The single-use packaging that we throw away each year represents $100 billion of economic value, according to Morgan Stanley research.
According to a recent Ellen MacArthur report, reusable packaging is a 10+ billion dollar business opportunity. While in the past reusable systems have often been thought of as inconvenient to consumers and businesses, new innovation is rethinking the ways in which businesses can stand to benefit by reducing single-use plastic plastic.
“Globally, replacing just 20% of single-use plastic packaging with reusable alternatives offers an opportunity worth at least USD 10 billion,” the report notes.
With the growing build up of plastic waste around the world, global interests in the environment make this period an attractive opportunity to implement reusable packaging systems.
Environmental advocates aren’t the only ones taking notice of the opportunities reusable systems present. Wall Street mammoth, Morgan Stanley, became the first financial firm pledging to mitigate their plastic waste.
Chief Sustainability Officer Audrey Choi recently commented that the plastic waste problem isn’t just an environmental issue, but “an economic challenge, with up to $120 billion disappearing from the economy every year through the disposal of single-use plastics.”
But why does this matter for the individual business? Outside of investment opportunities and environmental benefits, reusable systems have a plethora of business benefits including superior user experiences, user insights, brand loyalty, and cost savings.