“Growing need for biodegradable and sustainable packaging solutions worldwide will boost market growth”
The global zero waste packaging market is rising immensely, anticipated to expand at a CAGR of 10.8% throughout the estimated period from 2019 to 2027, starting from US$ 1,496.7 Mn in 2018.
The global zero waste packaging market is majorly driven by the surge in the need for sustainable and biodegradable packaging solutions worldwide. The surge in the plastic waste generation coupled with growing environmental concerns across the globe are some of the major factors projected to enhance the global market demand during the forecast period. According to the World Bank report, in 2016, the world generated 242 Mn tonnes of plastic waste, which is around 12% of all solid waste generation.
The growing demand for zero waste packaging products from numerous industries such as food & beverages, healthcare, personal care, and others is estimated to drive the global market during the forecast period. The rapidly growing plastic recycling is another major factor for market growth during the forecast period. In 2018, global plastic recycling was estimated at nearly 29,438 Kilotons and is projected to expand at a CAGR of around 8.9% over the forecast period. The introduction of more advanced zero waste packaging products coupled with rising strategic collaborations among market players are further presumed to drive the market growth during the forecast period. For instance, in November 2018, Loop Industries, Inc. entered into a multi-year supply agreement with the Coca-Cola Systems CEPG (Cross-Enterprise Procurement Group), to supply 100% sustainable and recycled Loop PET plastic resin. With the agreement, Loop Industries, Inc. had increased their client-base and market share in the global zero waste management market.
Market Synopsis
Get a sample copy for more information
“Increasing need for recycled packaging to spur the segment growth”
In 2018, the offline segment dominated the global zero waste packaging market owing to the surge in need for recycled & biodegradable packaging solutions. The retail companies are collaborating with the zero waste packaging solution providers to decrease the use of plastic, which is projected to drive the segment growth during the forecast period. For instance, in November 2019, Virgin Megastore an international entertainment retailing chain collaborates with Avani Eco. Virgin Megastore bans plastic bags in their UAE stores and starts using customized Avani Bio’s Cassava bags. The bags are made from vegetable oil, organic resins and cassava starch that makes the product 100% biodegradable. The surge in consumer demand for sustainable packaging solutions is another major growth driver for the offline segment growth in years to come.
Get a sample copy for more information
“The rising awareness among individuals to enhance North America growth”
In 2018, North America had the highest share in the global zero waste management market. North America contributed to more than 40% of the global market in the same year. The rising awareness among individuals coupled with the surge in environmental regulations and increasing waste generation are the major factors for regional growth. According to the World Bank, North America generates 289 Mn tonnes of waste annually. The U.S. accounted for the major share in the North America zero waste packaging market in 2018. The growing need for sustainable packaging solutions coupled with growing initiatives for zero waste solutions are the major factors for country growth. For instance, in December 2019, GO Box partnered with New York’s Citizen Committee and the A+E Networks. According to the agreement, the GO Box will launch a corporate reuse program for the A+E Networks employee cafeteria.
Get a sample copy for more information
Key Industry Developments:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
ATTRIBUTE | DETAILS |
---|---|
Research Period | 2017-2027 |
Base Year | 2018 |
Forecast Period | 2019-2027 |
Historical Year | 2017 |
Unit | USD Million |
Segmentation |
Material Type (2017–2027; US$ Mn) |
Distribution Channel (2017–2027; US$ Mn) |
|
End-user (2017–2027; US$ Mn) |
|
Geography (2017–2027; US$ Mn) |
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall zero waste packaging market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.