NEWARK, Del, Sept. 18, 2023 (GLOBE NEWSWIRE) -- During the historical period from 2018 to 2022, the zero-waste packaging market registered a CAGR of 5.8%, demonstrating its substantial expansion over time. The market reached a worth of US$ 984.9 million by the end of the year 2022.
The market is forecast to reach US$ 1,071.6 million in 2023. It is expected to register a phenomenal CAGR of 8.8% from 2023 to 2033. The report further expects this value to reach new heights by 2033, totaling 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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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 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 expand at a faster rate.
- The sustainable development movement presents considerable commercial prospects for businesses in Asia Pacific countries.
- China and India are the two remarkably growing markets in sales of zero-waste packaging solutions and are expected to continue this trend until 2033.
“Insights from this report would allow marketers and management authorities of companies to make an informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics,” says an FMI analyst.
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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.
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.
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 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
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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.
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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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