Major Food and Beverage Brands Make Significant Investment in Sustainable Product Development
New commitments, partnerships, package design and R&D facilities indicate long-term shift toward sustainability in the food and beverage industry
Sustainability continues to drive evolution across global industry. As an example, the Biden administration recently proposed new automobile pollution limits that would require at least 54% of new vehicles sold in the US to be electric by 2030 and as many as two of every three by 2032. In the food and beverage industry, new research shows that sustainability-marketed products continue to grow in the face of high inflation.
According to research from NYU Stern Center for Sustainable Business and Circana, sustainability-marketed products outperformed conventionally marketed products across 36 categories and grew +0.3 points to 17.3% of purchases. In addition, sustainability marketed products’ five-year compound annual growth rate (CAGR) sits at 9.48%, outpacing its conventional counterpart at 4.98% for the same period.