During the historical period from 2018 to 2022, the zero-waste packaging market registered an attractive CAGR of 5.8%, demonstrating its impressive expansion over time. Moreover, the overall market reached a significant worth of about US$ 984.9 million by the end of the year 2022.
The market could reach US$ 1,071.6 million in 2023 and register a phenomenal CAGR of 8.8% from 2023 to 2033. Furthermore, the FMI report expects this value to reach astounding new heights by the end of 2033, totaling US$ 2,490.6 million.
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The increasing demand for environmentally friendly and sustainable packaging options is one of the main factors causing the zero-waste packaging business to expand quickly. Additionally, a few nations significantly influence the adoption of zero-waste packaging worldwide. The top 3 countries are anticipated to have a market share of 35% to 40% in 2023, highlighting their impact on the global market.
Consumers and businesses alike are becoming more aware of the significance of minimizing plastic waste and using ecologically friendly packaging alternatives. However, this rising awareness has increased demand for zero-waste packaging, creating sizable commercial prospects for zero-waste packaging manufacturers.
Despite the immense possibilities and development potential, the increased manufacturing costs linked to sustainable materials and methods are one of the main obstacles. Manufacturers of zero-waste packaging solutions may struggle to keep prices low while upholding environmentally favorable standards, particularly in developed economies. In comparison, the absence of uniform rules and recommendations for zero-waste packaging in some areas may breed doubt and hinder implementation in many emerging economies.
Key Takeaways from the Global Zero-waste Packaging Market Study Report by FMI
- The demand for zero-waste packaging in the United States and Canada is higher, making North America dominate the global market. Among the countries worldwide, the United States alone presently contributes nearly 20% of the global revenue share.
- By the end of 2033, the zero-waste packaging industry in Europe is predicted to be valued at US$ 315.6 million. While Germany is expected to remain the market leader, the demand for zero-waste packaging solutions in the United Kingdom could surge at a faster rate.
- This sustainable development movement presents considerable commercial prospects for businesses producing zero-waste packaging in Asia Pacific countries. China and India, for instance, are the two remarkably growing markets in sales of zero-waste packaging solutions and are expected to continue this trend until 2033.
Competitive Landscape for the Zero-waste Packaging Market Players
Tetra Pak, World Centric, PulpWorks, TIPA, Avani Eco, Bizongo, Ecovative, Amatech, Berry Global, UFP Technologies, Amcor, and DS Smith are some top market players. By the end of 2023, the top 5 businesses are anticipated to control a sizeable portion of the market between 20 and 25 percent.
The manufacturers may face competition from traditional packaging options, which may continue to rule some markets by their cheaper costs and well-established supply networks. However, the active engagement of several new market players in the sector further strengthens the competitive landscape. This suggests the strategic choices these businesses make may greatly impact how the zero-waste packaging industry could function as a whole.
“Rising adoption of sustainability and emergence of advanced compostable & reusable packaging solutions are set to bolster sales of zero-waste packaging among various end-use industries,” says a FMI analyst.
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Material Recovery Practices to Support Sales of Zero-waste Packaging by 2032
Recovery of materials from existing discard facilities such as landfills or e-waste facilities and rapid development of more effective material & energy recovery systems at the source are anticipated to bode well for the global market. Likewise, recovery of energy from materials is nowadays only being done through natural methods, which does not require energy input and operates under biological pressures & temperatures.
Companies are trying to maximize material recovery by comprehensive waste stream separation at the site. They are creating awareness to ensure source separation for both consumers and producers. Some of the key players are also employing waste-to-energy and energy recovery systems only when they are utilizing natural processes without the inclusion of additional energy.
Growing number of material recovery facilities (MRF) is set to be a helpful practice for initiating the zero-waste approach as it restores waste materials and makes them useful for further processing. Material recovery would serve the zero-waste packaging market with new growth prospects in the coming decade.
Competitive Landscape: Zero-waste Packaging Market
Key players in the global zero-waste packaging market include Tetra Pak, World Centric, Ecovative LLC, Berry Global group, Amcor plc, and DS Smith plc. Some of the other noticeable players include UFP Technologies, Inc., Amatech, Inc., Loop Industries, Inc., PulpWorks Inc., TIPA Corp, Avani Eco, Hero Packaging, and others. The market is anticipated to witness intense competition due to the rising number of newer entrants across various countries.
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More Insights on Zero-waste Packaging Market
Future market insights, in its new report, offers an unbiased analysis of the global zero-waste packaging market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on zero-waste packaging based on the product type (reusable packaging, compostable packaging and edible packaging), distribution channel (online and offline), and end use (food & beverages, healthcare, cosmetics & personal care, electrical & electronics, and other (automotive, consumer durable, etc.)) across seven regions.
Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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