As per FMI, the global zero-waste packaging market is expected to reach US$ 2,289.1 Mn by 2032 and exhibit growth at a CAGR of 8.8% from 2022 to 2032. The global market is projected to grow by 2.3x during 2022-2032.
Packaging has a negative influence on the environment as numerous resources are used to manufacture products that are frequently meant to be thrown away. Currently, plastic is one of the most common materials employed in packaging.
Consumption of plastic has significantly increased in recent years. Although plastics have many valuable qualities, they also produce a lot of waste. Over 40% of all plastic usage is accounted in the packaging for end users.
According to Plastic Oceans International, every year, more than 10 million tons of plastics are spilled into the oceans and less than 9% of all plastic is recycled. As a result of plastic waste being dumped in the ocean, 1 million marine species are killed by plastic pollution per year. Globally, up to 50% of the plastic waste is generated from single-use plastic (SUP).
Due to the above-mentioned harmful impacts of plastics, consumers are inclining towards sustainable and eco-friendly packaging solutions for waste management purposes. It is set to create new growth opportunities for zero-waste packaging manufacturers, thereby reducing the utilization of single-use plastic.
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Composting, reuse, and recyclability are set to be three popular trends in the field of zero-waste packaging. This step of the zero waste hierarchy puts an emphasis on performance recycling, as well decentralized composting facilities and fostering sustainable natural cycles.
Thus, manufacturers are developing new systems to keep materials in their product cycle, while also maintaining their functionality. Compostable and reusable packaging solutions are also anticipated to generate high demand in the next decade.
Key Takeaways from Zero-waste Packaging Market
- By product type, the compostable packaging segment is anticipated to create an incremental opportunity of US$ 613.2 Mn during 2022-2032.
- Based on end use, the food & beverages segment is anticipated to hold approximately 45% of the global market share by the end of 2032.
- South Korea is projected to generate a share of about 61.2% in the East Asia zero-waste packaging market.
- Germany is estimated to lead the Europe zero-waste packaging market, with an expected valuation of US$ 315.6 Mn by the end of 2032.
- The zero-waste packaging market witnessed growth at a CAGR of 5.8% during the historical period (2015-2021).
“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.
Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Impact of Covid-19
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