Zero waste packaging is touted as a new revolution in industries. It promises to package products in such a way that it does not result in any waste. This is largely done through utilizing, reusing, and recycling waste. The zero waste packaging market is likely to witness major growth as stringent regulatory environment, and global environmental crisis are expected to make way for myriad of opportunities. Currently, plastic generates over 200 million tonnes of plastic in landfills. Additionally, only a few ways of recycling ways promise a completely clean-riddance as during its industrial burning, it also creates a ton of toxic gas waste.
Moreover, many countries around the world have banned single-use plastics. This is a major concern for industries in the food and beverage sector. According to major players in the beverage business, the alternatives to single-use plastics are not yet viable or commercially feasible. The essential demand, and need to find new solutions to age-old crisis are expected to result in major innovation opportunities for players in the zero waste packaging market.
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Zero Waste Packaging Market: Notable Developments
As pressure rises, biggest brand in the world are stepping up to the plate to adopt zero waste packaging solutions. For example, recently Coca Cola announced that its World Without Waste Initiative to achieve 100% recycled packaging using 50% recycled materials. It also plans to collect and recycle one bottle or can for every item sold. Similarly, Unilever also announced a decision to reduce reliance on Virgin plastics by 50%. It made way for processing and collecting plastic packaging in new ways possible.
The Ocean Cleanup, an organization founded by Dutch inventor, Boyan has initiated a massive drive to collect massive plastic found in the ocean globally. this is done using a device to detect and collect plastic which has reached over 2,000 feet in length. In its initial trials, the device has surpassed expectations globally and is in line with various other initiatives. These include creating packaging materials from plant-based materials.
Zero Waste Packaging Market: Drivers and Restraints
The zero waste packaging market is expected to witness major growth as e-commerce, and food & beverage industry continues to demand innovative, robust, and reliable packaging solutions. The e-commerce industry is replacing conventional brick and mortar stores in the world. Additionally, it is also driving food delivery, which is a new booming consumer demand around the world. Major pharmacies like Walgreens have announced ventures to order and provide delivery online in competition with Amazon. The growth of this industry will lead to major uptakes of electronics, clothes, and other new services as well. The rising need to create new packaging, and technologies like automation, 3D printing are expected to aid growth of the zero waste packaging market.
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Zero Waste Packaging Market: Geographical Analysis
The zero waste packaging market is expected to register major growth in North America region. The growing demand for sustainable solutions, environmentally progressive initiatives in states like Maine banning plastics are expected to drive major growth for the market. Additionally, the region is also witnessing major adoption of technologies like 3D printing is also expected to lower costs and improve quality for manufacturers in the long run. The zero waste packaging market is also expected to register significant growth in Asia Pacific. The rising disposable income, growing demand for consumer products like soft-drinks, and textiles, and manufacturing establishment in the region are likely to drive growth for the market.
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