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Global Zero Waste Packaging Market Analysis – 2018-2027
Zero-waste packaging is one of the systems of packaging in which either there is full utilization of materials, apart from these materials being subject to re-use and even recycling so that there is absence of any left-over products at the end of such process. There is always the chance of any form of leftovers that remain in the course of packaging these materials. Sustainable packaging is a method that works on saving natural resources as much as possible. Therefore, the packaging process is normally performed in such a way that only a zero-waste product finally emerges, owing to an eco-friendly method of packaging being adopted for such packaging. The global zero-waste packaging market was valued at USD 1312.16 million in the year 2018 and is anticipated to grow at a CAGR of 8.78% over the forecast period 2020-2027 owing to factors such as rising need for sustainable packaging methods, increasing concern for the environment and rising demand from end-use consumers. According to EPA, in 2017, plastic products as a municipal solid waste generated in the U.S. was 35.4 million tons, which was an increase by 4 million tons in-between the period 2010-2017.
The zero-waste packaging market consists of various segments that are segmented by material type, end-use industry, distribution channel and by region. Compostable goods forming part of material type segment, which was valued at USD 659.64 million in the year 2018, occupied the highest market share of 58.3% in 2018, which was the result of increasing levels of awareness among individuals in most parts of the world about the waste that remains on the land and the damage that can be caused to environment due to its presence. Compostable products have been in higher demand for discarding of waste, as they are being viewed as a crucial alternative as compared to other disposable products. Additionally, the food and beverage segment, forming a part of the end-use industry, is anticipated to register the highest CAGR of 9.01% during the forecast period.
Based on region, the global zero waste packaging market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America, which registered a value of USD 460.56 million in the year 2018, is estimated to register the highest market share of around 40% over the forecast period, with greater awareness among the individuals in many regions of the world regarding the damage that the environment may suffer due to the gathering of waste into the environment by continuing with the adoption of conventional mode of packaging. The market in the Asia Pacific region is estimated to grow at the highest CAGR of 9.30% over the forecast period, as many steps initiated by various governments in the region to popularize and encourage the shift to sustainable packaging has been visible over the last decade, which is estimated to boost the growth of the market over the next decade.
Some of the key industry leaders in the global zero-waste packaging market are GO Box, World Centric, Biome, PulpWorks, Inc., Package Free, Lifepack, Avani Eco, Biogusto, Bizongo, Recup, Loop Industries, Inc. and Loliware.