It’s been just over seven months since COP26 when world leaders, academics, entrepreneurs and citizens came together to discuss solutions to address climate change and reduce environmental impact. Despite some shortcomings, important strides were made to re-focus the global approach and help accelerate the transition towards a greener economy.
Of particular importance to our clients within the packaging sector was the focus on the circular economy. Packaging solutions were seen as a critical part of fulfilling the objectives set in Glasgow.
According to the Ellen MacArthur Foundation, 45% of global greenhouse gas emissions come from producing packaged goods we use every day. One big question many of our clients have been trying to answer is how they can reduce their environmental impact by reusing and recycling their products, getting more from the materials they use.
Clients taking stock of the situation
Large multinational corporations we work with are prime examples of those committed to achieving full circularity by 2025. An example is PepsiCo, who is pledging that by 2025 all packaging will be 100% recyclable, and by 2030 PET bottles will be made from 100% recycled materials.
Amazon has recently made a material advancement towards circularity this year by putting a stop to packing products in single-use plastic delivery bags for orders shipped from fulfilment centres.
What other packaging trends are we seeing?
The packaging industry has an important part to play in achieving goals linked to climate change and will be a fundamental part of the circular economy globally. The Ellen MacArthur Foundation estimates that the circular economy has the potential to:
reduce the annual volume of plastics entering our oceans by 80%
generate savings of USD 200bn per year
reduce greenhouse gas emissions by 25%
create 700,000 net additional jobs by 2040
In 2022 and beyond, the way companies choose to package their products may also materially impact the success of their business. BCG recently surveyed over 15,000 consumers globally and found that 74% of consumers would pay more for products that were contained within environmentally safe and sustainable packaging.
Packaging will always be an essential part of the customer’s journey and experience with brands. The way corporations package their products could be a material factor for consumers deciding between competing brands. As new trends and innovations emerge, being an early adapter could go a long way in securing new customers and keeping current ones loyal to the brand and product.
At Venari Partners we work with a number of packaging companies, start-ups and larger corporates, supporting them with senior executive and non-executive hires. In the past year, we have seen an increase in companies getting in touch asking for help identifying and sourcing the best talent in the market to remain ahead of the competition. Research captured by GlobalData suggests packaging roles in April 2022 have risen by 67% compared with the equivalent month last year. This trend is encouraging to see and we look forward to continuing to support those businesses making meaningful progress towards a circular economy model.
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