To protect the environment a product-centered strategy is applied called product stewardship. Another name for it is extended product responsibility (EPR). Product stewardship is used to reduce the environmental impact of different products. It recognizes processes undertaken by product manufacturers, who must take on new responsibilities to lessen the footprint of their products on the environment
However, a real change is difficult to achieve if the producers are left all alone to solve this environmental issues. Retailers, consumers, and existing waste management are necessary to provide cost-effective and workable solutions. Even so, the greatest responsibility lies with whoever has the most ability to affect the entire life cycle of environmental impacts of products.
The upcoming report aims to unveil their market shares, products, and geographical outreach, offers a detailed analysis of the various companies operating in the global product stewardship market. Also to this, the study encompasses the nature of competition prevailing therein.
Global Product Stewardship Market: Drivers
Growing awareness among organizations to ensure the health and safety of their employees and environment protection and government guidelines are projected to drive growth in the global product stewardship market. Product stewardship is a concept known as producer responsibility. The manufacturers are responsible for their products’ shelf-life. This rising awareness has increased the popularity of the global product stewardship market. People are more inclined towards more organic packaging. Hence, manufacturers are making their product environment-friendly at the end of the cycle.
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However, product stewardship is a critical element in any manufacturer’s day-to-day operations and license to operate. Nevertheless, an effectively managed product stewardship process shows the commitment to EHS management and enables to meet increasing demands for safer and healthier eco-friendly products. Stewardship process adds value to the products by reducing the risk of harm to both environment and humanity. An increase in the number of product stewardship adopted by manufacturers could provide an impetus to the global product stewardship market. Capitalizing on the product stewardship opportunities in supply chains would also help to enhance performance and gain competitive advantage in the global product stewardship market.
Global Product Stewardship Market: Geographical Outlook
The global product stewardship market is witnessing a steady growth in different regions across the globe. With respect to geographical outlook, North America is foreseen to rank higher among other regions of the global product stewardship market in terms of market share. Increasing focus on waste management development could help the North American global product stewardship market witness prolific expansion in the coming years. A rise in environmental activities in the region could also push the growth of the global product stewardship market in North America.
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Global Product Stewardship Market: Competitive Landscape
The global product stewardship market marks the presence of top players such as Verisk 3E Company (US), Enviance (US), CGI (Canada), Enablon (US), and Gensuite (US). New product launches could be a powerful growth strategy adopted to gain a foothold in the global product stewardship market. Players may also take to organic business tactics for making their presence strong in the market. They are also expected to positively influence the global product stewardship market in the near future
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