by The global Zero Waste Packaging Market is estimated to be valued at US$ 1.57 Bn or Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Zero waste packaging involves packaging solutions that can be recycled, reused or composted. It aims to eliminate waste by redesigning packaging and manufacturing processes. Zero waste packaging products are sustainable, customizable and reduce environmental footprint.
Market key trends:
One of the key trends in the zero waste packaging market is the adoption of reusable packaging options. There is a rising demand for packaging made from recyclable, reused and renewable materials. Companies are focusing on developing innovative reusable packaging solutions such as glass containers, cloth bags etc. This eliminates single-use packaging and promotes circular use of packaging materials. Consumers are also increasingly preferring brands that use eco-friendly reusable packaging solutions leading to higher demand.
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Market key trends:
Zero waste packaging market is witnessing growing adoption of bio-based and biodegradable packaging materials. Materials like paper, bioplastics derived from agricultural waste offer compostable and reusable packaging solutions. Rising consumer preference for sustainable packaging made from natural resources is a major trend fueling demand for zero waste solutions. Brand owners and manufacturers are increasingly switching to green packaging to fulfill consumer demand for eco-friendly products and cut down on plastic waste.
SWOT Analysis
Strengths: Bio-based materials have lower environmental impact than conventional plastics. Compostable and reusable packages align well with circular economy principles.
Weaknesses: High costs associated with R&D and production of novel green materials. Limited infrastructure for collection and composting of packages.
Opportunities: Favorable regulatory push for sustainable packaging worldwide. Growing collaborations between brands and zero waste startups.
Threats: Stiff competition from conventional plastics dominating the market. Changing consumer preferences may reduce demand.
Key Takeaways
The global zero waste packaging market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing awareness about plastic pollution and circular economy. The market size for 2023 is estimated to be US$ 1.57 Bn.
North America dominates currently due to strict regulations against single-use plastics and initiatives like the US Plastics Pact. Europe and Asia Pacific are also lucrative regions due to rising environmental consciousness.
Key players operating in the zero waste packaging market are Loop Industries Inc., Pulp Works Inc., Avani Eco, Loliware, Lifepack, Aarohana Ecosocial Development, and Package Free, GO Box, World Centric, and Biome. They offer innovative zero waste solutions targeting industries like food and beverages, personal care, pharmaceuticals etc.
