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 is expected to reach US$ 1,071.6 million in 2023 and grow at an astounding 8.8% annual rate of growth from 2023 to 2033. Moreover, by the end of 2033, this value—which currently stands at US$ 2,490.6 million—is predicted by the FMI analysis to soar to unprecedented new heights.
One of the primary reasons for the rapid growth of the zero-waste packaging industry is the growing demand for sustainable and eco-friendly packaging choices. Furthermore, a small number of countries have a major impact on the global adoption of zero-waste packaging. The top 3 nations’ influence on the global market is highlighted by the prediction that they will hold a market share of between 35% and 40% in 2023.
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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.
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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.
Zero-waste Packaging Market Outlook by Category
By Product Type:
- Reusable Packaging
- Compostable Packaging
- Edible Packaging
By Distribution Channel:
- Online
- Offline
By End Use:
- Food & Beverages
- Healthcare
- Cosmetics & Personal Care
- Electrical & Electronics
- Others (Automotive, Consumer Durable, etc.)
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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