Richmond, Jan. 09, 2024 (GLOBE NEWSWIRE) -- According to Marketdigits, Zero Waste Packaging market was valued USD 1.9 Billion in 2023 and projected to reach USD 6.0 Billion by 2030, growing at a CAGR of 9.9% during the forecast period of 2023-2030.
The global Zero Waste Packaging market has emerged as a key factor in revolutionizing various industries by offering innovative solutions to long-standing challenges. The zero waste packaging represents a transformative shift in the packaging industry towards sustainable and environmentally responsible practices. As global awareness of environmental issues intensifies, there is a growing demand for packaging solutions that minimize waste generation and environmental impact. Zero waste packaging aims to eliminate or significantly reduce the use of non-recyclable materials, thereby contributing to a circular economy where materials are reused, recycled, or composted, rather than ending up in landfills or oceans which harms the environment and the surroundings.
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The Packaging Waste Problems and high demand for reusable packaging
Reusable packaging produces zero waste, and has become increasingly popular among manufacturers and consumers in recent years. Reusable packaging saves money and protects the environment, also the segregating the materials needs the human labor which involves a significant cost. By using reusable materials to reduce the need to create single-use packaging, this helps businesses to save money on labor, energy, and raw material costs. This kind of packaging is more durable and long-lasting than single-use packaging. By moving toward a multi-use resource, reusable alternatives are being employed to offset the rising use of single-use packaging. Zero-waste packaging frequently incorporates reusable, recyclable, or compostable materials, presenting potential long-term cost savings. Businesses are increasingly acknowledging the economic advantages associated with embracing sustainable practices. These benefits include lowered waste disposal costs, enhanced efficiency in the supply chain, and an improved corporate image that contributes to a more positive brand reputation.
Major vendors in the global Zero Waste Packaging market:
- Ardagh Group
- Be Green Packaging
- BillerudKorsnäs AB
- Bioware
- DS Smith
- EcoEnclose
- EcoProducts
- GoBox
- Loop Industries
- Mondi Group
- PackIt
- Reusable Technologies
- Sealed Air Corporation
- Smurfit Kappa Group
- Sulapac
- Tetra Pak
- Trinseo
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Market Dynamics
Drivers:
- Stringent governmental regulations.
- Helps conserve natural resources like wood pulp and oil, used in traditional packaging, promoting sustainability.
- Increased Investments and funding from the government and private market players.
- Reduction in the global carbon footprint level.
- Reduced reliance on virgin materials.
Opportunities:
- Material innovation and development of next generation bioplastics. Usage of algae and fungi as sustainable sources for packaging materials with unique properties.
- Development of waste-sorting and recycling technologies by creating intelligent systems for efficient sorting and recycling of compostable and recyclable packaging materials.
- Development of packaging solution for challenging products by designing innovative solutions for packaging products with specific requirements, like temperature-sensitive goods or hazardous materials.
- Increased investment in recycling infrastructure and increasing consumer awareness and educating the youth on same.
- Opportunities exist for companies in the zero-waste packaging market to expand their presence globally.
Increasing demand for proper segregation and disposal of packaging waste.
Proper disposal methods, such as recycling or composting, help reduce the burden on landfills and contribute to minimizing the environmental footprint. Segregating packaging waste enables the identification of materials suitable for recycling or reuse. This conserves valuable resources by preventing the unnecessary extraction of raw materials and reducing the need for new manufacturing processes.
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Segmentations Analysis of Zero Waste Packaging Market: -
- By Material
-
- Biopolymer
- Paper & Card Based
- Glass Packaging
- Metal Packaging
- By Type
-
- Reusable Packaging
- Compostable Packaging
- Edible Packaging
- By Distribution
-
- Online
- Offline
- By Application
-
- Cosmetics & Personal Use
- Fashion & Beauty
- Retail & E-Commerce
- Health & Wellness
- Others
North America dominates the market for Zero Waste Packaging.
North America dominates the overall zero waste packaging market 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 stringent regulations with regards on plastic waste and the landfill restrictions in places across US and Canada are driving the business towards adopting zero waste solution. Additionally North America proves to be a technological advancements and the material innovations leading to the development of novel bioplastics, plant based films and other zero wastage packaging materials. U.S dominates the North America market followed by Canada.
Asia Pacific has a significant growth rate in the forecast period. The region is witnessing significant growth in the zero-waste packaging market due to increasing environmental awareness, government initiatives, and changing consumer preferences. Governments in several APAC countries are implementing regulations and policies to address environmental concerns. The regulations include restrictions on single-use plastics and incentives for adopting sustainable packaging practices. The growing e-commerce sector in the Asia Pacific region presents both challenges and opportunities for zero-waste packaging. Companies are exploring packaging solutions suitable for online retail while minimizing environmental impact. China dominates the Asia Pacific market followed closely by Japan, South Korea and India.
The paper and cardboard segment is anticipated to hold the Largest Market Share during the Forecast Period
The paper and cardboard segment secured the predominant share in revenue, and is anticipated to grow at a stable pace in the forecast period. The well-established infrastructure dedicated to recycling cardboard packaging, promoting the utilization of recycled materials in various packaging applications, is a key factor driving the growth of this segment. Notably, the U.S. Environmental Protection Agency reports that approximately 80% of paper and paperboard containers and packaging materials are recycled, further contributing to the robust performance of this segment. Currently, there are about 50-75 trillion pieces of plastic and microplastics in the ocean. This has raised concerns over the global usage of the same thus leading to wider adoption of paper and cardboard segment.
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