emissions.
Growing Requirements for adopting Sustainable Packaging Methods and Rising Demand for Adopting Zero-waste Packaging from End-Use Consumers
Adoption of Zero-waste packaging encourages consumers and manufacturers to shift to sustainable living, by which there is re-use of packaging, so that no waste remains left over ultimately. There is a significant increase observed in the consumption of FMCG products, especially with consumer goods industry growing over the past few years. This has driven the demand for sustainable packaging methods such as zero waste packaging. As per figures related to plastic products generation that was released by EPA in the year 2017, the generation of plastic products was 35.4 million tons in the United States of America. During the period between 2010 and 2017, the U.S. had observed a significant increase of about four million tons that had come from durable goods as well as the containers and packaging categories. Moreover, with several consumers from various parts of the world laying greater emphasis on purchasing products that are sustainable, safe and environment-friendly, apart from regulations associated with packaging being enforced is anticipated to boost the growth of the market over the next decade.
High Implementation Costs
The global zero waste packaging market faces some barriers to its growth, due to concerns over high costs of implementation, as it imposes a cost burden on the companies and in many cases create inconveniences during its implementation. Apart from these, many difficulties and challenges are required to be undergone in the process of shifting completely towards zero-waste packaging. These factors can restrain the growth of the market over the forecast period.
Top Featured Competitive Landscape
Some of the renowned industry leaders in the global zero waste packaging market are GO Box, World Centric, Biome, PulpWorks, Inc., Package Free, Lifepack, Avani Eco, Biogusto, Bizongo, Recup, Loop Industries, Inc. and Loliware. Moreover, other market players have been coming up with various product offerings in the market that are eco-friendly, in order to achieve a competitive advantage over other competitors in the global zero waste packaging market.