Availability of more eco-friendly materials - Subhashree

Description

In today's world, the need of eco friendly material has never been more than before. As conscious consumerism gains traction and media coverage of global environmental issues expands, purchasing habits are shifting and corporate sustainability is taking center stage. In recent years, more and more customers are seeking out eco-friendly products It was always there but has significantly increased now. With new sustainable goals for countries and corporations this aspiration has amplified. A recent survey shows that one in three consumers prefers eco-friendly options when purchasing products. In fact, 35% of people are even willing to spend more money on such products, and 56% are “slightly likely” to consider paying a higher price.

Enablers

The rising environmental norms and uses of various SDGs getting embedded in corporate social responsibility reporting of companies has enforced many corporations toward incorporating eco-friendly materials. Also the incoming generations (millenials , genZ) are demanding the drive of more eco-friendly products in general.

Inhibitors

The cost of eco-friendly materials and its impact on price of final product can be one of the reasons which make manufacturing challenged. Furthermore, many a times the technology or rather the lack of technology to create or have a sustainable source of eco-friendly material is a major inhibitor. Also one needs more investments and scientific experts collaborating and working in this field.

Paradigms

-The millennial and GenZ need to have sustainable products. -The decline in natural resources leading to potential scarcity -Effect of consumerism of the nature (pollution)

Experts

-Scientific technology and expertise -Biotechnology -Green chemistry

Web Resources

https://www.forbes.com/sites/gregpetro/2020/01/31/sustainable-retail-how-gen-z-is-leading-the-pack/ https://www.surveymonkey.com/curiosity/more-consumers-are-opening-their-wallets-for-eco-friendly-products/