Product Stewardship Market Size Worth $2.45 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners
The product stewardship market size is expected to reach US$ 2.45 billion by 2031 from US$ 1.26 billion in 2023 to record a CAGR of 8.7% from 2023 to 2031.
NEW YORK, Oct. 16, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global product stewardship market is observing significant growth owing to increase in consumer demand for eco-friendly products and rise in corporate social responsibility initiatives. Browse Detailed Insights: https://www.theinsightpartners.com/reports/product-stewardship-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the product stewardship market comprises a vast array of component, organization size and geography which are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The global product stewardship market size was valued at US$ 1.26 billion in 2023 and is projected to reach US$ 2.45 billion by 2031; it is expected to register a CAGR of 8.7% during 2023–2031.
2. Technological Innovations: AI-powered product stewardship is emerging as a transformative trend in the product stewardship market, leveraging advanced technologies to enhance sustainability practices and compliance management. By utilizing artificial intelligence, companies can analyze vast amounts of data to optimize product lifecycles, improve safety assessments, and streamline regulatory compliance. For instance, in June 2023, YourSEOBoard, a prominent innovator in digital marketing solutions, announced the launch of its latest feature: AI-Powered Sustainability Analytics. This groundbreaking addition to the platform signifies a substantial advancement in the company's dedication to environmental stewardship and corporate responsibility. By leveraging artificial intelligence, YourSEOBoard seeks to enable businesses to effectively track, measure, and reduce their carbon footprint while simultaneously enhancing their online presence. This helps companies stay compliant with regulations such as REACH and CLP and allows them to identify opportunities for reducing waste and enhancing product safety. As AI continues to evolve, its application in product stewardship will likely lead to more innovative approaches to sustainability, ultimately fostering a circular economy and reducing the environmental footprint of products.
3. Increase in Consumer Demand for Eco-friendly Products: There has been a substantial shift in consumer behavior toward eco-friendly products. Surveys indicate that a large majority of consumers are gradually prioritizing sustainability in their purchasing decisions. For instance, in 2024, according to Shopify, 89% of consumers have changed their shopping behavior to favor sustainable products, with nearly 30% indicating a significant change in their purchasing habits. Generation Z emerges as the most prominent adopter of this consumer trend, with this demographic citing sustainability as a primary consideration in their shopping decisions. According to a report by The Economist Intelligence Unit, commissioned by WWF, the popularity of Google searches relating to sustainable goods has increased by 71% over the past five years globally since 2016. There is a growing consumer inclination for sustainable products, driven by an increasing awareness of environmental issues and a desire to support brands that align with their values. As consumers, particularly younger generations such as Gen Z, prioritize sustainability in their purchasing decisions, companies that adopt product stewardship practices can significantly enhance their brand image and reputation.
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4. Rise In Corporate Social Responsibility Initiatives: Many businesses are increasingly integrating product stewardship into their corporate social responsibility (CSR) strategies as a means to showcase their genuine commitment to sustainability and environmental stewardship. For instance, LEGO is committed to minimizing the environmental impact of its operations by aiming for a 37% reduction in absolute greenhouse gas (GHG) emissions by 2032 and striving to achieve net-zero emissions by 2050. Additionally, the company is focused on decreasing both waste and water consumption. LEGO is also actively pursuing the enhancement of sustainability in all its packaging and is dedicated to eliminating single-use plastics from its products. Moreover, General Mills classifies its objectives into three main categories: food, planet, and people. Notable highlights of their Corporate Social Responsibility (CSR) impact include achieving 100% Global Food Safety Initiative (GFSI) certification for all company-owned production facilities, ensuring that 92% of General Mills packaging is recyclable or reusable, and contributing US$ 90 million to charitable initiatives in 2023. By adopting practices that emphasize responsible product lifecycle management—such as reducing waste, promoting recycling, and ensuring safe disposal—companies can not only meet regulatory compliance requirements but also positively influence their market perception.
5. Geographical Insights: Europe dominated the product stewardship market share in 2023; it would continue to dominate the market during the forecast period. Asia Pacific is the second-largest contributor to the global product stewardship market, followed by North America.
Market Segmentation:
- Based on component, the market is bifurcated into solution and services. The services segment held the largest share in the product stewardship market in 2023.
- In terms of organization size, the market is segmented into large enterprises and SMEs. The large enterprises segment held the largest product stewardship market share in 2023.
- The global product stewardship market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the product stewardship market include Eaton Corp Plc; Anthesis Group Ltd; Arcadis NV; CGI Inc; ERM Group, Inc.; Wolters Kluwer NV; Intelex Technologies ULC; SAP SE; Sphera Solutions, Inc.; 3E; Benchmark Digital Partners LLC; UL LLC; Pace Analytical Services; Covestro AG; Linde Plc; DuPont de Nemours Inc; knoell; Young & Global Partners; Yordas Limited; and Phylmar Group.
- Trending Topics: Corporate social responsibility (CSR), recycling, environmental monitoring, waste management, extended producer responsibility (EPR) among others
Global Headlines on Product Stewardship Market:
- "Arcadis, a leading global design and consultancy organization for natural and built assets, announced a continued partnership with the US Army Environmental Command (USAEC) to provide essential environmental studies and remediation services for hazardous waste and munition response sites. Arcadis is one of five firms selected as part of a five-year, $464 million shared capacity framework contract for USAEC and the Environmental Remediation Multi-Award (ERMA) support services."
- "Canadian governments and non-governmental organizations continued to develop innovative product stewardship and extended producer responsibility (EPR) programs with the goal of decreasing the amount of waste otherwise destined for landfills. These programs capture a wide range of product categories, including tires, batteries, electronics, packaging and printed paper (PPP) and beverage containers."
- "Anthesis Group, the world's largest group of dedicated sustainability professionals, appointed Bianca Nijhof, former Managing Director of Netherlands Water Partnership, as Associate Director of Water and Biodiversity. This senior hire expands and complements the established expertise within Anthesis while addressing market demand internationally to identify and mitigate biodiversity impacts."
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- "3E, the leading global provider of intelligent compliance solutions for chemical and workplace safety, product stewardship, and sustainable supply chains, completed its previously announced acquisition of Quick-FDS, the leading provider of workplace safety solutions in France. The acquisition of Quick-FDS from WEKA Group further expands 3E's presence in Europe and establishes a leading position in the French market in particular. This combination represents a significant milestone in the EHS&S industry, bringing together two of the most sophisticated providers of SDS management, workplace safety, and product stewardship solutions in Europe."
In terms of revenue, Europe dominated the product stewardship market share, followed by APAC and North America. The North America product stewardship market is poised for substantial growth, driven by regulatory pressures, consumer demand for sustainability, and the proactive efforts of organizations dedicated to responsible product lifecycle management. North America Product stewardship market emphasizes the responsibility of manufacturers to manage the environmental and health impacts of their products throughout their entire lifecycle, from design to disposal. This approach often aligns with extended producer responsibility (EPR), which legally mandates that producers take responsibility for the post-consumer management of their products and packaging. Various sectors, including electronics and packaging, are implementing stewardship programs to minimize waste and promote recycling, reflecting a broader commitment to sustainability and resource conservation.
The North America product stewardship market is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest product stewardship market share by 2031. The US product stewardship market is increasingly recognized as a significant opportunity for companies to enhance their sustainability efforts while also improving their business performance. By adopting product stewardship practices, businesses can rethink their product designs, optimize supply chain relationships, and ultimately provide greater value to customers with reduced environmental impacts. Sphera, a global provider of integrated risk management software, has made strides in this area by acquiring Thinkstep, a company specializing in corporate sustainability and product stewardship, thereby enhancing its capabilities in managing the lifecycle impacts of products. This market is driven by the growing government initiatives and regulatory pressures aimed at improving environmental standards, which encourage companies to implement effective stewardship programs.
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Strict government regulations such as Globally Harmonized System (GHS), Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), Restriction of Hazardous Substances (RoHS), Waste Electrical and Electronic Equipment (WEEE), Resource Productivity and Recovery Authority (RPRA), and Toxic Substances Control Act (TSCA) play a crucial role in shaping the product stewardship market. These regulations impose stringent requirements on manufacturers to ensure their products' safety and environmental sustainability throughout their lifecycle. For instance, REACH mandates that companies register chemicals used in their products, ensuring they are evaluated for safety and environmental impact. RoHS restricts the use of specific hazardous substances in electrical and electronic equipment, promoting safer manufacturing practices. WEEE focuses on the proper disposal and recycling of electronic waste, encouraging designs that facilitate recovery and minimize environmental harm. Compliance with these regulations not only helps businesses avoid legal repercussions, such as product recalls and fines, but also enhances their reputation among consumers and stakeholders who increasingly prioritize sustainability. As a result, adherence to these regulations is becoming a fundamental aspect of product stewardship strategies, driving innovation and responsible practices within the product stewardship market.
Conclusion:
Factors such as consumer demand for eco-friendly products, rise in corporate social responsibility initiatives, and strict government regulations are driving the product stewardship market growth. Growing investment in recycling infrastructure and increasing awareness campaigns present ample opportunities for the market. However, resistance to change within the organization hampers the market growth. AI-powered product stewardship is emerging as a transformative trend in the product stewardship market. The increasing awareness among organizations regarding health, safety, and environmental impacts prompts manufacturers to adopt product stewardship practices, enhancing their economic benefits while minimizing adverse effects throughout the product life cycle. Additionally, the rise in regulatory frameworks and compliance requirements is compelling companies to prioritize sustainable practices. The ongoing emphasis on waste management and the transition toward circular economy models further create opportunities for innovation and collaboration among stakeholders, including suppliers, retailers, and consumers.
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The report from The Insight Partners, therefore, provides several stakeholders—including software and services providers, regulatory bodies, and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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