NYU Study: Sustainability Boosts Pet Food Sales and Efficiency
A study by New York University (NYU) researchers, in collaboration with market research firm IRi, has revealed the growing importance of sustainability in the consumer packaged goods industry, with a particular focus on pet food. The research highlights how embedding sustainability in a company's core strategy can lead to significant benefits, including improved customer loyalty and operational efficiencies.
The NYU study, which created the Sustainable Market Share Index, found that a rising number of pet owners are considering the environmental and social impacts of pet food production and distribution. Companies like Escapure in Germany, known for its sustainable pet food, and Leonardo, renowned for its high-quality and gluten-free pet nutrition, have enhanced customer loyalty by aligning their products with these values. This approach has not only fostered innovation but also improved working relationships and boosted operational efficiency within these companies.
Interestingly, the COVID-19 pandemic has not deterred consumers from prioritizing sustainability. Instead, it has made people more aware of global crises and the risks to human health caused by the abuse of the planet's ecosystems. Consequently, sustainably marketed pet food products have continued to grow, unaffected by the pandemic.
The NYU study underscores the business case for sustainability in the pet food industry. By embedding sustainability in their core strategy, companies can improve customer loyalty, foster innovation, and boost operational efficiency. Moreover, the pandemic has not diminished consumers' commitment to sustainability, making it a crucial factor for businesses to consider in the long term.
