SAN FRANCISCO, Dec. 20, 2022 /PRNewswire/ — The global zero waste packaging market size is expected to reach USD 502.6 billion by 2030, expanding at a CAGR of 9.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing awareness about sustainable packaging products across industries, developing infrastructure for waste management, and sensible disposal practices across developed and some developing countries are driving the market.
Key Industry Insights & Findings from the report:
- The paper and cardboard material segment held a dominant revenue share of over 75.0% in 2022. The developed infrastructure for closing the loop of old corrugated containers (OCC) in the manufacturing industry, where it has the highest recycling rate of around 90% across the globe, is supporting the segment growth.
- The reusable/recyclable packaging type segment accounted for the largest revenue share of over 95.0% in 2022 and is projected to maintain its dominating position throughout the forecast period. The reusable and recyclable packaging products are usually manufactured from paper and paperboard, glass, and metal.
- The edible packaging type segment is expected to expand at the highest CAGR of 18.9% over the forecast period owing to its sustainability and eco-friendliness. Increasing awareness about this newly developed packaging solution across developing economies is further driving the market.
- Based on the distribution channel, the offline segment accounted for the maximum revenue share of over 50.0% in 2022 and is projected to maintain its dominance throughout the forecast period. The high penetration of the offline system in the end-use market is a major factor supporting its dominance in the global market.
- The e-commerce application segment is expected to expand at the highest CAGR of 10.3% in terms of revenue over the forecast period. The continuously expanding customer base for online purchasing, especially post the coronavirus pandemic, is supporting the growth of the segment.
- The Central and South America region is expected to expand at a CAGR of 9.8% in terms of revenue over the forecast period. The country is projected to exhibit growth on account of the increasing internet penetration and awareness about sustainable packaging solutions in major countries including Brazil and Argentina. The rising awareness about various types of environment-friendly packaging solutions offered by international organizations through the electronic medium is further supporting the demand for zero waste packaging.
Read 115 page market research report, “Zero Waste Packaging Market Size, Share & Trends Analysis Report By Material (Paper & Cardboard, Biopolymer), By Type, By Distribution Channel, By Application, By Region, And Segment Forecasts, 2023 – 2030”, published by Grand View Research.
Zero Waste Packaging Market Growth & Trends
The rising incidences of various types of pollution from packaging waste disposal are driving the demand for zero waste packaging. For instance, air pollution caused by hazardous and biodegradable waste causes diseases, especially in the nearby residing population. Soil pollution caused by littered plastic, glass, and metal particles, which take years to degrade into the soil, leads to soil erosion, thus negatively affecting crop yields and forest areas. Furthermore, disposed of plastic and industrial residues including chemicals are responsible for …….