Product stewardship is a management approach for administering the environmental effects of various products and materials at various stages in the product development lifecycle. The methods involved are producing, selling, utilizing, and disposing of products, and the companies have the responsibility for ensuring that products or materials used in manufacturing are managed in such a way that it lowers the impact on the environment and human health & safety.
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The workers as well as manufacturing companies have the primary duty to reduce the impact of a product or raw material on the environment. For the manufacturing industry, this process includes preparation and compensating for both the recycling and disposal of the product at the end of the product lifecycle. The compensation can be reduced by redesigning products and using less harmful substances to make the products durable, reusable, and recyclable and to develop products from recycled substances. Retailers and consumers need to ensure the proper disposal or recycling of the product after the end of product lifecycle.
The increasing awareness among businesses to safeguard the health and safety of their employees and environment protection, growing requirement of businesses to promote environmental, health, and safety initiatives, and need to comply with the environmental regulations and government guidelines are the factors driving the growth of the product stewardship market. In addition, the acceptance of environment-friendly packaging instead of plastic packing is propelling the growth of the market. However, the inability of enterprises to keep track of regulatory changes related to product stewardship solutions and services is hampering the growth of the market. Furthermore, growing usage of product stewardship solutions and services by businesses for building brand image is expected to provide lucrative opportunities to the growth of product stewardship market in the forecasted period.
Product stewardship is an essential component in any manufacturing operations. However, an efficiently operated product stewardship method shows the dedication to environment, health, and safety management and allows to meet the growing needs for more secure and better eco-friendly products. Stewardship process is adding value to the products by lowering the risk of damage to both environment and humankind. The increase in the number of product stewardship adopted by manufacturing companies provides a greater opportunity for the product stewardship market.
North America is expected to lead the market as compared to the other regions during the forecast period owing to rising environmental concerns amongst people. The increasing emphasis on waste management development will drive the growth of the product stewardship market in the region and the region is expected to observe productive growth in the next few years. Government initiatives are also supporting the growth of the product stewardship market in the region.
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