Voice of the Industry: Sustainability Survey

June 2024

Amidst inflation, geopolitical tensions, and climate disasters causing supply chain disruptions, sustainability gains momentum, compelling action from both businesses and governments. This report brings together insights from Euromonitor’s Voice of the Industry survey, which tracks how businesses define, manage and communicate sustainability, in addition to insights from Sustainability Claims Tracker, which shows how companies use product claims to communicate sustainability with consumers.

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Key Findings

Social sustainability values are prioritised

The past year has seen a shift away from environment-based sustainability values towards the social. As improvements in social factors are more directly rewarding, companies are shifting perspectives to display improvements in ESG areas.

New greenwashing laws have companies reconsidering strategies

The EU’s crackdown on greenwashing, including carbon offsetting and products from deforestation add increasing pressure for transparency between companies and stakeholders.

Engagement with the SDGs falls dramatically

This year, reported engagement with the Sustainable Development Goals has fallen dramatically, led by North America. This is particularly true of the environmental based goals, perceived as less valuable to businesses.

Companies are losing out from ineffective communication

Companies that are investing in sustainability initiatives or who are producing sustainable products are ineffective in communicating these initiatives to stakeholders, particularly consumers.

Companies are feeling less external pressure to invest

Companies are investing in sustainability for brand reputation and compliance with legislation, however due to weak reinforcement of regulations and perceiving consumers as not interested in sustainability, investments have fallen over the past year.

Scope
Key findings
Expressed engagement with sustainability falls amidst tightening legislation
Defining sustainability remains focused on environmental impact
Social and governmental aspects of ESG are considered increasingly important
Danone: The Danone Impact Journey sustainability roadmap
Sustainability becomes less important for business resilience compared to other factors
Sustainability is less of a priority to companies overall
Companies feel hindered by consumers’ lack of willingness to pay more for sustainability
August: Environmentally-friendly menstrual care products with a social cause
Latin America values climate action more than the rest of the world
Consumers demand increased transparency over their purchases
Blue Bin: Planet-friendly lightweight wine
Companies are less inclined towards high-cost and long-term investments
New laws banning carbon offsetting cause uncertainty over net-zero carbon strategies
Governments ramp up the push towards climate action
Iberdrola: Committed to sustainable energy and a net-zero emissions future
North America leads the loss of engagement with the SDGs
Forward Faster: UN Global Compact aims to speed up five SDGs
Social sustainable development goals lead the way
Companies struggle to communicate sustainability initiatives effectively
Sustainability reports are increasingly integrated with financial reports
Rewe Group includes cocoa-free chocolate in its private label products
Companies choose to communicate sustainability initiatives through meaningful storytelling
Increasing innovation and regulation surrounding packaging impacts new launches
Tide Evo’s innovative format in recyclable packaging
Companies value investment in employee support over environmental initiatives
Aldi uses AI to track flexible plastic packing recycling
External stakeholder interests lead the way for sustainability initiatives
Global initiatives are attempting to remove the common barriers to investment
“It’s Now for Nature” campaign to boost corporate nature strategies
Key takeaways
About Euromonitor International’s Voice of the Industry Survey series
Respondent job profile
Respondent geographical profile
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