Global market research company Euromonitor International has released a new whitepaper: Building a Sustainable Strategy: A Guide for Business Leaders, to help organisations attain their sustainability and climate action goals.
According to Euromonitor International’s Voice of the Industry: Sustainability survey 2022, nearly 3 in 4 businesses, boards and governments, and over 3 in 4 CEOs, said that they are under pressure from stakeholders to deliver on climate action. 50 per cent of companies said they were engaging with sustainable development goals and 80 per cent are planning to invest into development of sustainable products.
Euromonitor says its sustainability guide and data will provide insights and custom solutions to help clients sharpen their sustainability strategies, anticipate reputational risks and seize opportunities to achieve their sustainability goals.
Its research data also revealed:
• 66 per cent of zero wasters in Australia are willing to pay more for food and beverage products with sustainability features;
• staple foods are the biggest market size for sustainable products- more than 25 per cent of growth, where a market size of over AUD 1.5 billion are vegan items;
• dairy products and alternatives account for more than 20 per cent of sustainable products growth, where a market size of over AUD 7.5 million are organic items.
Euromonitor International, head of sustainability practice, Maria Coronado Robles said brands today were facing increasing pressure from consumers, governments, NGOs, investors and insurance companies to have a positive and active role in protecting people and the planet.
“Sustainability is no longer ‘optional’; it is increasingly becoming part of the business bottom line. Understanding what sustainability means for a brand and learning how to create a successful strategy is key in ensuring a business’s long-term operations,” said Robles.
As part of its guide for business leaders, Euromonitor recommends five steps in building a sustainable business:
1. Engage – building a strong business case that wins the board's approval.
2. Prioritise – mapping risks and opportunities across your top markets. Then, focus your efforts and set targets.
3. Collaborate – partner with relevant stakeholders to accelerate sustainable business innovation.
4. Report – track targets and report on progress.
5. Communicate – sharing sustainability initiatives with all stakeholders to get the message out effectively.
Euromonitor’s Sustainability product also includes:
The Sustainability Opportunity Tracker, showing levels of sustainability adoption across countries and product categories, helping companies identify the most attractive sustainability product claims to inform product innovation, positioning and pricing strategies, and create growth opportunities for business.
The Sustainability Competitor Tracker, helping to identify which companies and brands lead in terms of a sustainable product portfolio and communication strategy and which are falling behind.
The Voice of the Consumer: Sustainability Survey, exploring consumers’ evolving attitudes, expectations and adoption for sustainability in 39 countries and identifying sustainability trends that influence their shopping preferences and decision making.
The Voice of the Industry: Sustainability Survey, exploring specific industry related trends, business campaigns and attitudes, and expectations for sustainability from industry leaders in five regions.
Robles added: “Sustainability is in the spotlight. Yet, brands can struggle to effectively position products that support environmental or social causes. That’s where we come in. Our experts turn thousands of data points into actionable next steps so that sustainable products stay competitive.”
For more information about sustainability product and its capabilities, please check Euromonitor’s Sustainability page, or download the white paper Building a Sustainable Strategy: A Guide for Business Leaders.
