The Food Industry Tackles Sustainability and Transparency
Sustainable Food Systems
Population growth. Climate change. Water scarcity. Pollution. Destruction of soil. Loss of farmland. Deforestation. Food waste. Social justice.
All of these global challenges feed into the growing demand for sustainable food systems. Nielsen reports that 73% of consumers would change their consumption habits to reduce their impact on the environment. Among age demographics, millennials are the most concerned about sustainability, reports Nielsen, but the majority of consumers of all ages care.
And consumers want transparency. Just consider the growing number of certifications related to food, including USDA Organic, Non-GMO Project, Certified Humane, Monterey Bay Aquarium Seafood Watch, Rainforest Alliance, Protected Harvest, and many more.
Take a look at 3 responses from the food and agriculture industries.
The Food Industry Tackles Sustainability and Transparency – Video
Is Sustainability Good Business?
Nielsen reports that many consumers will pay more for products that meet attributes such as organic and environmentally friendly. The growing consumer mindset equates “healthy for me” with “healthy for my world,” says Nielsen.
More than half of respondents surveyed for the Responsible Business Trends Report 2018 said that sustainability drives revenue for businesses, and 2/3 said it reduces costs. More than 7 out of 10 rated driving sustainable innovation across the business as an important issue for their corporations.
Nielsen suggests that to align with the growing sustainability movement and consumer expectations, a company can:
- Understand: Understand consumer scrutiny of products
- Invest: Invest in development and research
- Grow: Grow and build a sustainability strategy
- Build: Build a roadmap for product enhancements
Nielsen predicts that:
- “Challenger brands” who build on innovation and social consciousness will grow.
- Companies that take charge of sustainability will gain influence.
- Consumers will “reward” brands that share their values.