SUSTAINABLE PRODUCTS IN THE INDIAN MARKET

In today’s world, Go Green is a fast-paced concept that millions of people are adopting. 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. The 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. A study showed that though 86 percent of 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 the 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.

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.

When we talk about India, we all know that pollution is a massive concern. Despite concerted efforts and huge growth potential, India's green market remains at a nascent stage. While the growth of green industries requires policies that stimulate both demand and supply to achieve market growth. Indian policies have only managed to successfully increase production capacities for green products without a similar boost in demand. Indeed, green industries in India find it difficult to capture the market owing to consumer perceptions and preferences. Consumers tend to purchase goods that are produced using more pollutive processes even as they are willing to switch to sustainable products; there are various reasons: they are restricted by the large costs of environmentally sustainable products; there is a lack of an enabling environment to create better access to green products; an overall dearth of information about available green products and their benefits; and a lack of confidence regarding what is termed ‘green’ by companies. A shift in consumer perceptions and preferences towards green products can be achieved by addressing the issues on the demand side. The policy instruments are intended to increase market access and boost the demand for green industries as alternatives to conventional highly polluting industries. The impact would create environmental benefits whilst also fostering green growth for India. An increase in the demand for green products not only can boost sustainability, but also create a huge potential for fostering economic growth and increasing jobs in the country in a post-pandemic world. Given the rapid global shift toward green sources, investing in green industries will further India’s prominence and centrality in global climate action. Undoubtedly, the first step towards this is to foster demand at home.

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