At 10.1% CAGR, Asia Pacific Product Stewardship Market is Projected to be worth US$ 800.72 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific product stewardship market was valued at US$ 371.28 million in 2023 and is expected to reach US$ 800.72 million by 2031, registering a CAGR of 10.1% from 2023 to 2031. Rise in corporate social responsibility initiatives and AI-powered product stewardship are among the critical factors attributed to drive the Asia Pacific product stewardship market growth.

Many businesses are increasingly integrating product stewardship into their corporate social responsibility (CSR) strategies to showcase their genuine commitment to sustainability and environmental stewardship. For instance, LEGO is committed to minimizing the environmental impact of its operations by aiming for a 37% reduction in absolute greenhouse gas (GHG) emissions by 2032 and striving to achieve net-zero emissions by 2050. Additionally, the company is focused on decreasing both waste and water consumption. LEGO is also actively pursuing the enhancement of sustainability in all its packaging and is dedicated to eliminating single-use plastics from its products. Moreover, General Mills classifies its objectives into three main categories: food, planet, and people. Notable highlights of their Corporate Social Responsibility (CSR) impact include achieving 100% Global Food Safety Initiative (GFSI) certification for all company-owned production facilities, ensuring that 92% of General Mills packaging is recyclable or reusable, and contributing US$ 90 million to charitable initiatives in 2023. By adopting practices that emphasize responsible product lifecycle management-such as reducing waste, promoting recycling, and ensuring safe disposal-companies can not only meet regulatory compliance requirements but also positively influence their market perception. This proactive approach fosters transparency and accountability, which are essential for developing and preserving trust with stakeholders, including customers, investors, and community members. As stakeholders become more discerning and demand greater corporate responsibility, businesses that prioritize product stewardship can differentiate themselves from competitors, enhancing their reputation and cultivating long-term relationships based on shared values of sustainability and ethical practices. Ultimately, this integration of product stewardship within CSR not only reinforces companies' commitment to the environment but also positions them as leaders in their industries, paving the way for innovation and sustainable growth.

On the contrary, the resistance to change within the organization hampers the growth of Asia Pacific product stewardship market.

Based on component, the Asia Pacific product stewardship market is bifurcated into services and software. The services segment held 64.2% market share in 2023, amassing US$ 238.24 million. It is projected to garner US$ 522.21 million by 2031 to register 10.3% CAGR during 2023-2031.

In terms of deployment, the Asia Pacific product stewardship market is bifurcated into cloud and on-premises. The cloud segment held 72.8% share of Asia Pacific product stewardship market in 2023, amassing US$ 96.90 million. It is anticipated to garner US$ 210.76 million by 2031 to expand at 10.2% CAGR during 2023-2031.

By organization size, the Asia Pacific product stewardship market is bifurcated into large enterprises and SMEs. The large enterprises segment held 65.3% share of Asia Pacific product stewardship market in 2023, amassing US$ 242.61 million. It is projected to garner US$ 538.91 million by 2031 to expand at 10.5% CAGR from 2023 to 2031.

Based on country, the Asia Pacific product stewardship market is categorized into China, Japan, South Korea, Australia, India, and the Rest of Asia Pacific. Our regional analysis states that China captured 31.3% share of Asia Pacific product stewardship market in 2023. It was assessed at US$ 116.37 million in 2023 and is likely to hit US$ 290.04 million by 2031, registering a CAGR of 12.1% during 2023-2031.

Key players operating in the Asia Pacific product stewardship market are Eaton Corp Plc, Anthesis Group Ltd, CGI Inc, ERM Group, Inc., Wolters Kluwer NV, Intelex Technologies ULC, SAP SE, Sphera Solutions, Inc., Covestro AG, Linde Plc, Arcadis NV, 3E, Benchmark Digital Partners LLC, UL LLC, Dupont de Nemours Inc, Knoell, Young & Global Partners, and Yordas Limited, among others.

• In September 2023, UL Solutions' latest product stewardship software enhancement identified a group of chemicals known as PFAS in product data, helping customers navigate evolving regulatory requirements and meet stakeholder expectations.

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