In a new report from the Corporate Governance Institute, ESG (environment, social and governance) in the food industry has become a crucial hill to climb given the impact it has on the planet, its people, and standards of governance. To shed light on the challenges food industry brands are facing on the road to becoming more ESG compliant, TraceGains surveyed over 300 food and beverage companies to better understand the roadblocks.
The commitment to ESG standards
Most brands recognize the importance of adhering to ESG standards, with 46% of respondents prioritizing ESG partners when selecting or sourcing. Additionally, nearly half of the respondents claimed they would be willing to half production completely if ESG standards could not be ensured.
How to navigate the path to compliance?While the report shows good intentions, actually delivering on ESG promises across the business proves to be a challenge. In fact, 41% of companies surveyed feel they are falling short of of achieving ESG standards. As evolving regulatory landscapes, consumer demand, and competitive pressures fuel the growing demand for ESG-compliant ingredients, businesses must discover ways to overcome the common roadblocks. With increased support, and the right tools and partners, food and beverage brands have an unprecedented opportunity to navigate the complexities of ESG compliance by fostering greater transparency, trust and alignment with global sustainability initiatives.
Access the report
See the results of TraceGains’ ESG Compliance survey summarized in this insightful infographic. Learn which ESG initiatives businesses are focused on and the common roadblocks they’re facing.
If you’re ready to address ESG, we’re here to help. Start by downloading this resource and go faster with the world’s first (and only) networked ingredients marketplace.