According to the Market Statsville Group (MSG), the Global ESG and Sustainability Consulting Market size is expected to project a considerable CAGR of 25.4% from 2024 to 2033.
The exposure of the growing companies and their investors to many environmental and social issues has seen the noted expansion of the industry of ESG and sustainability consulting. Companies seek advice on how to make their operation include sustainability concepts, whether it be by investor pressure, consumer demands ethical practices, or regulatory constraints. This industry offers services such as ESG risk assessments, the development of sustainability strategies, carbon footprint measurements, and ESG reporting.
Large consulting firms, specialized sustainability consultancies, and ESG rating organizations constitute the sector. Expertise in the negotiation of complex sustainability challenges, and demonstration of corporate responsibility, are the two major driving forces. Opportunities lie in new markets and sectors as this market continues to grow, with stakeholders increasingly emphasizing ESG performance. However, data accessibility issues, regulatory ambiguity, and uniformity of metrics persist. Generally, the market for sustainability and ESG consultancy is important in helping businesses transform into ethical and sustainable business operations.
Definition of the ESG and Sustainability Consulting
ESG consulting refers to the provision of services to companies where consultants help organizations promote ESG factors into their operations to minimize threats and enhance value creation in the long term. This involves providing leadership, the performance of monitoring and evaluation, implementation of sustainable practices, and reporting on performance. To maintain and enhance ethical standards, consultants help organizations adhere to best practice codes, encompassing international laws and stakeholders’ requirements.
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Scope of the Global ESG and Sustainability Consulting Market
The study categorizes the ESG and Sustainability Consulting market based on service type, industry sector, and end-users area at the regional and global levels.
By Service Type Outlook (Sales, USD Million, 2019-2033)
- Risk Management
- Carbon Footprint and Climate Change
- Supply Chain Management
- ESG Strategy and Integration
- Sustainability Reporting and Disclosure
- Others
By Industry Sector Outlook (Sales, USD Million, 2019-2033)
- Healthcare
- Energy and Resources
- Financial Services
- Pharma & Biotechnology
- Manufacturing
- Retail
- Others
By End-Users Outlook (Sales, USD Million, 2019-2033)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Government and Public Sector
- Non-Profit Organizations
By Region Outlook (Sales, USD Million, 2019-2033)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Sustainability reporting and disclosure segment accounts for the largest market share by service type
Based on the service type, the market is divided into Risk Management, Carbon Footprint and Climate Change, Supply Chain Management, ESG Strategy and Integration, Sustainability Reporting and Disclosure, and Others. The market for ESG and sustainability consultancy is dominated by the Sustainability Reporting and Disclosure sector. Investors' desire for openness in ESG policies and ever-increasing requirements from the regulators have driven this. Regulators worldwide, be it the Securities and Exchange Commission in the United States or the Corporate Sustainability Reporting Directive of the European Union, impose stringent requirements in terms of reporting.
The stakeholders and investors now require reliable and strong reporting standards in their decision-making. That's why, to deal with such complicated reporting requirements and assure compliance, business has no option but to pursue professional consulting services. Another major focus is correct sustainability reporting, since it satisfies stakeholders' expectations, reduces risk, and gives a good corporate image. Organizations try to build a competitive advantage and show commitment to sustainability. Therefore, it requires more expertise in reporting and disclosure on sustainability. This further deepens the place of sustainability reporting and disclosure within the marketplace.
Europe accounted for the largest market share by Region
Based on the regions, the global market of ESG and Sustainability Consulting has been segmented across North America, Europe, the Middle East & Africa, South America, and Asia-Pacific. The market for ESG and sustainability consulting is dominated by the Europe region. This superiority has come from a very strict regulatory environment and the proactive approach by European governments on issues to do with the environment. The European Union has adopted comprehensive laws that require strict ESG reporting and sustainable practices. These laws include the European Green Deal and the Corporate Sustainability Reporting Directive.
Moreover, the fulfillment of high expectations from consumers and investors in Europe places businesses under pressure to meet ESG norms; many have sought professional consultancy services. Demand for consulting is driven by having in the region a sophisticated infrastructure for sustainable finance. Examples of such infrastructure include green bonds and ESG-focused investments. Again, in Europe, businesses have been forced to include ESG principles in their basic plans due to the culture of corporate responsibility and environmental awareness. The European ESG and sustainability consulting market can dominate across the world because of a confluence of cultural, market, and regulatory forces.
Competitive Landscape: Global ESG and Sustainability Consulting Market
PwC, Deloitte, Ernst & Young, KPMG, and other large consulting groups together with niche sustainability consulting players including BSR and ERM deliver most of the services concerning ESG, as well as sustainability. Sophistication or extent of solutions, technological advancement, and expertise in different fields of ESG are setting the competitive tone.
Major players in the global ESG and Sustainability Consulting market are:
- Deloitte
- PricewaterhouseCoopers (PwC)
- Ernst & Young (EY)
- KPMG
- Boston Consulting Group (BCG)
- McKinsey & Company
- AECOM
- Bain & Company
- LEK Consulting
- Other Major Players
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Recent Development
- In March 2023, ERM, the global pure-play sustainability consultancy, announced that it had acquired NINT. This Latin American-based firm operates from advisory services in ESG and sustainable finance to corporates, financial institutions, and other key participants within the financial sector ecosystem.
- In November 2022, McKinsey and Moody's teamed up to provide climate-risk solutions across financial institutions. According to Verdantix, this upward trajectory will sustain itself, impelled by the regulatory environment, high ESG risk, firm challenges, and the generally low maturity of sustainability strategies.
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