Sustainable Chemicals Market Booms, Driven by Consumer Demand
The chemical industry is witnessing a significant shift towards sustainability, presenting a substantial opportunity for businesses. Consumers and industry buyers alike are increasingly preferring and willing to pay more for eco-friendly products, driving a surge in demand for sustainable chemical products.
Accenture's study on sustainable chemical products reveals that the demand for these products is set to grow from $340 billion in 2023 to $570 billion by 2028, at an impressive 11% compound annual growth rate. This growth is outpacing that of conventional products, with sustainability-related segments consistently outperforming overall growth across various industries.
To capitalize on this trend, chemical companies must adapt their business models and value propositions. This involves accelerating innovation to meet evolving customer needs, developing transparent value propositions that highlight sustainability benefits, and building strategic partnerships along the value chain.
The shift towards sustainability in the chemical industry is a fundamental change driven by consumer demand and innovation. With more than half of consumers preferring environmentally friendly products and being willing to pay a premium, companies that adapt their offerings and business models stand to gain a significant competitive advantage. The expected increase in demand for sustainable chemical products, growing at 4.5 times the rate of conventional products, underscores the urgency and opportunity for businesses to embrace this change.
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