Food, drink and dietary supplement producers need to adopt blockchain technology if they are to gain the trust of increasingly skeptical consumers, per a new report.
Data compiled by British market research consultancy FMCG Gurus suggests that the public is growing jaded with food manufacturers – and believes that blockchain technology-powered solutions could prove the tonic, by providing consumers with reliable tools that let them check to see how much damage brands are doing to the environment.
People also indicated they would like to use the technology to monitor the ethical practices of food and drink brands.
The consultancy found that 31% of surveyed global consumers claim that they do not trust food brands, while 25% say that their trust in these brands has deteriorated in the past two years. The findings were included in the company’s Future of Blockchain: Global 2020 report.
FMCG Gurus claimed that it surveyed 26,000 consumers across twenty-six countries in Q3 2019, asking them questions about blockchain technology.
The researchers found that only 18% of worldwide consumers knew about emerging blockchain technology. However, after they were provided with an explanation, a total of 50% said that they would be likely to use this technology to find out more about food, drink and nutritional supplements.
FMCG Gurus says consumers “would be more likely to use [blockchain-powered solutions] when investigating products in categories where there has been speculation in the past” about companies’ ethical and environmental policies.
Global brands are facing increased scrutiny from their consumers, who are growing ever-more environmentally and ethically aware. A total of 58% of consumers said they would be particularly keen to check on companies’ carbon footprints, and see how much CO2 manufacturers produce while making and distributing their products.
The report’s authors wrote,
“Consumers are interested in finding out sustainability initiatives along the whole of the supply chain. This is something that is further highlighted by the fact that 51% say it is important that brands monitor the supply chains of their suppliers to ensure that they are acting in an ethical and environmentally friendly manner.”