Zero Waste Packaging Is Fastest Growing Segment Fueling 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Zero Waste Packaging refers to packaging products that aim to reduce waste and promote the use of recycling and composting. This includes reusable packaging, packaging made from recycled materials, and packaging designed for durability and reuse. Zero Waste Packaging helps reduce environmental footprint and promotes circular economy.

Market key trends:

One of the major trends in the Zero Waste Packaging market is the adoption of new production technologies to manufacture innovative and sustainable packaging materials from agricultural waste. For instance, many companies are developing bio-based and compostable plastic packaging using agricultural residue such as straw, wood pulp and sugarcane bagasse as raw materials. These bio-based plastics can reduce dependence on fossil fuels and plastic pollution. They also support sustainable development goals of reducing waste and carbon footprint of the packaging industry.

Segment Analysis

Zero Waste Packaging Market is segmented into Reusable Packaging, Recyclable Packaging, Compostable Packaging. Among these, Compostable Packaging dominates the market with a share of around 45% as of 2023. This is primarily due to the rising awareness regarding the negative impact of plastic waste on the environment and need for sustainable alternatives. Compostable packaging can be recycled through composting at home or industrial composting facilities and eventually breaks down into organic matter.

Key Takeaways

The global Zero Waste Packaging Market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing concerns regarding environmental pollution caused by plastic waste and growing need for sustainable packaging solutions.

Regional analysis - Asia Pacific dominates the zero waste packaging market with around 35% share and is expected to witness the fastest growth during the forecast period. This is attributed to the presence of large packaging industries and rapid economic development in countries like China and India. Improving regulatory policies targeted towards reducing plastic pollution are further driving the adoption of zero waste packaging in the region.

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 Inc. dominates the market owing to its wide portfolio of fully recycled and recyclable zero waste packaging products. The company is focusing on expanding its production capacity and geographical footprint to strengthen its market position further.

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