The green technology and sustainability market comprises products and services that aim to reduce negative human impact on the environment through the use of renewable energy resources and recycling. Green technologies help conserve natural resources through energy-efficient solutions related to transportation, power, construction, and manufacturing. They aid in waste management and generate renewable energy from sources such as solar, wind, hydropower, biogas and geothermal.
The Global Green Technology and Sustainability Market is estimated to be valued at US$ 18.43 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period from 2024 to 2030.
With increasing concerns regarding climate change and natural resource depletion, there is a growing demand for sustainable technology-driven solutions across various industries globally.
Key Takeaways
Key players operating in The Green Technology And Sustainability Market are August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company. These players are focusing on advancing renewable energy technologies and adopting greener manufacturing processes.
The rising environmental awareness among consumers and stringent government regulations regarding carbon emissions are fueling the adoption of green technologies across industries. Various industries are integrating sustainability into their core business strategies to reduce costs and meet the demand of eco-conscious customers.
The green technology and sustainability market is expanding globally due to the implementation of favorable government policies promoting clean energy usage. Moreover, technology advancements in areas such as energy storage are improving the viability of renewable power generation.
Market key trends
One of the major trends gaining traction in the market is the increasing integration of Artificial Intelligence (AI) in renewable energy and green building technologies. AI helps optimize energy consumption and efficiency through real-time data analysis and predictive maintenance. It aids in remote monitoring of energy generation and storage systems. Several leading companies are leveraging AI and machine learning to develop more effective green technologies.
Porter’s Analysis
Threat of new entrants: New companies find it challenging to enter the market as it requires huge capital investments and the existing players have well established supply chains and customer base.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of multiple vendors providing similar products. However, established brands have buyer loyalty which provides some bargaining power.
Bargaining power of suppliers: A few large suppliers exist who have significant influence on prices of raw materials like sugar, flavorings etc. However, this influence is moderate as suppliers also depend on orders from large confectionery companies.
Threat of new substitutes: Substitute products exist like chocolates, nuts, dried fruits etc. but they cater to different consumer preferences. Confectionery has well-knit demand for gifting and celebrations.
Competitive rivalry: Intense competition exists among existing players to increase market share. They competitively promote brands and launch new innovative products to attract customers.
Geographical regions with market concentration:
North America accounts for the largest share of around 35% of the global confectionery market in terms of value. This is attributed to high per-capita confectionery consumption particularly in US and Canada. Europe is another major region holding over 25% market share led by countries like Germany, UK, France, and Italy.
Fastest growing region:
Asia Pacific region is expected to witness the fastest CAGR of over 8% during the forecast period. Rapid urbanization, changing consumer food preferences along with growing disposable incomes are driving strong confectionery demand particularly in India and China. Marketing strategies adopted by major players are also supporting market growth in Asia.
