Booming Market for Sustainable Products value increasing in a high rate growth of 9.9% per year over five years, normally regular products grew rate 6.4% per year.
People want more eco-friendly and ethically made product, the more people want the more increasing the demand of goods. In 2024 Booming Market for Sustainable Products, that made up 18.5% of the market, which is 4.8 percentage points more than in 2015.
Sustainable Products Outperform Traditional Goods
Companies applying such methods is not only meeting their building consumer but also play a big role to the future of green energy become sustain. The outcome of this move is improving brand reputation and customer loyalty.
Consumers Willing to Pay More for Sustainability
Consumer numbers are increasing to pay extra for sustainability, last year lots of people said that they are willing to pay more for sustainable products and services so it leads to the more increment from past year. A survey also showed that, Consumers were ready to pay 9.7% more for sustainable goods, even with rising living cost.
Millennials and Gen Z are prefering to buy more eco-friendly certified products they are driven the trend for sustainability goods and services.
Sustainable Materials Market on the Rise
As the consumer willingness to pay more for sustainable goods brings the higher demand in the market for sustainable material, growing and expanding fast. In 2024, it was about $333.31 billion and according to the growing percentage it is expected to grow around $1,073.73 billion by 2034, Booming Market for Sustainable Products with a yearly growth rate of 12.41%.
Companies are more concern for eco-friendly ‘make in’ so they begin to apply plant-based plastics, recycled materials, and energy-efficient production methods. Construction and production companies more likely conserve this rule in their environment for biodegradable and renewable materials.
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ESG Investment Growth Slows in Europe
Talking about finance, then it is a probability of chances in the growth rate high or low. In Europe ESG (Environmental, Social, and Governance) funds only grew by 2% in 2024. The reason of low rate is worries about greenwashing and lower demand.
Future of Sustainability: Innovation & Smart Tech
Follow up new trends for sustainable products like biodegradable materials, economy principles (reusing and recycle) were following and using smart technology for building up more eco-friendly products. This changes a show and brings forward to the reducing waste and environmental harm.
Some future innovations which brings up Booming Market for Sustainable Products are AI-driven supply chains, blockchain for transparency and green energy solution in most of the companies, this new trend already started to follow up.
