March 18, 2024 | Euromonitor International |
Amid Global Recycling Awareness Week, Euromonitor International's packaging data reveals a staggering projection: the FMCG sector churned out four trillion retail packaging units in 2023, with a 2% increase expected by 2026. As sustainability takes center stage, businesses recognize the moral and financial imperative of addressing environmental concerns.
Consumers are driving change, with 64% expressing worry about climate change and actively seeking sustainable options. Yet, they face barriers like unclear labeling and affordability issues. The burden of sustainability cannot rest solely on consumers; companies must provide accessible and transparent options.
In response, businesses are reimagining packaging design for efficiency, cutting costs, and reducing environmental footprints. Refill pouches and paper packaging gain momentum, alongside concentrated formulations. Forest Steward Council (FSC) certification is rising, marking a shift towards sustainable sourcing.
Regulatory pressures are mounting, with updates to the EU's Packaging and Packaging Waste Directive and Green Claims Directive driving change. Companies must accelerate sustainable packaging adoption to avoid financial risks and meet consumer expectations in this era of heightened environmental consciousness.