Without a doubt, yes. This could work on at least three levels. Firstly, if you want to demonstrate that your product is environmentally-friendly. Secondly, if you want to convey that your product is plain, simple, and honest – without additives and frills. Lastly, if you wish to highlight its value for money. However, each approach may require a different emphasis to the design.
A few companies, such as Body Shop, have managed to do this convincingly. But they are the exceptions. There is consumer resistance to overpackaging, but most selling environments still call for attractive packs. You may be able to make the economy a virtue – but that will depend on your marketing profile and the positioning of your product.