Eco-friendly products present a lucrative business in today’s business world. Terms like Green, Healthy, Oil-Free, Electric, Natural, etc., are the most used words in today’s rapidly growing health & environment conscious world. With the rapid development of green business, here is how it will have its effects on the business world:
- Eco-friendly products reduce energy consumption.
- It increases operational efficiency and is thus utilized properly
- It can be recycled. Thereby, it saves a lot of money, conserves natural resources, and plays a crucial role in reducing harmful greenhouse gases.
- It increases productivity and cuts costs.
- The carbon footprint reduces gradually.
- Eco-friendly products are more costly compared to non-biodegradable products. However, non-biodegradable products like plastic can be recycled for molding purposes or something similar.
- Eco-friendly products usually have a much lesser shelf life than plastic products. For example, a bamboo mug will last a few months or years, depending on its production quality and usage. In comparison, a plastic mug can practically last for eternity.
Benefits of Eco-friendly Products:
When it comes to the benefits of Eco-friendly products, there are just plenty of them. Of course, the main benefit is to protect the environment. But here, we will go through a detailed list of the pros of using eco-friendly products-
- Social Consciousness: Going green in any business creates a positive vibe in common people. It creates a social consciousness for the preservation of natural resources and maintains a healthy ecosystem. The working environment significantly improves due to its positive impact on productivity & health.
- Less Wastage: Green products are noticeably far less wasteful during and after production, which ultimately leads to passive savings for both the producer and the consumer.
- Healthy Ecology: Eco-friendly products are renewable and thus can be recycled very easily. The overall production and consumption process is exponentially less wasteful and helps lower carbon emission and greenhouse gases over time. It heals the environment and leads to a general healthy ecology.
- Lower Costs: Although the initial production cost and market price for eco-friendly products are high, however, it saves a lot of money in the long run. Once the demand and production cycle start exponentially, the costs will gradually go down.
- Grants & Tax Credits: The Indian government offers many incentives and line of credit to green start-ups under its ‘Make in India’ program. It also includes tax credits to big scale production firms, which help improve profits. The common people are subsidized if someone plans to purchase eco-friendly Electric Vehicles.
- Awesome PR: Whenever an organization goes green, its reputation improves exponentially in the eye of the general public as it helps create a health-conscious and eco-friendly environment. Running green campaigns also helps spread an eco-conscious movement among people, and it has its fair share of positive implications on a company’s marketing.
- Demand: The demand for eco-friendly products is increasing every passing day. With the continuous change of companies switching to the production of eco-friendly products, common people are getting more aware of the environmental issues. It leads to the ever-growing demand for green products.
- Sustainability: Sustainability is a grave issue in recent times. But with the growing demand in the eco-friendly market, the natural resources may sustain way longer than previously expected. A recent study has found that green start-ups or organizations that choose to switch faster to green production have a higher chance of sustainability in the long run as it promotes good health and natural preservation among the general public.
Fall & Rise of Indian Economy:
Since the Covid days, the Indian economy has been struggling very badly. The trade almost stalled all over the country as it entered its 1st ever recession in recent years. Although the last few months have been fruitful due to the termination of the six-month-long lockdown all over the nation, the production still has a lot to catch up to meet the demand. However, the government is putting in a lot of effort in its production sector and inviting billion dollars’ worth of foreign investment into the country. The World Bank has projected India’s GDP growth in the fiscal year 2021-22 to 12.5 percent.
Eco-friendly Market of the Indian Economy:
The eco-friendly market of India is although pretty minuscule at the moment considering the sheer size of the country, it has a great potential for growth in coming days. As of now the green market of India consists of jute products, recycled paper bags, recycled bottles, cycles, wooden furniture, etc.
The dominant vegetarian culture heavily contributes to the green market of the Indian economy. Vast majority of these vegetarian products are naturally outsourced from local producers, which supports the small-scale individual producers and decreases foreign import of over expensive tax surplus products.
The evergreen growing demand of locally produced natural dairy and pantry products including spices and oil has always contributed to the smooth flow of cash throughout the nation. As of now, India is one of the most dominant key exporters in all these products all over the world. These exports play a major role in the growth of GDP of the nation.
The green market of India promotes sustainability, fair labour wage and most importantly give rise to the eco-consciousness among common people to support a better future for coming generations.
Innovative Eco-friendly Ideas:
- Cardboard Recycling– Cardboard recycling ensures the most favorable use of cardboard wastage lying around in the landfills that pollutes the environment. Therefore, less wastage in land and creates a healthy environment.
The cardboard wastage can be further recycled into manufacturing more cardboards, school supplies, etc.
- Sale of Used Books– The disposal of books is not only bad for the environment but also pollutes the land. The sale of used books was very noticeable in the last few decades alongside the street corners of every Bazar throughout the country. However, the practice is on its verge of collapse due to a gradual shift in trends. Reselling of old books ensures the proper supply to the underprivileged children of every state and ensures less wastage in the land.
- Energy Efficient Electronics– Energy-saving electronics are a lucrative business in the modern trend. From energy-efficient electric bulbs to 5-star electric efficient Refrigerators, all of them focus on saving more on electricity, which lowers the production of large-scale power producing firms that use water or nuclear energy to create electricity.
Besides that, some companies are mass-producing solar-powered electronics that use the raw power of sunlight as its primary source, limiting the use of harmful electric power plants and saving the environment.
- Air Carbon– A California-based company named Newlight Technologies invented an advanced type of plastic called Air Carbon. The plastic is made by combining air with methane-based carbon. These harmful emissions, which would otherwise pollute the air, are being used to produce a material that consists of 60 percent of carbon & hydrogen and 40 percent oxygen from sir. They also claim that the plastic is 100% renewable and instead cleans the air than polluting it.
- Vegan Leather– Leather consumption is both an environmental and moral problem. The leather products we use today in the form of belts, bags, shoes, etc., are manufactured by extensive breeding of selected animals. The whole breeding process and slaughter are very harmful to the environment as it takes a vast amount of land to breed animals in mass. A large amount of toxic gases like methane and carbon dioxide also get released into the air due to slaughtering.
A few selected numbers of small start-ups are starting the production of vegan leather using pineapple fiber and different other plant-based fibers to tackle this issue. This is an excellent solution to the leather market considering the huge demand in the fashion & accessories market.
- Greenhouse Farming– Greenhouse farming is yet another innovative way to farm organic vegetables in a large scale. The implementation of land is very efficient compared to traditional farming in land. It also promotes the idea of organic farming and creates eco-consciousness among people. The initial cost may be a stretch in the pocket, but it is very affordable and profitable in the long run.
- Lego Bricks– Lego Bricks are very well known for their toy bricks business in the world of children’s toys. They are tough plastic shells with excellent durability. Lego bricks are usually made with three strong polymers called Acrylonitrile Butadiene Styrene (ABS), derived from petroleum.
In late 2018, an Indian-based environmental conservation group brought up with a visionary idea of producing large-sized Lego-like bricks in footpaths from recycled plastics. Since then, the organization has received millions in funding and has already started rolling out Lego bricks for public use.
- Pulp/Stubble Recycling– The cyclical burning of stubble crops every year is a major problem in India. The burning of leftover stubbles from crops after harvesting produces an enormous amount of harmful emissions, which get released into the atmosphere.
To tackle this issue, people in Thailand came up with an innovative plan to grind the stubbles into dust-like powder and then boil it. Later, it is used to make biodegradable paper plates, paper bags, cups, etc. And, ironically the products are then exported to India. If the Indian farmers use the same method to get rid of crop stubble, then this can create a whole new form of business within the country and also contribute to less carbon emission.
- Sale of Organic Products– In these recent Global Warming times, organic products are a priority. The demand for natural products has exponentially increased due to the large-scale global campaign for environmental conservation. Since the inception of the Covid pandemic, people are starting to take their health as a big priority. Companies are slowly moving towards the production of organic products in the food and cosmetic sector.
- Plastic Recycling– In the last decade, the recycling of plastic products like bottles, packets have seen good growth. However, it is nothing compared to the massive scale of daily waste produced due to the disposal of plastic products out in open fields. There should be a sufficient amount of recycling plants in every city.
There are plenty of products that can be made using recycled plastics, like plastic tables, chairs, etc. Nevertheless, the success depends on the demand for such plastic products in the general public.
- Installation of Solar Panels– To tackle the harmful environmental effects of large Powerplants, Solar Panels introduce an effective way of converting solar energy into electrical energy. The use of solar panels significantly decreases the carbon emission present in the atmosphere. With the increasing number of electronic products in every household, electricity consumption has gone times higher than it used to be a few years ago. Private companies are cashing in large sums of money into solar power plants as a renewable supplement to traditional energy firms.
Recently, India has inaugurated the world’s largest solar power plant in the state of Gujarat.
- Electric Vehicles– Since the growth of EV giant Tesla, many traditional car companies, including start-ups, have finally stepped into the world of Electric Vehicles. Electric vehicles are not only environmentally friendly but also very efficient compared to petrol or diesel vehicles.
Indian car companies like TATA, Mahindra have started their work on EV prototypes, and most of them are in the final stage of production. In 2020, TATA launched their family-friendly EV, which has seen a good sale considering the recession due to the Covid pandemic that year. Some Indian start-ups like PRAVAIG have also tested their EV prototypes and are ready to challenge TESLA in the run for domination in the Electric Vehicle market.
Future of Green Market in India:
Increasingly, businesses around the country are responding to the nationwide demand to go green. The majority of the general public prefers companies that adopt eco-friendly practices in their production.
But, going green has its fair share of challenges, which are nightmares for every business. A well-established company cannot turn its production line eco-friendly overnight. It requires constant monitoring of the demand in every state and then follow-up with the production.
The initial cost to set up new plants for the production of eco-friendly products can be very high. It needs proper support from the Government in the form of incentives to run smoothly for the first few years.
The social awareness for green products seems to be very high among people on the internet. However, the online numbers don’t translate to the massive population of the country. There should be a mass nationwide go green campaign for more awareness among people.
The majority of the consumers are not ready to pay a large sum of money for eco-friendly products. Thus, companies might have to face challenges in their pricing for products.
Anyhow, the future of the green market in India seems to be very promising despite the challenges due to the sheer size of the population and the ever-growing health-conscious youth of the nation. On a bigger note, the Government put in a lot of effort towards a green economy through supporting MSMEs, building solar power grids, manufacturing electric trains, etc. will help India to lower the carbon footprint at an exponential rate. The green business will help India in the long run for sustainability, and it may forever remain the ‘Golden Goose’ of the world.