Leading producer of sustainable packaging, MyEcoBag and parent company, SECOS Group, has announced a rebrand to MyEco Group, to better support its expanding global operations and range of products, and better reflect its commitment to sustainability and innovation.
MyEco Group is best known for its compostable caddy liners, bin bags and shopping bags. CEO Richard Tegoni said the decision to rebrand was made to better align to the company’s evolving mission to become the world’s leader in sustainable packaging and products.
“We’re here to develop and deliver eco-friendly innovations that make it easy for society to transition from harmful conventional packaging and products to high-quality sustainable alternatives that nurture the planet,” he said.
“We believe that by making sustainable alternatives accessible and practical, we enable society to take meaningful steps that will lead to a profound collective impact on the prosperity of our planet. We have developed the MyEco Group branding to adapt to this evolving market landscape, support our expansion goals and present a revitalised brand identity that further positions us for leadership in the eco-conscious landscape.”
The group experienced a record quarter for MyEco branded global sales, which increased 62.8% from the prior comparative period and 20% from the prior quarter. MyEcoBagproducts achieved 33% growth in FY24 compared to FY23 and since January 2024, the MyEcoBag brand of products is now in more than 2,400 Australian stores comprising 970 Woolworths stores, 850 Coles stores, 76 Ritchies IGA and other independent retail distributors.
MyEcoBag has continued to strengthen its position as the number one brand in Woolworths compostable bin liner sales, capturing over 50% share in the latest quarter. The brand has also recently captured the market lead position at Coles, recording over 40% share of the compostable bin liner and kitchen caddy category in the latest quarter.
In October, the group launched a new partnership with Ritchies IGA, offering customers reusable compostable shopping bags as an alternative to traditional plastic and paper. The partnership followed an eight-week trial in five Ritchies IGA stores across Victoria, where the bags were so well received, that the partnership has now rolled out to all 76 Ritchies stores in Victoria, New South Wales and Queensland.
The group says replacing paper and plastic retail checkout bags with compostable alternatives presented a $2.2 billion market opportunity in Australia.
Looking ahead, Tegoni believes the rebrand will positively support the group’s mission to help solve the conventional plastic problem with a safe and independently certified compostable alternative that leaves behind no microplastics or toxic waste.
“Now as MyEco Group, we’re more steadfast than ever in our vision to become a major player in sustainable packaging and products, and the level of interest in the company’s MyEco products and technology has never been greater. We’re excited about the company’s future and look forward to continuing this momentum in Australia and globally, into 2025 and beyond.”