Consumers are embracing new by-products from established brands
Implications - From alternative vegan leather to gourmet edible sportswear and biodegradable packaging; companies are reaffirming eco-conscious mandates by reinventing their compost into feel-good products. As Generation Y and Z consumers continue to push conscious capitalism as a norm, smart brands are going one step beyond this by incorporating waste reduction strategies into product development.
Workshop Question - How can your brand cater to consumers' increasing desire to make more eco and socially conscious purchasing decisions?
Trend Themes
1. Upcycling and Repurposing Waste - Sustainable brands are incorporating waste reduction strategies into product development by repurposing materials that would have otherwise been thrown out.
2. Plant-based Alternatives - In response to a rise in plant-based eating, brands are creating meat, egg, and leather alternatives made from plants and other natural materials.
3. Circular Economy - Companies are minimizing waste by upcycling and regenerating materials, such as ocean waste, into fashion and other products.
Industry Implications
1. Sustainable Fashion - Brands are using upcycled and plant-based materials to create eco-friendly clothing and accessories to appeal to conscious consumers. Opportunities exist for companies to explore innovative production techniques to minimize waste and pollution.
2. Food Industry - Food and beverage businesses can explore innovative uses and alternative sources for by-products of their production process, such as vegan mayonnaise made with aquafaba, to meet the growing demand for plant-based options.
3. Packaging Industry - In response to the push for conscious capitalism, brands are developing eco-friendly packaging solutions using plant-based, biodegradable materials to minimize waste and pollution. Innovations in production processes and materials can create disruptive opportunities in this industry.
