(Credit: Pixabay)With a growing focus on sustainable packaging across industries as well as improving waste management infrastructure, the global zero-waste packaging market is expected to significantly through the end of the decade, according to a report from Grand View Research.
The market is expected to reach a value of $502.6 billion by 2030, growing at a CAGR of 9.6%, the report finds. The market is dominated by paper and cardboard materials, which held a 75% revenue share in 2022.
The report looked at types of sustainable packaging such as recyclable and biodegradable, as well as industries such as food and beverage, personal care, electronics, and healthcare. It analyzed uses from different regions across the world.
Reusable and recyclable packaging accounts for nearly all of the zero-waste market. Those packaging materials are typically manufactured from paper, paperboard, glass, and metal.
Edible packaging is expected to grow at the highest annual rate through the forecast period at nearly 19% a year, driven by its sustainability and eco-friendliness, the report says. Awareness surrounding that type of packaging is growing, especially among developing economies, Grand View Research says. Edible packaging is generally made from plant-based materials that can be consumed and are biodegradable.
Sustainable packaging has been an increasing priority across industries. A survey from Ball shows recyclability, reusability, and biodegradability are the most important aspects users want in packaging. That survey looked at glass, cardboard, aluminum, and plastic packaging.
Another survey by the Glass Packaging Institute shows that consumers say they would use more companies that provide glass packaging, which is 100% recyclable. In the United Kingdom, a group called the Compostable Coalition UK formed this year with 10 members to study the feasibility of collecting, sorting, and treating compostable packaging through existing bio-waste collection and treatment programs.
The Grandview Research report shows that based on the distribution network, the offline segment will account for 50% of the market share through the forecast period. It also says e-commerce will grow at 10.3% a year, especially from the increased demand for online business.
Regionally, the United States has significant infrastructure that is continuing to encourage the growth of zero-waste packaging. The Central American and South American markets will see the most growth in zero-waste packaging, growing at a clip of 9.8% per year through 2030. That is due to increasing awareness of sustainable packaging in the region, the report says.
The report finds that the high costs of newly developed products like compostable and edible packaging could restrict market growth. The volatility of raw material prices also could have an impact. However, the increased overall demand for sustainable packaging across industries is likely to counter most negative influences, according to the report.
Key players in the zero-waste packaging market are Ecovative, DS Smith, Avani Eco, Biome Bioplastics, BIOPLA, Loliware, Evoware, Sulapac Oy, TIPA, World Centric, Notpla, Regeno, and Hero Packaging.
