Product Stewardship Market

Global Product Stewardship Market Size (2024 to 2032)

The Product Stewardship Market was worth USD 1.09 billion in 2023. The global market is estimated to reach USD 1.19 billion in 2024 and USD 2.37 billion by the end of 2032, growing at an annual growth rate of 9% between 2024 and 2032.

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.

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.

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.

REPORT COVERAGE                                                           

SEGMENTAL ANALYSIS

Global Product Stewardship Market Analysis By Type

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 Analysis By Services Type

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

Global Product Stewardship Market Analysis By Organization Size

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.

REGIONAL ANALYSIS

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 PARTICIPANTS IN THE GLOBAL PRODUCT STEWARDSHIP MARKET

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 GLOBAL PRODUCT STEWARDSHIP 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.

DETAILED SEGMENTATION OF THE GLOBAL PRODUCT STEWARDSHIP MARKET INCLUDED IN THIS REPORT

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

By Type

• Solutions
• Services

By Services Type

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

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

 By Region

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