Zero-waste Packaging Market Expand at a CAGR of 8.8% in the Forecast Period From 2022 to 2032

As per FMI, the global zero-waste packaging market is expected to reach US$ 2,289.1 Mn by 2032 and exhibit growth at a CAGR of 8.8% from 2022 to 2032. The global market is projected to grow by 2.3x during 2022-2032.

Packaging has a negative influence on the environment as numerous resources are used to manufacture products that are frequently meant to be thrown away. Currently, plastic is one of the most common materials employed in packaging.

Consumption of plastic has significantly increased in recent years. Although plastics have many valuable qualities, they also produce a lot of waste. Over 40% of all plastic usage is accounted in the packaging for end users.

According to Plastic Oceans International, every year, more than 10 million tons of plastics are spilled into the oceans and less than 9% of all plastic is recycled. As a result of plastic waste being dumped in the ocean, 1 million marine species are killed by plastic pollution per year. Globally, up to 50% of the plastic waste is generated from single-use plastic (SUP).

Due to the above-mentioned harmful impacts of plastics, consumers are inclining towards sustainable and eco-friendly packaging solutions for waste management purposes. It is set to create new growth opportunities for zero-waste packaging manufacturers, thereby reducing the utilization of single-use plastic.

Composting, reuse, and recyclability are set to be three popular trends in the field of zero-waste packaging. This step of the zero waste hierarchy puts an emphasis on performance recycling, as well decentralized composting facilities and fostering sustainable natural cycles.

Thus, manufacturers are developing new systems to keep materials in their product cycle, while also maintaining their functionality. Compostable and reusable packaging solutions are also anticipated to generate high demand in the next decade.

Key Takeaways from Zero-waste Packaging Market

· By product type, the compostable packaging segment is anticipated to create an incremental opportunity of US$ 613.2 Mn during 2022-2032.

· Based on end use, the food & beverages segment is anticipated to hold approximately 45% of the global market share by the end of 2032.

· South Korea is projected to generate a share of about 61.2% in the East Asia zero-waste packaging market.

· Germany is estimated to lead the Europe zero-waste packaging market, with an expected valuation of US$ 315.6 Mn by the end of 2032.

· The zero-waste packaging market witnessed growth at a CAGR of 5.8% during the historical period (2015-2021).

Read more: https://www.futuremarketinsights.com/reports/zero-waste-packaging-market