At 6.3% CAGR, Middle East & Africa Product Stewardship Market is Projected to be worth US$ 50.88 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa product stewardship market was valued at US$ 50.88 million in 2023 and is expected to reach US$ 82.82 million by 2031, registering a CAGR of 6.3% from 2023 to 2031. Increase in consumer demand for eco-friendly products and rising demand for recycling and waste management solutions are among the critical factors attributed to drive the Middle East & Africa product stewardship market growth.

There has been a substantial shift in consumer behavior toward eco-friendly products. Surveys indicate that a large majority of consumers are gradually prioritizing sustainability in their purchasing decisions. For instance, in 2024, according to Shopify, 89% of consumers have changed their shopping behavior to favor sustainable products, with nearly 30% indicating a significant change in their purchasing habits. Generation Z emerges as the most prominent adopter of this consumer trend, with this demographic citing sustainability as a primary consideration in their shopping decisions. According to a report by The Economist Intelligence Unit, commissioned by WWF, the popularity of Google searches relating to sustainable goods has increased by 71% over the past five years globally since 2016. There is a growing consumer inclination for sustainable products, driven by an increasing awareness of environmental issues and a desire to support brands that align with their values. As consumers, particularly younger generations such as Gen Z, prioritize sustainability in their purchasing decisions, companies that adopt product stewardship practices can significantly enhance their brand image and reputation. This alignment not only meets consumer expectations but also translates into a competitive advantage in the marketplace. Consequently, businesses that proactively embrace sustainable practices are fulfilling a moral obligation and are also positioning themselves to capture a larger share of the market, thereby driving profitability and fostering customer loyalty in an increasingly eco-conscious economy. All these factors boost the adoption of product stewardship practices, which is further driving the product stewardship market growth.

On the contrary, the resistance to change within the organization hampers the growth of Middle East & Africa product stewardship market.

Based on component, the Middle East & Africa product stewardship market is bifurcated into services and software. The services segment held 74.1% market share in 2023, amassing US$ 37.78 million. It is projected to garner US$ 62.61 million by 2031 to register 6.5% CAGR during 2023-2031.

In terms of deployment, the Middle East & Africa product stewardship market is bifurcated into cloud and on-premises. The cloud segment held 59.1% share of Middle East & Africa product stewardship market in 2023, amassing US$ 7.81 million. It is anticipated to garner US$ 12.84 million by 2031 to expand at 6.4% CAGR during 2023-2031.

By organization size, the Middle East & Africa product stewardship market is bifurcated into large enterprises and SMEs. The large enterprises segment held 82.6% share of Middle East & Africa product stewardship market in 2023, amassing US$ 42.12 million. It is projected to garner US$ 69.73 million by 2031 to expand at 6.5% CAGR from 2023 to 2031.

Based on country, the Middle East & Africa product stewardship market is categorized into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 36.2% share of Middle East & Africa product stewardship market in 2023. It was assessed at US$ 18.42 million in 2023 and is likely to hit US$ 29.75 million by 2031, registering a CAGR of 6.2% during 2023-2031.

Key players operating in the Middle East & Africa 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, 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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