ZERO WASTE PACKAGING MARKET ANALYSIS

Market Challenges And Opportunities

Global Zero Waste Packaging Market: Restraints

• High and unstable raw material costs and inadequate infrastructure: The expensive cost of zero-waste packaging materials, however, could serve as a market restraint. Though currently more expensive than plastic garbage, zero-waste materials don't require extra costs like financing to clean the waste. For instance, in 2021, according to estimates from the World Economic Forum, waste from plastic packaging will cause an annual loss of $80 to $120 billion. Additionally, the rapidly growing food and beverage sector and rising e-commerce sales are some of the reasons that are anticipated to create a number of potential opportunities for the market in the years to come.

Global Zero Waste Packaging Market: Growth Drivers

• High Demand for Reusable Packaging Worldwide: Due to its ability to produce zero waste, reusable packaging has been a major trend among consumers and manufacturers in recent years. Reusable packaging saves money and protects the environment. By using reusable materials, businesses may cut down on the need to constantly produce single-use packaging, saving money on the cost of raw materials, energy, and labor. Reusable packaging has a significantly smaller environmental impact than conventional packaging. It reduces trash by 95%, eutrophication by 60%, and global warming potential (GWP) by 75%. Compared to one-way bottles, refillable bottles produce fewer greenhouse gas emissions. Thus, reusable packaging will have a significant impact on the demand for zero-waste packaging in the next decade. For Instance, in 2023, The Coca‑Cola Company announced an industry-leading goal to significantly boost its use of reusable packaging. The Coca-Cola Company is an American multinational corporation founded in 1892, best known as the producer of Coca-Cola. The drink industry company also manufactures, sells, and markets other non-alcoholic beverage concentrates and syrups, and alcoholic beverages. By 2030, the company aims to have at least 25% of all beverages globally across its portfolio of brands sold in refillable or returnable glass or plastic bottles or in refillable containers through traditional fountains or Coca‑Cola Freestyle dispensers.
• Use of Organic Resources like Mushrooms and Corn: Zero waste is the ultimate objective of sustainable packaging. For Instance, in 2022, According to research by the Ellen MacArthur Foundation, just 14% of all plastic packaging gets recycled, with the remaining 40% finding their way into landfills and the remaining 32% ending up in ecosystems (the remaining 14% are utilized for energy recovery or cremation). Many firms are shifting to minimum packaging and using materials like paper, glass, wood, and other recyclable and sustainable materials in place of plastic. They have also switched from using plastic tape to Kraft paper tape.