Agribusinesses need to do more to embrace sustainability – and quickly. That’s according to a new report from The Boston Consulting Group (BCG).
It’s Time to Plant the Seeds of Sustainable Growth in Agriculture finds that agribusinesses have a pivotal role to play in sustainable farming but are currently lagging. Some are making progress – including seed companies, crop nutrition providers, crop protection producers, and farming equipment manufacturers – with new products or product improvements. However, most agribusinesses have failed to make sustainable growth in farming an integral part of their business. BCG believes that this is not only untenable but also a missed opportunity.
The report outlines how the farming practices of the past, with their focus on output, are making way for a new, more sustainable and resilient approach to farming, more suited to the challenges of today. These include the need to produce more food on less land, while protecting the environment and providing an acceptable livelihood for farmers.
Regulators, consumers, food companies, and farmers are making the shift – but agribusinesses need to play catch up. Not doing so means “they are missing out on an opportunity not only to help shape and advance this movement but also to participate in the economic gains that are likely to result.”
Read the full sustainable growth report from The Boston Consulting Group.