According to the Market Statsville Group (MSG), the global sustainability consulting market size is expected to grow from USD 8722.91 million in 2022 to USD 13860.82 million by 2033, at a CAGR of 4.3% from 2023 to 2033. A sustainability consultant helps businesses integrate more responsible practices into their operations in order to achieve their sustainability objectives in a more efficient manner. The increasing prevalence of favorable government policies across the globe and wide acceptance of sustainable consulting accelerates the growth of the market over the forecast years. On the other hand, the lack of coordination across government agencies, lack of access to information, weak institutional capacity, corruption and stifled civic engagement are some of the factors that hamper the market growth. Moreover, the introduction of innovative services and solutions & investment will spur the growth outlook for sustainable consulting across the globe in the forecasting period.
As a sustainability consultant, the firm assists businesses and companies in becoming more socially and ecologically responsible in their operations. The sustainability consultant develops long-term solutions to the frequently competing requirements of people, the environment, development, and successful business. Developing sustainability programs in both small and large businesses requires a significant investment. They may be known as sustainable consultants, green consultants, eco consultants, or environmental management consultants. They assist a firm in moving forward with designing and implementing a green strategy when the organization lacks the skills or manpower to do so effectively. Consultants can be employed for short or long-term projects and typically specialize in a specific field, industry, or firm type.
The COVID-19 virus is sweeping through the world, tapping countries, societies, and communities under enormous pressure. Globally, several governments enforced stringent lockdowns and social distancing norms to control the spread of novel coronavirus, which are now widely acknowledged as the most effective way to combat the pandemic. These crises also put many impediments and affect various industrial sectors across the world. Sustainability consulting is also such a sector that greatly affected due to the outbreak of COVID-19, as there has been lockdown which results in the complete shutdown of enterprises, and organizations. Additionally, various companies now find themselves in a difficult cash position, deeming anything not critical for survival as unnecessary. This resulted in a significant as companies struggle with decisions affecting their day-to-day existence, and the company’s mindset towards the environmental, social and governance (ESG) matters may seem like slow-burning issues they can deal with tomorrow. However, the pandemic could trigger the adoption of sustainability trends. As some consumers favor companies and brands with purposes that benefit the broader community are stick with the sustainability programs. The sustainable consulting market is seemingly witnessing a recent downfall in COVID-19 across the globe. This is due to the unpredictable and rapid changes in demand inhibit advance planning, limiting companies’ ability to respond sustainably during this COVID-19.
Environmental regulations, aimed to safeguard human health and the environment, usually result in better production costs, and reduced productivity in firms, leading them to move investment and production to less rigorous locations. In many western industrialized countries, regular attention was initially given to environmental management in the early seventies. The major problem was that the economic growth had attained a stage where the effects of emissions could be sensed over large areas, influencing major segments of the population. This in turn will fuel the demand for a sustainable consulting market over the forecast period. Also, rising favourable government norms and prevalence of environment safeguard is a key factor in the contribution of market growth. For instance, according to a report by the Ministry of Housing & Urban Affairs, in 2020, the Indian Government launched National Clean Air Programme (NCAP) as a longstanding, time-bound, national-level policy to tackle the air pollution problem in the country through a comprehensive manner with an aim to accomplish 20% to 30% drop in Particulate Matter concentrations by 2024 keeping 2017 as the base year for the assessment of concentration.
The lack of coordination across government agencies, lack of access to information, weak institutional capacity, corruption and stifled civic engagement are some of the factors that hamper the market growth. Additionally, the various judiciaries are struggling with the existing backlog of environment-related cases. Further, the sudden outbreak of COVID-19 has unleashed headwinds that threaten to limit the corporate response to the sustainability imperative. The Environmental Protection Agency of the United States has temporarily relaxed pollution enforcement to allow companies to focus on survival—with no end date set. Many retailers and consumers are rejecting reusable grocery bags due to unsanitary, which results in reversing recent bans on plastic bags. Thus, poor implementation of regulations and the outbreak of COVID-19 is the restraining factor for the sustainable consulting market.
The market players operating in the market have steadily adopted ground-breaking marketing strategies to gain a competitive advantage. Companies often regularly involved themselves taking initiative for offering efficient and better solutions and services. These help market players to enhance the business operations with sustainable ecosystem to create a better brand image.
Moreover, companies are taking innovative marketing & positioning strategies that are likely to increase in the future to create diversity. Some of the strategies undertaken by the key players are, for instance, In April 2021, McKinsey & Company launched McKinsey Sustainability, a client service platform for all industrial sectors. This software will help all industries large and small & mid organizations to transform to get to net-zero by 2050 and to cut carbon emissions by half by 2030.
The study categorizes the sustainability consulting market based on type and application area at the regional and global levels.
Based on the type, the market is bifurcated into strategy and planning, technical support, testing, auditing & verification and sustainability marketing. The technical support segment is expected to dominate the market share in 2022 in the global sustainability consulting market for the forecasting period. Technical assistance consultants assist businesses in meeting the technical criteria for green construction, energy, and retrofit projects. Technical assistance consultants assist businesses in meeting the technical criteria for green construction, energy, and retrofit projects. Technical support follows rating systems, such as: BREEAM (Building Research Establishment Environmental Assessment Method), LEED (Leadership in Energy and Environmental Design) and CASBEE (Comprehensive Assessment System for Built Environment Efficiency). Moreover, strategy and planning will account the highest CAGR for the forecasting period, as it ensures the companies that can align with the latest best practices, environmental regulations, and sustainability trends so as to not miss contract opportunities and acts as a guide for navigating sustainability initiatives and how best to implement them.
Based on the regions, the global sustainability consulting market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America dominated the sustainability consulting services market share in 2022. It is due to the rise in borrowing costs and geopolitical tensions are anticipated to encourage consumers to consult professional consultants. Furthermore, with surge in importance of sustainability consulting firms in this region have started acquiring local firms to expand their market for the upcoming period.
The sustainability consulting market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, collaboration, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations around the world and cultivating long-lasting partnerships.
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