How New Sustainability Trends are Redefining Supply Chains
As ESG and sustainability continue to top the agendas for supply chain operations worldwide, TradeBeyond is pleased to share the latest installment in our expanded Retail Sourcing Report series.
“Retail Sourcing Report: 2024 Supply Chain Sustainability Trends” provides our most comprehensive analysis yet of the emerging ESG trends, regulatory shifts, and innovative practices reshaping retail sourcing. It combines rigorous research with actionable insights to guide sourcing executives, supply chain managers, and retail leaders through the complexities of today’s evolving global market.
Key Takeaways from the Report:
- Corporate Sustainability Commitments: Over 80% of companies intend to increase their investment in environmental sustainability projects within the next year, indicating a growing prioritization of ESG goals at the executive level, particularly in the areas of renewable energy, ethical sourcing, and sustainable packaging.
- Ethical Sourcing Yields ROI: With ethical sourcing becoming a critical consumer expectation, brands focusing on transparency and sustainability in their supply chain are poised to build stronger trust and loyalty.
- A Growing Sustainability Market: As companies gear up to respond to increasing consumer and legislative demand for eco-friendly products, more suppliers of sustainable materials and packaging, as well as service providers, are helping them. The global sustainability market in retail and CPG is projected to grow at a CAGR of 9.1% from 2024 to 2029.
- AI Enhances ESG Reporting: The integration of AI in ESG risk management is expanding, with a focus on improving the accuracy and efficiency of emissions reporting and environmental data processing.
- Sustainable Fibers Adoption Lags: Despite the availability of sustainable alternatives to traditional fibers, the textile industry’s adoption rate is slow, signaling an opportunity for innovation and market leadership.
- Regulatory Landscape Tightens: ESG regulations increased by 155% over the past decade and are set to continue that pace in 2024, which sees the introduction of new sustainability disclosure requirements in the UK and a European Union crackdown on misleading product sustainability claims.
Equip your organization with the knowledge to lead in sustainability, regulatory compliance, and innovative supply chain management.
