According to market data provider Information Resources Inc. (IRI), the consumer market for sustainable products and packaging is still in the early stages of development and majority of the business is still carried out among niche players. Four primary areas for market opportunity include organic products, green products, fair trade products and eco-friendly packaging.
“This market is on the verge of transformation,” says IRI President of Consulting and Innovation Thom Blischok. “Growing consumer awareness of the environmental and social impact of their purchases will drive product innovations and assortment options.”
Cosmetic and skincare innovations, meanwhile, are expected to expand further into all-natural ingredients. In IRI’s recently released 2008 Consumer Trend Watch report, natural and organic personal care products are expected to grow annually at 9% through 2012.