LOWELL, Mass., November 17, 2021 (Newswire.com) - The Green Chemistry & Commerce Council (GC3), in partnership with NYU Stern Center for Sustainable Business, North Carolina State University, the Dynamic Sustainability Lab at Syracuse University, and Duke University, has released a new report documenting significant growth in green chemistry-marketed products, both sales and consumer demand.
In a market analysis comparing point of sale data of 10 categories of personal care and household products, the share of green chemistry products rose to 14.3% from 10.1% between 2015 and 2019 compared to conventional formulations and products without green chemistry marketing. Sales continued to climb in 2020 despite expectations of turbulence due to the coronavirus pandemic.
"This report quantifies what our GC3 members already know—there is clear and compelling market demand for products with safer, more sustainable chemical ingredients," says Joel Tickner, GC3 Executive Director. "GC3 member companies across the value chain are working to innovate and deliver products that respond to this market imperative."
The analysis found green chemistry products delivered 62% of market growth, 12.6 times faster than their conventional counterparts. In eight out of 10 categories, growth in sales of such products outpaced the growth of their respective categories. Product categories included automobile wax, dish detergent, floor cleaner, household cleaners, pavement de-icing, pool chemicals, skincare, soap, suntan lotion, and laundry detergent. On-packaging messaging included phrases like "EPA Safer Choice," "plant-based," "organic," "phthalate free," and "paraben free."
Through an industry survey and case studies, the research team found that, in addition to consumer activity, growth of the green chemistry sector is being fueled by investor expectations as well as government policies like the European Commission's Chemicals Strategy for Sustainability. Leaders across the value chain are taking note: in a survey of 55 companies, 84% say they've increased investment in R&D of green chemistry products during the analysis period, with 98% anticipating continued investment over the next five years.
The sector's trajectory indicates a strong source of job and economic growth: for every job created in the green chemistry industry, on average, eight additional jobs are created, and for every dollar of value-added created, over six dollars of value-added are created throughout the U.S. economy.
ABOUT THE GC3
The Green Chemistry & Commerce Council (GC3) envisions a global economy where all chemicals, materials and products are safe and sustainable in their creation, use, transport, disposal, recycling, and reuse. Started in 2005, the Green Chemistry & Commerce Council drives large-scale commercial adoption of safer, sustainable, high-performing chemical solutions by fostering value chain collaboration; cultivating first-movers; convening industry decision-makers to secure major commitments and creating a supportive policy environment. Over 100 organizations are members of the GC3.
www.greenchemistryandcommerce.org | @The_GC3
Green Chemistry & Commerce Council (GC3)
Source: Green Chemistry & Commerce Council (GC3)