“Growing need for biodegradable and sustainable packaging solutions worldwide will boost market growth”
The global zero-waste packaging market is rising immensely, anticipated to expand at a CAGR of 8.5% throughout the estimated period from 2023 to 2030, starting from US$ 1,878.3 Mn in 2021.
The global zero-waste packaging market is majorly driven by the surge in the need for sustainable and biodegradable packaging solutions worldwide. The surge in the plastic waste generation coupled with growing environmental concerns across the globe are some of the major factors projected to enhance the global market demand during the forecast period. According to the World Bank report, in 2016, the world generated 242 Mn tonnes of plastic waste, which is around 12% of all solid waste generation.
The growing demand for zero waste packaging products from numerous industries such as food & beverages, healthcare, personal care, and others is estimated to drive the global market during the forecast period. The rapidly growing plastic recycling is another major factor for market growth during the forecast period. In 2020, global plastic recycling was estimated at nearly 29,438 Kilotons and is projected to expand at a CAGR of around 8.9% over the forecast period. The introduction of more advanced zero-waste packaging products coupled with rising strategic collaborations among market players are further presumed to drive market growth during the forecast period. For instance, in November 2018, Loop Industries, Inc. entered into a multi-year supply agreement with the Coca-Cola Systems CEPG (Cross-Enterprise Procurement Group), to supply 100% sustainable and recycled Loop PET plastic resin. With the agreement, Loop Industries, Inc. had increased their client-base and market share in the global zero waste management market.
“Increasing need for recycled packaging to spur the segment growth”
In 2021, the offline segment dominated the global zero-waste packaging market owing to the surge in need for recycled & biodegradable packaging solutions. The retail companies are collaborating with the zero waste packaging solution providers to decrease the use of plastic, which is projected to drive the segment growth during the forecast period. For instance, in November 2019, Virgin Megastore an international entertainment retailing chain collaborates with Avani Eco. Virgin Megastore bans plastic bags in their UAE stores and starts using customized Avani Bio’s Cassava bags. The bags are made from vegetable oil, organic resins, and cassava starch that makes the product 100% biodegradable. The surge in consumer demand for sustainable packaging solutions is another major growth driver for the offline segment growth in years to come.
“The rising awareness among individuals to enhance North America growth”
In 2021, North America had the highest share in the global zero waste management market. North America contributed to more than 40% of the global market in the same year. The rising awareness among individuals coupled with the surge in environmental regulations and increasing waste generation are the major factors for regional growth. According to the World Bank, North America generates 289 Mn tonnes of waste annually. The U.S. accounted for the major share in the North America zero-waste packaging market in 2018. The growing need for sustainable packaging solutions coupled with growing initiatives for zero waste solutions are the major factors for country growth. For instance, in December 2019, GO Box partnered with New York’s Citizen Committee and the A+E Networks. According to the agreement, the GO Box will launch a corporate reuse program for the A+E Networks employee cafeteria.
Key Industry Developments:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Zero Waste Packaging market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
