Aug 06, 2020, 14:30 EST
Bronx, United States, Aug 06, 2020, 14:30 /Comserve / -- The global zero-waste packaging market is anticipated to grow at a CAGR of 8.78% over the forecast period, i.e. 2018-2027.
Research Nester released a report titled “Global Zero-Waste Packaging Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global zero waste packaging market in terms of market segmentation by material type, end-use industry, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global zero-waste packaging market is anticipated to grow at a CAGR of 8.78% over the forecast period, i.e. 2018-2027. Few factors such as growing demand from individuals to adopt sustainable methods of packaging and greater demand from end-use consumers for adopting sustainable packaging methods, owing to their eco-friendly nature and the compulsion to decrease the use of single-use plastics are anticipated to operate as primary factors that would aid the market growth in the coming years.
The zero-waste packaging market is segmented into material type, end-use industry, distribution channel and by region. Based on material type, the market is segmented into re-usable goods, compostable goods & edible goods, out of which compostable goods is anticipated to grow at the highest rate over the forecast period, with higher levels of awareness prevailing among consumers globally and the significance of conserving environment by reducing the waste that can cause damage to the environment. Additionally, compostable products are available as one of the better alternatives when compared with other disposable products that can be used to discharge the waste.
Based on region, the global zero-waste packaging market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is estimated to hold the highest market share over the forecast period, which is primarily on account of several factors such as huge awareness among the consumers across the region about the damage that can be caused to environment, due to gathering of environmental waste in large quantities arising out of adoption of traditional system of packaging. Additionally, the governments in the region have brought out various initiatives to lower the quantities of waste being accumulated in the environment. On the other hand, the market in Asia Pacific region is projected to grow remarkably by registering the highest CAGR over the forecast period, with several initiatives to support sustainable packaging being started by governments of various nations over the past few years.
Higher Demand for adoption of Sustainable Packaging Methods apart from growing Demand for Zero-waste Packaging from End-Use Consumers
The high demand from consumers to shift towards zero-waste packaging that helps consumers to move towards a sustainable living, wherein re-use of packaging is adopted that can help in ensuring no waste is left out at the end of the packaging process. FMCG products have been growing in terms of their consumption, in addition to the growth of consumer goods industry being observed over the last few years. This has led to higher demand for zero-waste packaging across various regions of the world. According to EPA, about 35.4 million tons of plastic products were generated in the United States. The period between 2010 and 2017 saw a remarkable rise to nearly four million tons coming primarily from durable goods apart from containers and packaging categories. All these factors are predicted to drive the growth of the market over the forecast period.
However, some of the factors such as the costs of implementation being on the higher side for companies that may be burdened economically and may cause certain difficulties and inconveniences at the time of implementation. Moroever, there are several challenges required to be faced at the time of shifting to zero-waste packaging on a whole, which are all anticipated to operate as major restraints to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global zero-waste packaging market which includes company profiling of Go Box, World Centric, Biome, PulpWorks, Inc., Package Free, Lifepack, Avani Eco, Biogusto, Bizongo, Recup, Loop Industries, Inc. and Loliware. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global zero-waste packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future. Browse Complete Summary
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