3 in 5 Companies Implemented a Sustainability Strategy in 2024: Euromonitor International
- Upgraded Euromonitor Passport Sustainability platform helps businesses track performance of claims, understand consumer sentiment and craft effective sustainability strategies
- Passport Sustainability covers 11 industries, 25 global markets, 50 product categories and more than 70 sustainability claims
- Findings include 20% of all sales globally in 2023 were of products featuring sustainable claims
LONDON, Sept. 19, 2024 /PRNewswire/ -- More than 60% of global businesses implemented a sustainability strategy in 2024 but only 10% believe they are communicating their sustainability strategy effectively, reveals data analytics firm Euromonitor International.
Findings from Euromonitor's new Passport Sustainability platform show that in 2023, 20% of all sales globally were of products featuring sustainable claims. These products have achieved, on average, 1.5% higher sales growth over the past four years
Passport Sustainability helps businesses track performance of sustainability claims, understand consumer sentiment and craft effective strategies.The upgraded platform covers 11 industries, 25 global markets, 50 product categories and over 70 different sustainability claims.
Clear and honest communication to guard against greenwashing label
Maria Bogdanova, Senior Product Manager for Sustainability at Euromonitor International, said that the effectiveness of sustainable products hinges on clear and honest communication to guard against claims of greenwashing.
"While 'natural' remains the leading sustainability claim in value sales, its vague nature has raised concerns about greenwashing, particularly in the Beauty, Personal Care and Pet Care industries, where 39% and 37% of products respectively, feature 'natural' claims in 2023. Regulatory bodies in the EU and several US states are responding with bans on unsubstantiated sustainability claims."
Top Three Value Sales Claims by Industry – Organic, No GMO, Vegan/Vegetarian
Beyond Natural, clean labels such as Organic and No GMO and diet claims like Vegan and Vegetarian ranked among the top three in value sales across packaged food, beauty and personal care, pet care and consumer health.
Bogdanova said: "Breakfast Cereal leads the way, with over 20% of all products featuring a vegetarian claim followed by Sweet Biscuits, Snack Bars and Fruit Snacks with only 9%. The share of these clean products is expected to grow, driven by aggressive investments from global retailers like Tesco, Walmart, Albert Heijn, Carrefour, and Lidl. "
Spotlight on Zero Waste and B Corp Claims
Zero Waste and B Corp are the most frequently recurring claims among the top five fastest-growing sustainability value sales claims. Zero Waste commits companies to take the opportunity to reduce raw material use and minimise waste.
Bogdanova said that B Corp certification, which signifies a company's commitment to social and environmental performance, is also gaining traction. Obtaining a B Corp certification is a lengthy process.
The Beauty industry leads the number of B Corp certified products with brands like The Body Shop, Dr Hauschka and Elemis embracing certification. The number of SKUs in staple foods and snacks with B Corp claim has increased by 49% and 40% over the last two years.
To find out more about Euromonitor's Sustainability platform book a demo.
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SOURCE Euromonitor International
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