The Earth Day 2023 theme underscores the significance of investing in our planet, emphasising the role that governments, businesses and consumers must play to foster a more sustainable economy.
Immediate collaboration towards significant actions is needed to keep global warming below 1.5C. The private sector's essential magnitude and celerity give it the capability to steer the most significant changes. As a result, stakeholders expect businesses to take action on the issue.
Given the urgency and importance to enhance sustainable business models, we have curated a summary of our most sought-after sustainability content, intended to guide you in achieving sustainability in your business operations.
Five Key Trends Shaping the Sustainability Agenda in 2023
Consumers still want to positively impact the environment and expect companies to play their part in democratising sustainability; therefore, understanding the sustainability landscape will help companies to identify risks and seize new opportunities. Euromonitor International has identified five key trends affecting the global sustainability agenda in 2023 (Affordable Sustainability, From net-zero to carbon-negative targets, Addressing circularity through collaboration, Thorough regulatory environment, and Greenwashing: Sustainability claims under scrutiny).
75% of global companies believe climate change will affect consumers’ demand
Source: Euromonitor’s Voice of the Industry: Sustainability survey, fielded in January 2023 (n=692)
Unwrapping Sustainable Packaging
The beverages, beauty and personal care, home care, dog and cat food, and packaged food industries accounted for four trillion retail/off-trade packaging units in 2022, according to Euromonitor’s packaging data. However, most companies will hardly meet their 2025 sustainability commitments.
Global consumers are well intentioned when it comes to sustainability, proactively recycling and adopting the “less is more” mindset by reducing plastic use.
55% of consumers reduce plastics use and 53% recycle items to lead a more sustainable lifestyle
Source: Euromonitor’s Voice of the Consumer: Sustainability survey, fielded in Jan to Feb 2023
Waste management efforts are under scrutiny, to comply with stricter legislation and to meet pushing consumer demands. Companies need to be part of the solution.
Understanding Sustainable Consumers
As sustainability grows in relevance and consumers lean towards more sustainable lifestyles, consumer segmentation according to shared environmentally-friendly traits and preferences is becoming instrumental for companies seeking to develop and market sustainable products in the right markets at the right time. Euromonitor International has identified 12 types of Sustainable Consumers, based on their values and attitudes. We provide an overview of the top three of them (Meat Avoiders, Zero Wasters and Climate Activists).
36% of global consumers are Meat Avoiders, 35% are Zero Wasters and 32% are Climate Activists
Source: Euromonitor’s Voice of the Consumer: Sustainability survey, fielded in Jan-Feb 2023
Five Key Steps to Building a Sustainability Strategy
Today, brands are facing increasing pressure from consumers, governments, NGOs, investors and insurance companies to have a positive and active role in protecting people and the planet.
As scientific researchers have constantly warned, the time to act is now if the UN Sustainable Development Goals (SDGs) are to be met by 2030. Sustainability is no longer optional and is increasingly becoming part of companies’ core business.
Understanding what sustainability means for a brand and learning how to create a successful strategy are key to ensuring the long-term operations of a business, and unlocking investment opportunities that help companies to remain competitive.
90% of surveyed professionals consider sustainability very important to reduce their vulnerability and improve their response to future risks
Source: Euromonitor International’s Voice of the Industry: Sustainability survey
Changing Environmental Regulation and Crackdown on Greenwashing in the Fashion Industry
After years of little concrete action aside from international pacts like the UN Alliance for Sustainable Fashion and company-led voluntary initiatives, the EU Strategy for Sustainable Textiles signals that the EU intends to pass laws to tackle the fashion industry’s overproduction crisis, and drastically reduce the waste, pollution and labour rights infringement it is responsible for.
More such initiatives are expected in the near future, as the pressure from both consumers and regulators increases, and companies need to set a roadmap today with measurable sustainability objectives to be ready for tomorrow.
85% of global apparel and personal accessories companies believe climate change will affect supply chain
Source: Euromonitor’s Voice of the Industry: Sustainability survey, fielded in Jan 2023 (n=692)
Visit our Sustainability page for further Sustainability insights.