Eco-friendly dropshipping products such as bamboo toothbrushes, wooden children's toys, and reusable water bottles have been around for a while but you may be wondering if they are still popular. It's worth finding out if online consumers still care about the environment and the forecast value of the market.
Eco-friendly, green, or sustainable products are made with reclaimed, recycled, or responsible materials. They are goods that are manufactured with consideration for the environment, such as:
The market for green and eco-friendly products has increased over the years. Looking at the big picture, the global green technology and sustainability market was worth USD 10.32 billion in 2020 and is predicted to rise to almost USD 75 billion by 2030, according to Allied Market Research. This is a compound annual growth rate of 21.9%.
As green energy and technology improve, consumer goods with reduced negative effects on the environment will continue to increase in sales. The eco-friendly furniture market, for example, shows how homeowners are becoming more interested in sustainable home items. A report from Grand View Research values the global eco-friendly furniture market at almost USD 60 billion by 2027.
In the 2022 Global Consumer Insights Pulse Survey report by PwC, millennials and Generation Z are most likely to be influenced by environmental, social, and governance factors when purchasing goods. Around 50% of survey respondents said that these factors affect their trust in a brand and their likelihood to recommend them to others. 58% of millennials aged 27-32 said they have become more eco-friendly.
A 2019 report by First Data, "Gen Z Shoppers Demand Sustainable Retail," found that Generation Z has a huge impact on the older generation's shopping habits, specifically their Generation X parents and Baby Boomer grandparents. Generation Z has been successful in persuading their family members to shop more responsibly for the benefit of the planet.
Across all generations, two-thirds of consumers in the report findings were willing to pay more for sustainable products. In a 2021 First Data report "The Sustainability Disconnect Between Consumers & Retail Executives," almost 90% of Generation X respondents were willing to pay an additional 10% on a product if it's more eco-friendly. This compares with only 34% of Generation X willing to do the same two years previous in the 2019 report.
Getty Images research in 2020 discover that consumers' views on sustainability became more important during the Covid-19 pandemic. Here are some interesting findings:
Referring to the PwC surveys, findings suggest that these are the most eco-friendly places in the world:
The findings are clear: today's generations care more about the planet and our individual actions to keep it healthy. Dropshipping businesses should consider offering at least some eco-friendly options for this large segment of online buyers. In particular, the biggest ratio of internet shoppers, millennials and Generation Z.