July 23, 2024

Expanding Sustainable Packaging Initiatives To Bolster The Growth Of Zero Waste Packaging Market

The global Zero Waste Packaging Market is estimated to be valued at US$ 1.57 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 refers to sustainable packaging solutions that prevent waste and promote reuse or recycling. It includes reusable container and packaging systems that enable elimination of single-use or disposable packaging. Major application areas of zero waste packaging include food and beverage, pharmaceutical, personal care and household care industries. The rising focus of companies towards sustainable packaging solutions to reduce environmental footprint and adoption of circular economy models is driving the demand for zero waste packaging materials and solutions globally.

Market key trends:

One of the major trends in the zero waste packaging market is growing demand for biodegradable and compostable materials. Several packaging manufacturers are focusing on developing new biomaterials derived from agricultural waste, crops and seaweeds that can degrade completely without harming the environment. Another key trend is rising popularity of reusable packaging systems. More companies are offering reusable containers, pouches and bottles as an alternative to single-use plastic packaging. Advances in materials science are also enabling development of innovative zero waste packaging designs that can be reused, refilled or recycled multiple times through their lifecycle. Standardization of recycling process and expanding reuse networks are also supporting the growth of reuse-focused business models.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the zero waste packaging industry requires significant capital investments in R&D and production facilities. Existing players have established supply chains and brand recognition.

Bargaining power of buyers: The bargaining power of buyers is high as there are numerous packaging options available and customers can switch to alternatives easily. Buyers can negotiate on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material availability is consistent. However, suppliers hold significant influence over pricing.

Threat of new substitutes: The threat of substitutes is high as conventional plastic packaging and recycled content packaging are economical alternatives to zero waste options.

Competitive rivalry: The competition is intense as key players compete on product quality, design, and sustainability credentials.

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 environmental concerns regarding conventional plastic waste. The market size for zero waste packaging is estimated to reach US$ 1.57 Bn by 2023.

Regional analysis: North America dominates the zero waste packaging market currently. The U.S. exhibits high demand for sustainable packaging owing to stringent regulations and consumer awareness. Europe is also an important market driven by bans on single-use plastics. Asia Pacific is expected to be the fastest growing region with countries like India promoting initiatives to cut back on plastic waste.

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. Key players are focusing on innovative product designs made from biomaterials and offering compostable and reusable packaging solutions to businesses and individuals.