During the historical period spanning from 2018 to 2022, the Zero-waste Packaging Industry exhibited remarkable growth, posting a Compound Annual Growth Rate (CAGR) of 5.8%. By the conclusion of 2022, the market had achieved a significant valuation of US$ 984.9 million.
Projections for 2023 indicate that the market is poised to expand even further, with an anticipated value of US$ 1,071.6 million. This forthcoming growth is expected to be particularly exceptional, as the market is forecasted to maintain an impressive CAGR of 8.8% from 2023 to 2033. As a result, the market’s value is predicted to scale new heights by 2033, ultimately reaching a substantial figure of US$ 2,490.6 million.
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.
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Trends Propelling Sales of Zero Packaging Products
The adoption of reusable packaging has emerged as a prominent trend in recent years, garnering significant attention from both consumers and manufacturers due to its potential to contribute to zero waste initiatives. Recognized for its cost-efficiency and environmental friendliness, reusable packaging presents an opportunity for companies to embrace sustainability by minimizing the production of single-use materials.
By incorporating reusable materials, companies stand to achieve substantial cost savings in terms of raw materials, energy consumption, and labor. Unlike single-use packaging, which is designed for a one-time use, reusable packaging offers increased durability and longevity, making it a more robust and enduring solution. This resilience enables the packaging to withstand multiple usage cycles, reducing the overall demand for new packaging materials.
The overarching objective of sustainable packaging practices is to achieve zero waste. A report from the Ellen MacArthur Foundation highlighted a critical issue in the current state of plastic packaging, revealing that only 14% of it is recycled. A significant portion, 40%, ends up in landfills, while another 32% enters ecosystems, posing environmental challenges. The remaining 14% is utilized for energy recovery or incineration. This data underscores the urgency of transitioning to reusable packaging solutions to address the environmental impact of traditional single-use materials and move closer to the goal of achieving zero waste in packaging practices.
Drivers:
- Environmental Awareness: Growing awareness about environmental issues, such as plastic pollution and climate change, has led to an increased demand for sustainable and eco-friendly packaging solutions. Consumers are increasingly conscious of their environmental footprint and seek products packaged with minimal waste.
- Regulatory Initiatives: Governments and regulatory bodies are implementing stricter regulations on single-use plastics and encouraging sustainable packaging practices. This regulatory environment is promoting the adoption of zero-waste packaging alternatives.
- Consumer Preference: Shifting consumer preferences toward products with eco-friendly packaging is a significant driver. Consumers are actively choosing brands that prioritize sustainability, pushing companies to adopt zero-waste packaging to remain competitive.
- Brand Image and Marketing: Companies are using environmentally responsible packaging as a means to improve their brand image and attract eco-conscious customers. This has become a powerful marketing tool for many businesses.
- Cost Reduction: Advances in zero-waste packaging technologies are reducing costs associated with materials and waste disposal, making it economically viable for companies to adopt these practices.
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Key Companies Profiled
- Tetra Pak
- World Centric
- Loop Industries Inc.
- PulpWorks Inc.
- TIPA Corp
- Avani Eco
- Bizongo
- Hero Packaging
- Ecovative LLC
- Amatech Inc.
- Berry Global Group
- UFP Technologies Inc.
- Amcor Plc.
- DS Smith Plc.
Zero-waste Packaging Industry 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
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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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