2 Eco-Product Categories Illustrate the Scale of the Sustainability Market

For years, the idea of climate change was the subject of intense international debate. By now, though, it's considered settled science by anyone who seriously studies the subject. On top of that, the effects of the shifting climate are already becoming an everyday reality for people all around the world. People in coastal cities are dealing with up to 8 inches of sea-level rise in the past century. Heat waves are getting longer and hotter around the globe, threatening the lives of millions.

And all of it is indisputably our fault.

Scientists have traced much of the damage back to the beginnings of the industrial revolution. That's when businesses started to produce consumer goods on an unprecedented scale, and increased carbon emissions by almost 300% in the process. As the key drivers of the modern-day climate crisis, the business community has a moral obligation to look for ways to mitigate the damage. As it turns out, they also have a powerful economic reason to do so, too.

That's because there are increasing economic signs that consumers now demand sustainable and eco-friendly products – and are willing to pay a premium to get them. That means businesses now have the option to be both ethical and profitable at the same time. As a primer, here's a look at two lucrative sustainable product categories that illustrate the scale of the opportunity.

Eco-Friendly Plastics and Foams

As a product group, the manufacture of plastics and their derivatives have been particularly damaging to the global environment. Even now, as environmental awareness grows, the plastic industry's carbon footprint shows no sign of slowing. Estimates indicate that it will account for 17% of the global emissions limit needed to keep global temperature increases to a still-disastrous 1.5 degrees Celsius.

The good news is that a variety of eco-friendly plastic replacements are coming to market. Together, they have the power to solve the industry's carbon emissions issues – and make the businesses behind them household names. Excellent examples include Avani Eco, an Indonesian firm that makes fully-biodegradable plastic-like bags out of cassava root. They're so safe that humans can even eat them with no ill effects.

Another excellent example comes from shoemaker Allbirds, who has pioneered a process to make foam products from sugar cane instead of petroleum. The material, called SweetFoam, is unique in that it's one of the first commercially viable foam polymers that come from a renewable resource. And because sugar cane is that resource, the resulting foam is actually carbon-negative – the Holy Grail for modern consumer goods.

Bamboo-Based Goods

Another product category that is fueling huge growth in the renewable products market is one you might not expect: bamboo. Similar to sugar cane, bamboo is a material with the potential to create products that are carbon-neutral or carbon-negative, depending on the application. It is also a renewable resource that already covers at least 37 million hectares of land around the world.

More important, though, is the fact that many bamboo species exhibit high carbon-sequestration abilities. That means increasing acreage to sustain a bamboo-goods industry would be a net benefit to the environment. That makes it ideal for use in the eco-products industry. It's also why the crop is even gaining traction on farms in the United States where it was previously avoided.

There are already more bamboo-based eco-friendly products than almost any other single category. Consumers today can choose everything from bamboo bedding sets and furniture to clothing and bicycles. Parents can even opt to purchase bamboo diapers for their children, which are reusable, anti-fungal, and super absorbent. In short, if you name a product, there's bound to be a bamboo version of it on the market (and with plenty of good reason).

A Market with No Ceiling

The two product categories mentioned here are just the tip of the iceberg. With consumers all over the world looking for ways to do their part to combat climate change and live sustainable lives, the possibilities are endless. In an analysis of the industry, Nielson predicted that the sustainable product market would be worth up to $150 billion annually by 2021 in the US alone. It's easy to extrapolate that the global market will be worth many times that amount in the coming years. For businesses, this represents a wave they can ride to the top of their industries while undoing some of the damage done by their forebears. That's a rare win-win scenario that no company – and indeed no human – should pass up.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.