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KUALA LUMPUR: Governance and cost will force consumer packaged goods manufacturers, brands, and retailers to transform and commit to real, sustainable business models over the next five years to mitigate short- and long-term risk, according to a NielsenIQ report.

The report, titled “The Changing Climate of Sustainability”, focuses on the impact of climate change on the consumer-packaged goods industry.

It said that amid supply chain challenges, inflationary pressures, and cautious consumer spending intentions, consumers are more informed about sustainability and demand corporate action and accountability, the.

“Sustainability has been on the corporate agenda for some time, as a slow burn priority where some businesses have made proactive decisions to get ahead of the pack and others have taken a wait and see approach.

“Exploding energy costs, crop failures, and supply chain disruption are all forcing companies to future-proof existing business models or bear uncertainty and increased cost implications,” NielsenIQ foresight leader Regan Leggett said in a statement.

The new report addressed key areas, including how exploding costs are upending existing business models due to the impact of climate change and how escalating governance and regulation is driving sustainability momentum.

“The changing climate of sustainability has reached a critical moment, and the next five years will bring dramatic change as companies transform to meet new demands, guidelines, and realities of doing business,” NielsenIQ said.

“Authentic action from proactive and genuine companies will have a strategic advantage as industries scramble to meet requirements and mandate sustainable efforts,” it added.

NielsenIQ is a global information services company with operations in over 90 markets, covering more than 90 per cent of the world’s population. – Bernama

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