The product stewardship market size is expected to reach US$ 2.45 billion by 2031 from US$ 1.26 billion in 2023. The market is estimated to record a CAGR of 8.7% from 2023 to 2031. AI-powered product stewardship is likely to bring new market trends.
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 are likely to 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.
Product stewardship is an environmental management strategy wherein all parties involved in the design, production, sale, or use of a product are accountable for reducing the product's environmental impact across all phases of its life cycle, including end-of-life management. The primary responsibility is attributed to the entity with the greatest capacity to influence the comprehensive life cycle environmental effects of the product. The manufacturer or producer of the product holds the most significant capacity to mitigate negative impacts; however, other stakeholders—including suppliers, retailers, and consumers—also contribute to this effort. Stewardship practices may be adopted voluntarily or mandated by laws. Product stewardship involves the reduction of health, safety, environmental, and social impacts associated with a product and its packaging throughout all stages of its life cycle while simultaneously enhancing economic advantages.
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% globally over the past five years. 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. This alignment not only meets consumer expectations but also translates into a competitive advantage in the marketplace. Consequently, businesses that proactively embrace sustainable practices are fulfilling a moral obligation and positioning themselves to capture a larger share of the market, thereby driving profitability and fostering customer loyalty in an increasingly eco-conscious economy. All of these factors boost the adoption of product stewardship practices, which is further driving the product stewardship market growth.
Investment in recycling infrastructure is a critical opportunity within the product stewardship market, as it directly enhances the capacity to manage waste effectively and sustainably. With many regions facing challenges in keeping pace with modern waste streams, significant investments are needed to upgrade and expand recycling facilities, improve sorting technologies, and develop new processing methods. For example, the Bipartisan Infrastructure Law in the US aims to bolster recycling systems, ensuring that materials are efficiently collected, sorted, and processed, which can lead to increased recycling rates and reduced landfill waste. In September 2023, the U.S. Environmental Protection Agency (EPA) announced more than US$ 100 million from President Biden's Investing in America agenda in order to expand recycling infrastructure and waste management systems across the US, representing the EPA's largest recycling investment in 30 years. The EPA has selected 25 communities to receive grants totaling more than US$ 73 million under the newly created “Solid Waste Infrastructure for Recycling” program. In addition, the agency is making ~US$ 32 million available for states and territories for improving solid waste management planning, collection of data, and implementation of plans. By investing in robust recycling infrastructure, companies not only comply with regulatory requirements but also create a competitive advantage by tapping into the growing market for recycled materials, ultimately contributing to a circular economy that minimizes environmental impact and promotes sustainability.
Key segments that contributed to the derivation of the product stewardship market analysis are component and organization size.
The regional trends and factors influencing the Product Stewardship Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Product Stewardship Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.26 Billion |
| Market Size by 2031 | US$ 2.45 Billion |
| Global CAGR (2023 - 2031) | 8.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Product Stewardship Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Product Stewardship Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The product stewardship market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the product stewardship market are listed below:
(Source: Anthesis Group, Press Release, January 2022)
(Source: Arcadis, Press Release, March 2024)
(Source: 3E, Press Release, April 2024)
The "Product Stewardship Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Product Stewardship Market
The market is anticipated to expand at a CAGR of 8.7% during 2023-2031.
The market is expected to reach a value of US$ 2.46 billion by 2031.
CGI Inc., SAP SE, Wolters Kluwer N.V., UL LLC., and Eaton are major players in the market.
AI-powered product stewardship a key trend in the market.
Increase in consumer demand for eco-friendly products, rise in corporate social responsibility initiatives, and strict government regulations are driving the market growth.
Europe dominated the product stewardship market in 2023.