Luxury brands adopt sustainable packaging as environmentally conscious consumers drive demand
- Boom in the international luxury retail e-commerce market during the pandemic, especially in Asia-Pacific, was a major growth driver
- Global sustainable packaging market is expected to double to over US$190 billion by 2031 from 2021
Sustainability awareness among luxury brands is on the rise amid growing environmental concerns and heightened expectations from consumers, a trend that is a boost for UK-based sustainable luxury packaging solutions provider Delta Global.
The firm, which designs and manufactures packaging that reduces the carbon footprint for luxury brands including Harvey Nichols, Tom Ford and Fortnum & Mason, has seen its profit surge 300 per cent in the year to September 2022 from a year ago. The firm’s revenues grew 55 per cent in that period. In the first eight months of the current financial year, Delta Global’s revenue grew a further 8 per cent from the previous period.
“Luxury brands’ sustainability awareness is definitely on the rise and we’re happy to see more brands getting into the movement with us,” said Robert Lockyer, founder and chief client officer of Delta Global, in an interview. “Our aim is to produce less packaging for more clients.”
The global sustainable packaging market is expected to double to over US$190 billion by 2031 from 2021, according to US-based research firm Allied Market Research as growing use of sustainable packaging in healthcare, pharmaceuticals, car, nutraceuticals and fashion sectors drives demand.
“Consumers’ growing environmental concern is one of this industry’s main drivers,” according to the report. The market in Asia-Pacific, accounting for over two-fifths of the global sustainable packaging demand, was likely to maintain its leadership during the forecast period.