COURTESY : www.indianretailer.com
ECO-FRIENDLY PRODUCT
The eco-friendly product market has grown geometrically over the last 7 years or so globally and India is no exception. A research study by TerraChoice, a global marketing company revealed a 73 percent growth in the eco-friendly product market over the last 5-7 years and more new companies and products are making entry into this space with each passing day.
Inspiration from nature is booming across lifestyle areas. Nature-inspired organic beauty products are on the rise too. Changing the perception of the consumers globally towards animal-free products is fueling the demand for naturally derived eco-friendly and organic products. Indian market and consumers are no different.
Indian consumers have also realized, though a little later than the global phenomenon that the real answer to health and well-being and a more sustainable lifestyle is in using eco-friendly natural and organic products. Eco-friendly and organic products are terms that are more often than not used as synonyms but actually have very different characteristics with absolutely different impacts. Eco-friendly products are those which keep the environment protected from pollution whereas organic products are those which are produced using ingredients organically grown without the use of pesticides, and fertilizers and are completely free from chemicals, genetically modified organisms, artificial fragrances, and colors and have all naturally derived ingredients.
The Advantages of Eco-friendly and Organic Products:
– The eco-friendly and organic products protect the environment by keeping the earth free from any kind of pollution and making the earth a more sustainable and better place to live in.
– They help improve the mental and physical health of human beings since the products are completely free from any kind of hazardous substance or chemicals and derived from completely natural resources.
– It also reduces the wastage of natural resources which in turn allows these resources to regenerate and remain on earth as resources for future generations thus making the earth or universe more sustainable.
A recent study by AC Nielsen reveals that even the Indian consumers now are increasingly aligning towards using environment-friendly, natural, and organic products and Goldman Sachs had predicted 5 years back that the Indian organic personal care market will grow to about Rs 1,000 crore. It did not happen of course because of the pandemic over the last 24 months almost but will soon get there with more and more consumers inclining towards usage of organic products.
A study showed that though 86 percent of the Indian consumers consider natural and organic products, only 44 percent of them actually buy and use them. Even this is big and definitely underlines a trend very strongly for a huge boom in not distant future. The comparatively lower conversion rate to organic product buying is primarily due to the higher cost and expense associated with organic products and this is precisely why many brands with 100 percent natural and organic products were launched in India with a global vision to bring organic products within the affordable reach of the critical mass with an accessible price point.