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Rising Consumer Awareness on Environment Issues to Stimulate the Demand for Green Marketing, According to New Report by Global Industry Analysts, Inc.
The bulging demand for eco-friendly products and the consequent buoyancy of green marketing concept in the modern era is primarily driven by rising consumer awareness about environment, regulatory pressure to adopt eco-friendly products and processes, and concerns about health and safety. Green marketing, also termed as ecological marketing, environmental marketing and eco-marketing, refers to the promotional activities aimed at transforming consumer perceptions about a brand. Rising awareness among general consumers about environmental degradation due to population explosion and unrestricted consumption of natural resources has led industries to adopt environmental ethics in their operations. The limited availability of natural resources implies that the corporate sector needs to focus on efficient utilization of such resources and minimize wastage, while placing emphasis on achieving business objectives, whereby the concept of green marketing has gained prominence. Companies developing novel and improvised services and products, while also caring for their environmental impact, can benefit through access to new markets, enhanced profitability and competitive edge over rivals.
Green marketing has proven to be a relatively recession-proof sector, with sustainable products continuing to register steady sales even during adverse conditions. This is attributed to the continuing adoption of green products and services among environmentally conscious consumers regardless of the economic scenario. The green marketing concept evolved more as a competition survival strategy and marketing tool for businesses and marketers during the recession period. This is attributed to the fact that green marketing emphasizes on avoiding wastage, make efficient use of available resources, and recycling. As a result, green marketing is finding high degree of acceptance among businesses with relatively tight marketing budgets. With consumer preferences skewing towards green products, several initiatives are being undertaken to promote green marketing. Internet is evolving as a popular medium for carrying out marketing of green messages, with print, television, mobile, and direct mail methods emerging as other popular approaches. Several online green shopping sites have emerged in recent years, providing assistance to web-savvy consumers in finding environment friendly products. Leading brands are orchestrating public relation partnerships and campaigns with eco-involved non-governmental organizations, such as Live Earth and World Wildlife Fund. In addition, retail displays and product packaging are using “green” ideas for proper visual communication.
Developed markets of Europe and North America continue to be traditional market leaders, capturing a substantial share of the world market, as stated by the new market research report on Green Marketing. In terms of highest growth potential, Asia-Pacific is projected to race ahead at the strongest CAGR of 22% over the analysis period. In the US and Europe, growing awareness about the environment is driving consumers to invest in energy efficient homes, fuel-efficient vehicles, and recycling. The green marketing concept is picking up rapidly in developing Asian economies such as India with increasing awareness among companies and consumers about environment friendly products. Companies are slowly adopting green technologies as part of social responsibility drive and as a marketing tool to gain competitive advantage. The recent years witnessed large hotel chains sporting eco-room concept with energy efficient bars, organic bed linens and recycled paper napkins. Banks are also catching up the green drive by offering green services such as paperless banking and energy efficient equipment at ATMs. Several companies are venturing into developing renewable energy sources of the country and are establishing units to manufacture solar, wind and biofuel equipment.
Key market participants profiled in the report include Canon Inc., Cereplast, Inc., Del Monte Foods, Fairmont Hotels & Resorts, Inc., Frito-Lay, General Electric Company, General Motors Company, Herman Miller Inc., Mary Kay, Inc., Nike, Inc., The Clorox Company, The Procter & Gamble Company, Toyota Motor Corporation, Unilever N.V and Wal-Mart Stores Inc.
The research report titled “Green Marketing: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the potential for Green Marketing in different parts of the world, impact of recession, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual revenue estimates and projections for Green Marketing for the years 2009 through 2017 for geographic markets including, the US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World.
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