The rising disposable income across different countries & regions worldwide is directly impacting the growth of garbage & waste of all kinds. Hence, in line with the need to address environmental concerns and suitably dispose or reuse waste, several countries are coming together to build up waste management & create a circular economy.
The aim is not only to reduce garbage from the environment but also to bring sustainability & curtail the degradation of natural landscapes. Circular economy exhibits activities that utilize many ways & resources to preserve value from waste in the form of energy, materials, services, etc. It is principally to reuse, recycle, and remanufacture products and circulate the economy instead of scrapping them.
The Global Circular Economy Market is projected to grow at a CAGR of around 9% during the forecast period, i.e., 2021-26. The growth of the market is likely to be driven primarily by mounting concerns over environmental degradation and massive waste generation of all types by the exponentially rising population worldwide, i.e., gaining increasing focus of governments of different countries worldwide on the surging need to address these issues.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, France, Russia|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil, Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Electronic Waste (Dell, Sony, Panasonic, IBM, Cisco), Food Waste (ReGrained, Unilever, Nestle, The Savola Group, IKEA Food), Clothing & Textile Waste (Levi Strauss, H&M Group, Adidas, Zara, Madewell))|
|Unit Denominations||USD Million/Billion|
It, in turn, is generating growth opportunities for the leading players to reuse & recycle goods and turn them into useful resources instead of directing them into landfills & scraps. Additionally, stringent norms for the proper disposal of waste & its reuse are encouraging several industries toward adopting digitalization & decarbonization in order to attain enhanced efficiency & cost-effectiveness through the circular economy and, in turn, driving the global market.
Among all industries, the construction sector is greatly pushing toward reducing carbon emissions & attaining zero emissions. As a result, it is attracting new businesses & carbon-intensive organizations into the circular economy and augmenting the overall market growth. Moreover, the active participation & support from institutions like the United Nations on circular economy is another prominent aspect projected to drive the global market through 2026. For instance:
Impact of Covid-19 on the Global Circular Economy Market
The advent of Covid-19 in 2020 had a decelerating effect on most industries worldwide, and the Global Circular Economy Market was no exception. With the imposition of stringent movement restrictions & frequent lockdowns by governments of different countries worldwide to curb the spread of this dreadful disease, the leading players in the market witnessed several unprecedented challenges associated with the production & distribution of various goods & services.
With restrictions in place, most people adopted work-from-home policies, owing to which the production of organic waste, packaging waste like paper, plastic, cardboard, etc., increased substantially. However, since the world was undergoing massive supply chain disruptions due to hampered logistics & transportation, the stream of waste couldn't reach the respective locations for proper management & reusability, which, in turn, restrained the growth of the global market amidst the crisis.
Based on Industry:
Amongst all, the Construction sector acquired the largest share in the Global Circular Economy Market in the previous few years, and the same trend is likely during 2021-26. It owes principally to the increasing number of construction projects worldwide due to the growing focus of governments of different countries on infrastructural developments, i.e., projecting a requirement for different construction materials in large quantities.
It, in turn, is surging the need for a circular economy as a solution to extract vast amounts of resources from waste materials & transform them into reusable substances. Besides, since the construction sector is among the major carbon emitters, governments are encouraging the adoption of sustainable solutions like circular economy, i.e., another crucial aspect likely to fuel the overall market growth through 2026.
Based on Waste Management:
Here, Food Waste dominated the Global Circular Economy Market with the largest share in previous years, principally due to the exponentially growing population displaying a massive rise in food consumption and generating voluminous food waste. It, in turn, is instigating governments of different countries to encourage people & organizations toward adopting sustainable solutions like the circular economy to reduce food wastage, thereby driving the market.
Geographically, the Global Circular Economy Market expands across:
Of all regions globally, Europe is expecting to continue dominating the Circular Economy Market with the largest share during 2021-26. The regional market is driven principally by stringent regulations imposed by governments of different countries to address alarming levels of carbon emissions & environmental degradation and adopt sustainable solutions like circular economy.
As a result, it is displaying the presence of favorable policies and generating growth opportunities for the leading players to establish plants & facilities associated with the production & distribution of goods & services through the circular economy and meet the ambitious targets set by the European Union. For instance:
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Circular Economy Market is projected to grow at a CAGR of around 9% during 2021-26.
A. The growing concerns over environmental degradation & massive waste generation of all types by the exponentially rising populations worldwide are the key aspects projected to drive the Global Circular Economy Market through 2026.
A. The exponentially growing population leading to a massive rise in food consumption & food waste is augmenting the demand for a circular economy worldwide.
A. Food Waste is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Circular Economy Market through 2026.