The latest market report published by Credence Research, Inc. “Global Zero Waste Packaging Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the zero waste packaging market was valued at US$ 1,496.7 Mn in 2018 and anticipated to grow at a CAGR of 10.8% during the forecast period from 2019 to 2027.
“Growing environmental concerns will drive the demand for Zero Waste Packaging Market”
The surge in environmental concerns and rising plastic waste worldwide are projected to drive the zero waste packaging market throughout the forecast period from 2019-2027. The rapidly growing plastic production along with increasing demand for sustainable and bio-degradable packaging solutions are some other major factors projected to further drive the global zero waste packaging market in years to come. The plastic production had reached more than 350 Bn metric tons in 2018 and expected to grow at a CAGR of 3.5% over the forecast period. North America had major share in the global zero waste packaging market followed by Europe and Asia Pacific in 2018.
The rising waste annually is one of the prominent factors for the zero waste packaging market growth. According to a World Bank report published in September 2018, global waste is projected to increase by 70% to reach 3.40 Bn tonnes every year from current 2.01 Bn tonnes in 2016. The growing research & development activities coupled with strategic alliance for sustainable and bio-degradable solutions by major players are some other major factors projected to drive the market growth in years to come. For instance, in March 2020, Loop Industries, Inc. signed a multi-year supply agreement with L’oreal S.A. to supply 100% eco-friendly materials for their packaging requirements. With the collaboration with L’oreal S.A. the Loop Industries, Inc. customer base, as well as their market share, is anticipated to increase over the upcoming years. However, the high initial cost is projected to be the major challenge for the market during the forecast period.
The global zero waste packaging market has small as well as medium enterprises at the domestic and regional level making the global market highly fragmented. New & advanced product launches, strategic collaborations coupled with geographical expansion are projected to be the major strategies by key market players.
• In February 2019, Loop Industries, Inc. and beverage innovation enterprise Drinkworks announced a partnership. In the partnership, Drinkworks users to return used brew, cidar pods and cocktail bottles, which will be upcycled and recycled by Loop Industries, Inc.
• In June 2019, the Go Box launched reusable cup 12oz. With the launch of a 12oz reusable cup, Go Box is eliminating single-use environmentally harmful products and making reusable products more accessible.
Key Market Movements:
• Globally, the zero waste packaging market is increasing at a CAGR of 10.8% in terms of revenue for the anticipated period from 2019 to 2027
• North America accounted for major share in the global market in 2018 due to the early adoption of recyclable plastic packaging and growing government regulations for reusable packaging. The U.S. is the major contributor in the North America zero waste packaging market with the contribution of more than 80% of the revenue share.
• Asia Pacific is estimated to grow at a rapid pace in the global market due to the growing demand for sustainable and recyclable packaging solutions. The growing eco-friendly startups in the region is another major factor for the fastest growth of the region.
• Based on the material type, in 2018, the compostable goods segment had a major share in the global market and contributed to more than 55% of the revenue share in the same year. The segment had its dominance due to increasing awareness among people and is a crucial alternative as compared to other materials.
• Strategic partnership coupled with product launch is projected to be the major strategies
List of Companies Covered:
• Loop Industries, Inc.
• PulpWorks, Inc.
• Avani Eco
• Loliware LLC
• Aarohana EcoSocial Developments
• Package Free LLC
• Go Box
• World Centric
• Biome Technologies Plc
• Smartpaddle Technology Pvt. Ltd. (Bizongo)
The Global Zero Waste Packaging Market is Segmented into:
|Segmentation||By Material Type (2017–2027; US$ Mn)|
|By Distribution Channel (2017–2027; US$ Mn)|
|By End-user (2017–2027; US$ Mn)|
|By Geography (2017–2027; US$ Mn)|
*Complete segmentation list is on report page