Get free insights
Will update you on last market trends & benchmarks
The discussion over the necessity to introduce more sustainable forms of packaging is over.
Today businesses face the need to implement these practices to enjoy customer loyalty and maintain the status of socially responsible brands.
The call for sustainable packaging has been accepted by numerous business leaders, and their examples may be used as top industry practices to follow.
Additional know-how in the sustainable packaging movement was recently introduced by Vessl (pressurized mixing caps enabling quick dissolution of concentrates), Is It Fresh (use of “freshtag” NFC labels), and Visolis (Next-gen carbon-negative, sustainable packaging materials), among others. With such a strong trend towards sustainability, many more examples are yet to follow.
Creating sustainable packaging solutions takes your company one step closer to economic and social developments within the industry.
Eco-packaging is made of recyclable resources, which reduces production waste and minimizes the use of depletable natural reserves such as wood, clean water, and energy (derived from oil or coal).
The packaging is the primary cause of pollution (⅓ of all household waste is after-use packaging). Thus, sustainable packaging that is reusable, recyclable, or edible remove the problem of waste accumulation and landfill/ocean contamination.
Sustainable packaging is a separate business sector promising considerable financial profits to companies specializing in it. According to Grand View Research, the green packaging market will reach $237.8 billion in worth by 2024, with an average CAGR of 5.7%.
Recent research suggests that 92% of consumers develop a more positive image of companies involving in eco-friendly practices and caring for the environment. Also, businesses save costs on repurposing packaging, reusing, and recycling it.
According to Puma production analysts, the reusable “clever little bag” saves 8,500 tons of paper, 20 million megajoules of electricity, and over 1 million liters of water every year.
Adoption of sustainable packaging technologies guarantees that people live in higher-quality environments with less pollution and toxicity by contributing to the low-waste economy and stimulating supply with steady demand for sustainably packed products.
Speaking about the packaging economy, it undergoes a dramatic shift due to the emerging sustainable packaging trends. Packaging
manufacturers reduce their carbon footprint and improve their public image with eco-friendly products. By launching sustainable packaging production, they unlock huge revenue streams from a new, dynamic market segment and become part of the low-waste, high-efficiency industry. Moreover, packaging businesses reduce costs of production by involving reuse and recycling technologies, thus achieving sustainable business growth in line with global industry trends.
Despite a strong call for companies to go green, the process of switching to sustainable packaging may be costly to many. The initial step is to hire an outside expert firm to explore the sustainable alternative you are planning to utilize as eco-friendly materials do not guarantee sizeable reductions of the environmental footprint alone. For instance, when Stonyfield Farm considered switching from petroleum-based polystyrene to non-toxic bioplastic made of corn, the analysis showed that while greenhouse gas emissions would go down, the waste of clean water would remain the same.
Second, a company needs to find a reliable manufacturer of green packaging acting in full compliance with sustainability ethics. As this production sector is only developing, locating one may be really challenging — the requirement of modern packaging is to be safe, protective, eco-friendly, and appealing to the consumer.
It’s also vital to keep in mind that eco-friendly packaging materials are usually costlier than traditional plastics. The shift may thus cause the packaging price increase by 20–30%, so it’s recommended to test the change with customers first to see whether you may achieve a buy-in.
But the earlier you start, the cheaper the transition will be as the market is only at the germinal stage of development, and its champions will have all eco-packaging technologies and practices in place before the rising demand causes massive price increases in the sector.
As you can see, sustainable packaging is what each brand and manufacturer will face sooner or later, the question is only about how soon your company will implement it.
We would like to help companies spearhead the movement towards sustainable packaging and become trendsetters rather than followers in this area. So, we have launched the blockchain-powered marketplace that expands companies’ potential with the help of process automation (e.g., sustainable materials search and order, contractor verification, safe payments, quick and efficient vendor search).
Register at OPN today to embrace this global industrial change — https://opnplatform.com/register
Will update you on last market trends & benchmarks