Nearly three-fourths of consumers are willing to pay more for sustainable packaging. That’s according to new research by Trivium Packaging. The report, developed in partnership with Boston Consulting Group, surveyed participants for their preferences related to sustainable packaging along with their willingness to pay more for products with environmentally friendly packaging.
Key report findings also include a majority of consumers who identify as environmentally aware, with more than two out of three consumers citing environmentally friendly, recyclable packaging as important. And of the 74% who said they would pay more for sustainable packaging, nearly one-fourth are willing to pay for an increased cost of 10% or more.
Report findings also show that nearly half of consumers actually shy away from harmful packaging. Of those consumers avoiding harmful packaging, 68% associate plastic with ocean pollution. According to research published by the American Association for the Advancement of Science, more than 8 million pieces of land-based plastic waste enters the ocean.
Along with the large number associating plastics with ocean pollution, the report shows that almost 60 percent of consumers say they are less likely to buy a product in harmful packaging. And of those consumers who associate plastic with being harmful, they cite it as being 80% more harmful than metal.
The survey was conducted by the Boston Consulting Group and includes responses from more than 15,000 U.S., Europe and South America consumers.
A recent study noted that as industrial companies continue to demand sustainable packaging alternatives, the US molded pulp packaging market is forecast to grow 6.1% annually, reaching $1.3 billion in 2024. The foodservice market will see the largest increases.