As scrutiny intensifies on corporate climate action, this is the first of a new series of quarterly articles highlighting key insights from Euromonitor’s Sustainability and Innovation solutions.
In 2024, fmcg businesses are juggling rising costs and intensified climate scrutiny. While 73% of global corporates acknowledge the need for climate action, many firms struggle to implement sustainable strategies and only 10% are extremely effective in conveying their sustainability initiatives to consumers, as per the Euromonitor Voice of the Industry Survey, fielded January to February 2024.
Therefore, embracing sustainable innovation has become essential. Catering to consumer demands with compelling sustainability credentials does not only enhance brand reputation, ensuring differentiation and resilience, but it also presents a path to growth.
Sustainable products outperform non-sustainable ones in eight out of 11 industries, in terms of retail sales CAGR (2020-2023)
Source: Euromonitor’s Sustainability Product Claims Tracker
This article spotlights five innovative sustainable products from Q1 2024 (January-March 2024) that were detected by Euromonitor’s Sustainability and Innovation trackers. These new products embody how brands can utilise transparent, sustainable practices to stay relevant and competitive in consumer-centric markets.
Editor’s pick: Five innovative sustainable products in Q1 2024
How to unlock sustainable innovation
The future of innovation in sustainability hinges on ensuring that the core goals of authenticity, transparency, and tangible benefits for both consumers and the environment are achieved.
Success in launching new products lies in embedding sustainability across the product lifecycle, from sourcing to waste management, backed by both broad and specific certified claims.
However, sustainability should not compromise on value for money, performance, or quality. The top five examples showcased above have demonstrated that sustainability can indeed enhance a product's proposition, without trading off consumer expectations.
Data-driven analysis is crucial to understand and effectively execute this strategic innovation shift towards addressing growing sustainability demand from the consumers.
Learn more about our Sustainability and Innovation solutions.