Three in five Companies Implemented a Sustainability Strategy in 2024: Euromonitor International
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 than non-sustainable products over the past four years
Passport Sustainability helps businesses track performance of sustainability claims, understand consumer sentiment and craft effective strategies.
The comprehensive and upgraded platform covers 11 industries, 25 global markets, 50 product categories and more than 70 different sustainability claims. Euromonitor has surveyed over 40,000 consumers and 900 professionals to understand their sustainability challenges.
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. This issue is particularly prominent 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 to these concerns, with upcoming 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 in 2023.
Bogdanova said the shift away from animal-based products continues to gain momentum in the food industry. Sales of vegetarian products increased across all food categories in 2023.
“The presence of these products on shelves varies significantly by category. Breakfast Cereal leads the way, with over 20% of all products featuring a vegetarian claim in Q2 2024, followed by Sweet Biscuits, Snack Bars and Fruit Snacks at a distant second with only 9%. Looking ahead, the share of vegetarian, vegan, and plant-based products is expected to grow, driven by aggressive investments in private label ranges from major global retailers like Tesco, Walmart, Albert Heijn, Carrefour, and Lidl. “
