NYU Study: Sustainable Pet Food Demand Soars Amid Pandemic
A study by New York University (NYU) researchers has highlighted the growing demand for sustainable pet food products, with consumers increasingly considering the environmental impact of their purchases. The research, conducted in collaboration with market research firm IRi, shows that sustainably marketed pet food has continued to grow in popularity, even during the COVID-19 pandemic.
The NYU study, which explored the debate around sustainability in consumer packaged goods, including pet food, found that consumers are now more aware of global crises and risks to human health caused by the abuse of the planet's ecosystems. This increased awareness has led to a shift in consumer behavior, with many pet owners now prioritizing sustainability when choosing pet food.
The researchers created the Sustainable Market Share Index to quantify this trend. They found that pet food products marketed as sustainable have driven growth in the sector, bucking the trend of many other industries that have struggled during the pandemic. This suggests that companies that embed sustainability into their core strategy could see improvements in customer loyalty, employee relations, productivity, innovation, operational efficiencies, profitability, corporate valuations, and lower cost of capital.
The NYU study underscores the importance of sustainability in the pet food industry. As consumers become more environmentally conscious, companies that prioritize sustainability and communicate this effectively to customers are likely to reap the benefits. This could involve reducing energy consumption, improving water and waste management, promoting fair labor practices, and developing sustainable products and services.
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