Fairtrade America sets environmental standards and works to eliminate middlemen in international supply chains, ensuring ethical and fair business practices. Today, over 37,000 products from more than 2,500 businesses are Fairtrade certified which are accessible to consumers in 143 nations.
As part of the organization’s mission to make trade fair, the nonprofit company has listed five significant trends that it predicts will influence consumer decisions and brand behavior in 2023. Sustainability, greater transparency, and careful consideration of supply chains, among others, will be the priority this year, according to Fairtrade America.
Five Consumer and Brand Trends for 2023 unveiled by Fairtrade America:
- Consumers to change dietary habits to reduce environmental impact— GlobeScan’s research for the Marine Stewardship Council (MSC) reveals that 11% of U.S consumers changed their diets owing to climate change and 31% to environmental concerns.
- Reduced deforestation is paramount for consumers, governments, & organizations— GlobeScan survey shows 86% of customers make an effort to stay away from products that are not eco-friendly and promote deforestation.
- Greater demands for supply chain due diligence— Offering supply chain transparency in the form of third-party certifications is spreading among retailers. Oxford Economics finds 88% of businesses from all industries have laid down their commitment to sustainability or are in the process of doing so. However, less than 50% of the participants claimed to have significant visibility into where their sustainable goods come from. Meanwhile, 21% had a firm knowledge of where their suppliers obtain sustainable goods.
- Rise of sustainable products— According to the 2021 Sustainable Market Share Index, the market share of products that promote sustainability between 2015 and 2021 accounted for a one-third rise in consumer-packaged goods. The market share of sustainable products is now at 17%, a 3.3% increase from 2015.
- Regenerative agricultural practices will take the lead— Regenerative agriculture was ranked as the best agricultural and consumption strategy by 30% of consumer respondents in a Food Insight survey.
A partnership with a world-changing organization like Fairtrade America is a terrific way to stay current with the latest market trends toward sustainability and ethical practices.
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