Pet Food Industry Lags in Sustainability Despite Euromonitor Guide
Sustainability is a growing trend in the pet food industry, with 73% of business professionals investing in it to enhance their brand's reputation. Euromonitor International offers a guide to help companies develop a successful sustainability strategy, but it seems no pet food companies are currently following its five steps.
The guide begins with 'Engage', where businesses define the connection between environmental issues, business advantages, and risk reduction. This step is crucial as 58% of consumers, including pet owners, believe their purchases can make a difference.
Next, 'Prioritize' involves narrowing down sustainability initiatives to those most aligned with the business and having the most impact. 'Collaborate' follows, encouraging companies to find allies within and outside their organization to boost sustainability projects.
'Report' is the fourth step, involving tracking progress and assessing the success of sustainability initiatives. Finally, 'Communicate' requires transparent disclosure of impact and promotion of achievements to build trust and credibility. However, a recent search did not reveal any pet food companies implementing their sustainability strategy according to these steps.
Despite the potential benefits for both the environment and their bottom line, no pet food companies appear to be using Euromonitor International's guide to implement their sustainability strategy. As consumer awareness grows, companies may want to consider these steps to ensure their sustainability efforts are genuine and effective.
