Increased consumer preference for sustainable materials boosting market growth, says report
by CM staff
According to Frost & Sullivan, material innovation and strategic partnerships with sustainable companies will lead to future growth potential.
Increased Consumer Preference for Sustainable Materials Boosting Market Growth
SAN ANTONIO — According to Frost & Sullivan’s recent analysis Growth Opportunities Drive the Future of Sustainable Materials, sustainable material development is critical to ensuring environmentally and socially equitable economic growth.
Consumer behavior is rapidly changing, with a growing preference for purchasing sustainable materials and increased engagement with socially responsible businesses. This encourages manufacturing sectors to use analytics to drive the development of carbon-negative materials.
“As companies become increasingly sustainable, an expanded supply chain will develop,” said Akshay Menon, Senior Research Analyst at Frost & Sullivan. “Further, this expanded supply chain will rely on strategic partnerships for waste value creation and enable industrial symbiosis.”
“Companies must redefine business values to build an eco-friendly model that caters to customer and company needs. They must integrate improved, innovative techniques to ensure efficient usage of resources and less waste because best practices are achievable through strategic collaborations among players,” said Menon.
To reap the advantages of the sustainable materials industry, Frost & Sullivan suggest:
- Manufacturing companies should deploy blockchain-enabled digital tracking, ensuring a robust working model by carrying out smaller tests before scaling up the tracking.
- Manufacturing companies should collaborate with sustainability consultants to develop steps and reporting frameworks, which will assist the company in setting priorities to achieve its environmental and social impact goals.
- Sustainable organizations must work alongside educatory and customer awareness-based platforms to maximize transparency concerning the company’s sustainability practices.
