Palm oil is in nearly everything, but is sustainable palm oil a good business opportunity?
Palm oil is in nearly everything – it's in close to 50% of the packaged products we find in supermarkets, everything from pizza, doughnuts and chocolate, to deodorant, shampoo, toothpaste and lipstick. It's also used in animal feed and as a biofuel in many parts of the world. However, Palm oil has been a source of contention and controversy in recent years for its negative impact on climate change and its unsustainable sourcing.
We were curious about how everyday consumers felt about palm oil, and we wanted to discover how much these consumers knew about the palm oil industry. With Beehive AI’s Qualitative Intelligence platform, we were able to source and analyze thousands of consumer responses and reach some interesting conclusions in just a few hours.
57% of 18+ y/o American consumers do not know what palm oil is!
Furthermore, only 4% knew about the palm oil industry's impact on deforestation.
If consumers aren’t aware of palm oil and its damage to the environment, why should companies care about palm oil sustainability? Well…
According to the platform analysis, 45% of consumers say that sustainability influences “much” in their decision to purchase products.
Additionally, 75% of consumers are willing to pay extra for products with 80% sustainable palm oil and 80% of consumers are willing to pay extra for products with 100% sustainable palm oil.
Therefore, it is apparent that by educating consumers through the right marketing; there is a business opportunity for companies to cater to this market; however, it requires educating consumers.
Beehive AI: Unlock the “why” in consumer behavior to power your business Beehive AI is an easy-to-use, end-to-end, customizable AI platform to design, deploy and analyze consumer research in real-time and at an unprecedented depth and scale.
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