The sustainability consulting industry in the US is changing rapidly. It’s worth $14 billion in 2023. Experts predict it will reach over $48 billion by 2028. This growth is mainly because more businesses need help with Environmental, Social, and Governance (ESG) issues. They are joining hands with sustainability consultants to follow environmental laws and support corporate social responsibility better.
There’s a new trend in the market towards offering more services together. Consulting firms are not just giving advice on sustainability. They are also working on making brands more trusted and clear to avoid greenwashing. This change shows how crucial it is to keep a sustainable story in business. It helps tackle the challenges that come from customers wanting more innovation and expertise in sustainability.
More companies are setting sustainability goals. This makes the demand for knowledgeable consultants go up. This is also because investors are paying more attention to ESG facts. Consulting firms are expanding their services and putting in more resources to stand out in a tough market. Growth is expected at a rate of 17% yearly until 2027. That means the industry will have grown by 156% since 2021. Sustainability consulting is now offering many chances to work with different sectors and people.
The Rise of Sustainability Consulting
The world of sustainability consulting is growing fast, thanks to more people caring about the environment. Businesses need to keep up with new rules about protecting the planet. They expect this area to grow a lot as companies make sustainability a big part of their work.
Market Growth Projections
The numbers tell us that the sustainability consulting field will double in size soon. It’s going from $12.85 billion in 2024 to an impressive $26.03 billion by 2029. This growth means more help for companies aiming to be more eco-friendly. It matches the goals set by the United Nations for a sustainable future.
Key Growth Drivers
Several factors are pushing this growth in sustainability consulting:
- About 60% of shoppers say they’d switch brands to be more green.
- New laws require businesses to cut pollution and be more transparent.
- By going green, companies could tap into a $12 trillion opportunity by 2030.
- Companies are feeling the pressure to show they’re fighting climate change.
- Even though it’s expensive, many businesses want to lower their carbon footprints.
These trends mean sustainability consulting is now crucial for companies wanting to succeed. They help firms meet environmental targets and manage their impact on our planet.
Current Market Landscape
The sustainability consulting market is changing fast. It is led by top firms like Accenture PLC, Deloitte, and Boston Consulting Group. These companies use smart moves, such as partnerships and mergers, to better their services. Accenture’s work with Toshiba shows they are serious about adding top-notch sustainability solutions to their consulting. This helps them guide clients through complex regulations.
Leading Consulting Firms
The fight for the top spot in sustainability consulting is tough. Big names like Tata Consultancy Services, KPMG, and ERM are making unique ESG offerings. These offerings are designed for the needs of different fields, like Chemicals and Agriculture. In 2023, spending on ESG and sustainability consulting went over $11.5 billion. It’s expected to grow to more than $48 billion by 2028. This shows how important it is for consultants to keep up with client needs and laws.
Market Share Distribution
The biggest sustainability consulting firms have a lot of the market’s revenue. In the US, this market will grow from $9.8 billion in 2024 to $13.2 billion by 2031. This shows there’s lots of competition. Firms need to innovate and adjust, especially with changes like digital reporting and new rules. Knowing how market share and ESG player roles change is key to succeed in this growing area.
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