Sustainable packaging can help retailers and brand owners achieve an increase in net sales of 2-4 percent and an improvement in their EBIT-margin of 1-2.5 percent, according to a Viewpoint report from Stora Enso.
The report says this will increase as millennials become a more dominant group of consumers.
Fifty-nine percent of millennials, the generation born between 1980 and 2000, consider packaging sustainability to be important throughout the entire value chain.
The report shows that millennials are more likely to purchase eco-friendly products than older generations. Four out of five millennials consider packaging as important when making purchasing decisions and 85 percent of millennials consider packaging material part of the brand experience, compared to 71 percent among non-millennials.
Stora Enso also finds 44 percent of millennials are willing to pay a premium for products with sustainable packaging and they consider fiber-based packaging materials to be by far the most sustainable packaging material choice.
Last month Sonoco announced it is producing plant-based plastic bottles for Ecover’s new home care line.