product stewardship Market

The product stewardship market size was valued at US$ US$ 1.26 billion in 2023 and is expected to reach US$ 2.45 billion by 2031; it is estimated to record a CAGR of 8.7% from 2023 to 2031.

The product stewardship market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Europe dominated the market in 2023, followed by APAC and North America, respectively. The product stewardship market in North America 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. For instance, PSI is a national authority on product stewardship, providing resources and research to help organizations implement stewardship initiatives. It has been instrumental in promoting product stewardship concepts across the US. Moreover, for over a decade, PaintCare has successfully implemented manufacturer-led paint stewardship programs in various states nationwide, facilitating convenient paint recycling solutions. Established by the paint industry through the American Coatings Association (ACA), PaintCare is a nonprofit organization dedicated to managing the end-of-life phase of architectural paint products in states that have enacted paint stewardship legislation.

The Asia Pacific product stewardship market is projected to experience highest growth rate from 2023 to 2030 owing to rapid economic development in countries such as China and India led to increased domestic consumption, which, in turn, raised the demand for sustainable practices in product lifecycle management. Additionally, there is a growing consumer awareness regarding environmental issues, with a significant portion of the population willing to pay a premium for sustainable products. Furthermore, government regulations are becoming more stringent, pushing businesses to comply with environmental standards and adopt product stewardship initiatives to mitigate their ecological impact. The region's unique market dynamics, characterized by a mix of fast-growing and mature markets, also influence the pace of adoption, as businesses in emerging economies are often more responsive to sustainability trends compared to their counterparts in developed markets.

Based on component, the market is bifurcated into solution and services. The services segment held the largest product stewardship market share in 2023. The services segment of the product stewardship market encompasses a variety of professional offerings designed to assist organizations in effectively managing their product lifecycle responsibilities. This includes business consulting and advisory services, which help companies develop strategies for compliance with environmental regulations and sustainability goals. Additionally, deployment and implementation services ensure that stewardship programs are integrated smoothly into existing operations. In contrast, audit, assessment, and regulatory compliance services provide critical evaluations of a company's adherence to relevant laws and standards. Furthermore, training and support services equip employees with the necessary knowledge and skills to implement stewardship practices effectively. As businesses progressively recognize the importance of sustainable practices, the demand for these services is projected to grow significantly, driving innovation and efficiency in product stewardship initiatives.

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 are among the key product stewardship market players that are profiled in this market study.

The overall product stewardship market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the product stewardship market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the product stewardship market.