Consumers will pay more for sustainably sourced products, research shows
According to research by Palsgaard, most consumers will pay more for food and beverage products containing sustainably produced ingredients.
More than 600 people in four countries took part in the survey, which found that the COVID-19 pandemic has “increased the importance they place on price, but has not detracted from their focus on environmental issues”.
Three-quarters (75%) of respondents believe food companies have a lot of responsibility for protecting the environment, with 23% believing they have a little.
More than nine in 10 (92%) said it was important that the ingredients in the products they buy are produced sustainably, with 49% saying it was very important.
Eighty-two per cent said they would be willing to pay more for a food product containing sustainably produced ingredients. Nearly half (46%) would pay over 5% more and 17% would pay over 10% more.
Environmental issues were found to be of particular concern to younger consumers. For 18-24-year olds, climate change was the ethical issue food companies should take most seriously.
Jakob Thøisen, Palsgaard’s CEO, said: “We always believed that carbon neutrality was the right path to take from an ethical point of view. As this research shows, it also makes sound business sense. Consumers, especially younger ones, are increasingly focused on reducing their carbon footprints and will reward food manufacturers who share that commitment.”