Zero Waste Packaging Market is in Trends by Growing Corporate Sustainability Measures
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| Zero Waste Packaging Market |
The
Zero Waste Packaging market refers to packaging products or systems that generate
no waste or are designed to be reused, recycled, or composted after usage. Zero
waste packaging solutions help reduce environmental pollution and decrease the
burden on landfills by minimizing the generation of non-recyclable waste. Major
products in the market include reusable containers or packaging made from
recycled materials that can be reused or refilled multiple times. The Global
Zero Waste Packaging Market is estimated to be valued at US$ 1.97 Bn in 2024
and is expected to exhibit a CAGR of 12.% over the forecast period 2024 To
2031.
Key Takeaways
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. Loop
Industries is working on developing zero waste packaging made from recycled
plastic bottles while Package Free sells reusable containers to replace
single-use packaging waste. The growing Zero
Waste Packaging Market Demand for sustainable packaging from industries
like food and beverage, pharmaceuticals, and e-commerce is also driving the
zero waste packaging market. Companies are increasingly adopting zero waste
solutions to meet customer demand for greener options and minimize their
environmental footprint. The zero waste packaging market is also expanding
globally with growing awareness about sustainability issues and plastic pollution
worldwide.
Market Key Trends
One of the key trends in the zero waste packaging market is the adoption of
reusable delivery packaging by online retail giants. Companies like Amazon are
now offering reusable padded mailer envelopes and tote bags for home deliveries
to reduce plastic waste. Customers can return the used delivery packaging
through a pickup service for reuse. This closed loop delivery model ensures
multiple uses of the same packaging material and keeps tonnes of disposable
plastic out of landfills and oceans annually. Standardizing reusable mailers
and delivery boxes across industries can help scale up this promising zero
waste trend.
Porter's
Analysis
Threat of new entrants: Low capital requirements for production and
distribution limit barriers to entry in the zero waste packaging market.
Bargaining power of buyers: Buyers have significant bargaining power due to
availability of alternative eco-friendly and recyclable materials.
Bargaining power of suppliers: Suppliers of bio-based, recyclable, and
compostable materials have moderate bargaining power due to differentiated
products and services.
Threat of new substitutes: Rising R&D in novel sustainable packaging
alternatives poses threat of new substitutes.
Competitive rivalry: Intense competition exists among the numerous small and
mid-sized players due to low product differentiation.
Geographical regions
North America currently dominates the global zero waste packaging market in
terms of value, with the U.S. and Canada accounting for significant shares.
Growth of retail and e-commerce sectors coupled with stringent government
regulations regarding use of plastics are driving the zero waste packaging
market in the region.
The Asia Pacific zero waste packaging market is expected to witness fastest
growth during the forecast period, with China, India, Japan, and South Korea
emerging as major markets. Rising population, rapid urbanization, growing
consumer awareness about environmental protection, and supportive government
policies are propelling the regional market.
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About Author:
Money Singh is a seasoned content writer with over
four years of experience in the market research sector. Her expertise spans
various industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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