Consumers say Sustainable Packaging is Worth Paying for
Posted on: June 16th, 2020
As sustainable packaging and products continue to gain momentum with responsible consumers concerned about the global environment, the question of will consumers pay more for sustainability is often a mystery.
Sustainable packaging refers to, “The development and use of packaging which results in improved sustainability. This involves increased use of life cycle inventory and life cycle assessment to help guide the use of packaging which reduces the environmental impact and ecological footprint.”
A new report by Trivium Packaging (in partnership with the Boston Consulting Group) reveals some surprising findings when it comes to a consumer’s willingness to pay more for products with environmentally friendly packaging.
The survey (conducted in the first quarter of 2020) included responses from more than 15,000 consumers from the United States, Europe and South America.
Nearly three-fourths of consumers (74% of respondents) are willing to pay more for sustainable packaging, citing environmentally friendly, recyclable packaging as an important global initiative with far reaching impacts. Of the 74% mentioned above, a quarter are willing to pay an increased cost of as much as 10%.
The survey also found that nearly half of consumers actually shy away from harmful packaging – 68% believing such plastic packaging is associated with an increase in ocean pollution.
Jerry Greenfield, Co-founder of Ben & Jerry’s Ice Cream says, “Recycling, packaging, businesses are changing all of those things because that’s what consumers want.”
The molded pulp packaging market in the United States alone is forecast to grow 6.1% annually, reaching $1.3 billion in 2024, with the foodservice market seeing the largest increases.
Sustainable packaging companies (like The HC Companies) are prepared to balance the demands of consumers with the needs of businesses around the globe. Affordable and practical molded pulp solutions, and other eco friendly packaging, are driving the market to no longer shy away from sustainability but to embrace it.
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