At 8.8% CAGR, Europe Product Stewardship Market is Projected to be worth US$ 913.22 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe product stewardship market was valued at US$ 463.94 million in 2023 and is expected to reach US$ 913.22 million by 2031, registering a CAGR of 8.8% from 2023 to 2031. Increase in awareness campaigns and strict government regulations are among the critical factors attributed to drive the Europe product stewardship market growth.

The increase in awareness campaigns presents a significant opportunity in the product stewardship market by educating consumers about sustainable practices and the importance of responsible product disposal. As public consciousness around environmental issues grows, campaigns highlighting product stewardship's benefits can drive consumer engagement and participation in recycling and waste reduction initiatives. For instance, companies can leverage social media platforms to share informative content about the lifecycle of products, the impact of waste on the environment, and how consumers can contribute to sustainability efforts. By fostering a deeper understanding of product stewardship, these campaigns not only enhance brand loyalty but also encourage consumers to make informed choices, ultimately leading to increased participation in recycling programs and a reduction in overall waste generation. Furthermore, as part of A.I.S.E.'s commitment to enhancing awareness regarding the safe usage of its products, the organization implements product stewardship programs (PSPs) tailored to specific product categories. These programs advocate for the best practices that exceed the legal standards governing industry. Commitments associated with product stewardship go beyond broad compliance with regulations such as CLP, REACH, the Detergent Regulation, the Dangerous Substances Directive, and the General Product Safety Directive. Additionally, product stewardship builds upon existing voluntary initiatives focused on safety assessment and sustainability, including the Human and Environmental Assessment Scheme (HERA), the industry's safe use icons, and the A.I.S.E. Charter for Sustainable Cleaning.

On the contrary, the resistance to change within the organization hamper the growth of Europe product stewardship market.

Based on component, the Europe product stewardship market is bifurcated into services and software. The services segment held 64.8% market share in 2023, amassing US$ 300.76 million. It is projected to garner US$ 606.71 million by 2031 to register 9.2% CAGR during 2023-2031.

In terms of deployment, the Europe product stewardship market is bifurcated into cloud and on-premises. The cloud segment held 68.5% share of Europe product stewardship market in 2023, amassing US$ 111.71 million. It is anticipated to garner US$ 220.76 million by 2031 to expand at 8.9% CAGR during 2023-2031.

By organization size, the Europe product stewardship market is bifurcated into large enterprises and SMEs. The large enterprises segment held 70.0% share of Europe product stewardship market in 2023, amassing US$ 324.67 million. It is projected to garner US$ 656.34 million by 2031 to expand at 9.2% CAGR from 2023 to 2031.

Based on country, the Europe product stewardship market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 29.4% share of Europe product stewardship market in 2023. It was assessed at US$ 136.58 million in 2023 and is likely to hit US$ 311.84 million by 2031, registering a CAGR of 10.9% during 2023-2031.

Key players operating in the Europe 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, UL LLC, Pace Analytical Services, Dupont de Nemours Inc, Knoell, Young & Global Partners, and Yordas Limited, among others.

• In June 2022, Anthesis Group, the world's largest group of dedicated sustainability professionals, appointed Bianca Nijhof, former Managing Director of Netherlands Water Partnership, as Associate Director of Water and Biodiversity. This senior hire expands and complement the established expertise within Anthesis while addressing market demand internationally to identify and mitigate biodiversity impacts and water.
• In April 2024, 3E, the leading global provider of intelligent compliance solutions for chemical and workplace safety, product stewardship, and sustainable supply chains, completed its previously announced acquisition of Quick-FDS, the leading provider of workplace safety solutions in France. The acquisition of Quick-FDS from WEKA Group further expands 3E's presence in Europe and establishes a leading position in the French market. This combination represents a significant milestone in the EHS&S industry, bringing together two of the most sophisticated providers of SDS management, workplace safety, and product stewardship solutions in Europe.

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