The link between sustainability and premium prices has kept sustainable choices unattainable for most consumers particularly those in emerging markets. The emergence of ‘affordable sustainability’ reveals that sustainable and responsible products must not always be connected to high prices. The fast-paced FMCG industry experiences this transition because it provides both moral standards and commercial benefits such as customer loyalty and lasting growth.
Many customers think eco-friendly items have elevated costs because they are less affordable. FMCG brands can take advantage of this situation to create affordable sustainable products which bridge the gap between both markets effectively. Affordable sustainability requires sustainability options to reach people from all socioeconomic backgrounds. Suppliers, eco-friendly technology, local materials and wastage reduction form the core features of this approach. Brands that succeed with these approaches earn superiority in market competition between sustainable brands and cost-effective offerings.
Various worldwide FMCG organisations or brands maintain sustainable benchmarks within their core strategies through this method while controlling expenses. The ‘Sustainable Living Plan’ from Unilever functions as their framework to reduce environmental footprints alongside positive social reaching. Lifebuoy and Sunlight adopted reusable pouches and water-efficient formulas which make sustainability cost-effective for customers. As a leading manufacturer, Procter & Gamble (P&G) introduced low-temperature washing detergents for its Tide and Ariel product lines which help reduce energy usage and create savings for consumers on their electricity bills. Nestlé dedicated resources toward developing recyclable packaging and finding sustainable supply ingredients as well as decreasing water consumption throughout its supply chain routines. Nescafé under its brand offers refill packs which support cost reduction without compromising sustainability objectives. PepsiCo’s ‘PepsiCo Positive’ initiative supports sustainable agriculture practices and creates renewable chip packaging for Lay’s products which extends accessible sustainability to frequent shoppers.
The growing consumer base of Bangladesh offers substantial opportunities to develop sustainable fast-moving consumer goods in the market. The main challenge for sustainable consumption still relates to keeping products affordable. Local brands have started understanding sustainable practices’ value so they actively incorporate sustainable solutions into their offerings at affordable rates.
As Bangladesh’s largest FMCG company, PRAN-RFL Group launched environmentally friendly packages for its range of fruit drinks and processed food items, including paper cups for noodles. The manufacturing facilities of the company use solar power systems to cut production costs and decrease greenhouse gas emissions. BRAC Bank is promoting sustainable banking in Bangladesh. The bank has implemented green financing initiatives, providing loans to businesses that focus on renewable energy, energy efficiency, and environmentally friendly products. Grameenphone is at the forefront of sustainability efforts in Bangladesh. With a score of 39.6 on Bloomberg’s sustainability list, it ranks as the top-performing Bangladeshi company. It has integrated sustainable practices into its operations, focusing on reducing carbon emissions, and minimising environmental impact through its network infrastructures. The sustainable investments and practices of Meghna Group, ACI, and Walton are also appreciable.
FMCG brands can achieve environmentally friendly product accessibility alongside profitability through marketing approaches which match consumer perceptions. Most customers link sustainable products to higher prices which makes it crucial for brands to teach consumers they can save costs by choosing environmentally friendly options. Advertisements of products which save money over the long term combined with waste reduction information can help shift consumer opinions. To build identification with sustainability efforts people need to understand how sustainability meshes with their place and cultural heritage. The implementation of jute and biodegradable packaging as elements of national heritage can boost their social acceptance throughout Bangladesh. Multiple food and consumer goods brands currently pursue refill stations as well as reusable packaging options. The adoption of inexpensive refill programs for detergent products along with cooking oil and personal care items will bring sustainability into the mainstream market in Bangladesh. Budget-conscious consumers become more receptive when sustainable products offer bulk purchase discounts together with bundle offers and promotional sales. Customers will get more involved when loyalty programs offer rewards for sustainable product purchases. Sustainable initiatives become more available to the public through partnerships between brands, regulatory bodies, and NGOs that provide financial support. Eco-friendly product prices can decrease when the government extends financial benefits to these sustainable options.
FMCG companies exist at the forefront of efforts to make sustainability available to all people. The right combination of inexpensive production methods with innovative strategies and marketing plans allows businesses to link sustainability with affordable products. Companies that embrace sustainability through this business model protect their future operations and help establish an environment-friendly consumer market. Affordable sustainability represents the future of FMCG in Bangladesh together with other global markets.
A.K.M. Moinul Islam Moin is the Deputy Managing Director of PRAN Group. He is a passionate marketer and a seasoned sustainability practitioner.
