Product Stewardship Market

Global Product Stewardship Market Size (2024 to 2029)

The Product Stewardship Market is estimated to reach USD 1.19 billion in 2024 and USD 1.83 billion by the end of 2029, growing at an annual growth rate of 9% between 2024 and 2029.

Product Stewardship is nothing but an enterprise approach that provides the design, production, distribution as well and usage of the product by taking charge of minimizing the product’s environmental influence in almost every stage of its product life cycle, which consists of the procurement of raw materials, product manufacturing, designing, as well as selling with the product safety and the product compliance liability. Product stewardship generally decreases a product's health, safety, environmental, and social influence throughout all the lifecycle stages and increases the economic benefits.

Global Product Stewardship Market Drivers:

Increasing requirements for enterprises to publicize their safety, health, and environmental initiatives and comply with various environmental regulations and government guidelines are expected to play an essential role in the growth of the market of Product Stewardship across the globe. Another factor is increasing awareness among administrations to safeguard the health and protection of their employees and environmental protection. The growing necessity for enterprises to publicize their environmental, health, and safety initiatives is a factor that is expected to lead the product stewardship market during the forecast period.

Global Product Stewardship Market Restraints:

While the Global Product Stewardship Market is seeing considerable growth and innovation, it also faces several challenges that could hinder its progress. One major problem is the complex regulatory landscape that governs product stewardship procedures in many countries and businesses. Diverse and continuously shifting rules place a significant compliance burden on firms, forcing them to traverse a maze of various standards and reporting obligations. This legislative uncertainty raises operating expenses and makes implementing harmonized worldwide product stewardship policies challenging.

Impact of COVID-19 on the Product Stewardship Market:

We all know that due to the COVID pandemic, all industries, including small, medium, and large enterprises, have been impacted very severely due to the market disruption and supply chain. Due to the COVID-19 pandemic, the global economy has been affected in three ways: by directly affecting production and demand, creating supply chain disruption, and having an economic impact on firms and markets. The supply chain has also severely affected product stewardship, and the market is expected to improve in the coming days.

REPORT COVERAGE:                                                           

This research report on the global product stewardship market has been segmented and sub-segmented based on type, services type, and organization size.

Global Product Stewardship Market - By Type:

• Solutions
• Services

The services segment held the prominent share, which is estimated to remain at the forefront throughout the forecast period due to the increasing requirements of clients for processing the pre-post. These integration phases involve the implementation of product stewardship solutions. In contrast, these services will also help drive the productivity and efficiency of the business processes, enabling businesses to build a time-efficient system.

Global Product Stewardship Market - By Services Type:

• Business Consulting
• Advisory Services
• Deployment and Implementation Services
• Audit
• Assessment
• Regulatory Compliance Services
• Training & Support Services

The deployment and implementation services segment holds a major market share and is expected to dominate during the forecast period.

Global Product Stewardship Market - By Organization Size:

• Small and Medium Enterprises
• Large Enterprises

The large enterprise's segment held a prominent market share among the other segments since large organizations' affordability to implement product stewardship solutions and services and economies of scale enable them to capitalize on the benefits of these solutions and services.

Global Product Stewardship Market By – Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North American region grasps a significant share of the market due to the stringent rules and rules related to the use of environment, health, and safety solutions for environmental sustainability, boosting the adoption of product stewardship solutions and services in the region. Furthermore, the existence of some of the key players in the region, especially in some countries such as the United States and Canada, propels the market's growth. The North American region is expected to hold dominance during the forecast period.

The Asia Pacific region is expected to increase its market value due to the increasing requirement for enterprises to publicize their safety, health, and environmental initiatives, helping the growth of the market.

The European region is also expected to grow its market, followed by the North American and Asia Pacific regions.

KEY MARKET PARTICIPANTS:

Companie playing a key role in the global product stewardship market include Yordas Group (UK), Scout Environmental (US), thinkstep (UK), UL Wercs (US), Sphera (US), ERM Group (UK), Enhesa (US), ProcessMAP (US), SiteHawk (US), Verisk 3E Company (US), Enviance (US), CGI (Canada), Enablon (US), Gensuite (US), SAP (Germany), Velocity EHS (US), Intelex (Canada), Cority (Canada), Anthesis (UK), Covestro (Germany), Pace Analytical (US), Wood Group (UK), Phylmar Group (US), Arcadis (Netherlands), and Young and Global Partners (Belgium).

RECENT HAPPENINGS IN THE MARKET:

• Sphera company, a global breadwinner of integrated risk management software and information services with an emphasis on environmental safety and health, acquired a German-based company named Thinkstep in September 2019, specializing in corporate sustainability and product stewardship.
• In August 2019, the New Zealand government proposed regulated product stewardship schemes, which focused on reducing plastic waste and diverting waste from landfills. The product stewardship schemes will also ensure the making, selling, and use of products to recover the materials.
• In December 2018, the ERM group launched a new digital platform, ERM NEXUS, providing fast, improved, and safe outcomes. The ERM Nexus software enables the clients to address the issue of acquiring and storing large amounts of data, particularly EHS-related data, which was stored in different locations, directories, software systems, files, and format types.