Increasing Investment by Pharmaceutical Companies and Favorable Government Initiatives has Propelled the Growth of the ESG and Sustainability Consulting Market in India

The Environmental, Social, and Governance (ESG) considerations are increasingly being recognized as a crucial part of sustainable business practices worldwide. The corporate world, including India, is realizing the importance of ESG and sustainability and is increasingly integrating it into its business strategies. India, as one of the fastest-growing economies in the world, is no exception to this trend. Several factors, such as climate change, increasing CO2 emissions, rising regulatory guidelines, and initiatives by the Indian government toward promoting sustainability and ESG practices are surging the demand for ESG and sustainability in India.

Further, the India ESG and Sustainability Consulting Market is expected to grow at a strong CAGR of 7.5% during the forecast period (2022-2030). The pharma and biotechnology segment in India is a significant player in the country’s economy and has been growing rapidly in recent years. As a result, there has been a growing focus on ESG and sustainability practices within this industry. In terms of environmental sustainability, the pharma and biotechnology industry in India has been facing increasing pressure to reduce its carbon footprint and adopt more sustainable practices in the manufacturing process. This has led to a growing demand for ESG and sustainability consulting services that can help companies identify areas for improvement, implement sustainable practices, and monitor and report on their progress. Social sustainability is another important aspect of the pharma and biotechnology industry in India. In recent years, there has been a growing trend of strategic alliances between the pharma and biotechnology sectors in India, as they seek to drive innovation, create synergies and unlock value through collaborations. For instance, in 2021, Pfizer partnered with an Indian sustainability consulting firm called EnKing International to develop and implement sustainability strategies for their operations in India.

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Based on service type, the market is segmented into climate risk, adaptation, and resilience; sustainable finance and investing; materiality assessments; supply chain management and procurement; policy development and research; and other services. The climate risk, adaptation, and resilience segment held dominant share of the market in 2021. One of the main drivers is the increasing frequency and severity of extreme weather events in the country, such as floods, cyclones, and heatwaves. These events have highlighted the need for companies to build resilience and adapt to the changing climate.

By the industry sector, the market is segmented into energy and resources, financial services, healthcare, manufacturing, pharma & biotechnology, retail, food and beverage, agriculture, IT, and other industrial sectors. The manufacturing sector held dominant share of the market in 2021 as companies look to meet the growing demands of consumers, investors, and other stakeholders who are concerned about the impact of manufacturing on the environment and society.

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India ESG and Sustainability Consulting Market Segmentation

Market Insight, by Product Type

· Software

· Service

Market Insights, by Service Type

· Climate Risk, Adaptation and Resilience

· Sustainable Investing and Finance

· Materiality Assessments

· Supply Chain Management and Procurement

· Policy Development and Research

· Renewables

· Environment Commodities

· Energy Efficiency

· Other services

Market Insights, by Industry Sector

· Energy and Resources

· Financial Services

· Healthcare

· Manufacturing

· Pharma & Biotechnology

· Retail

· IT

· Food & Beverage

· Other Industrial Sector

Top Company Profiles

· Mc Kinsey

· Boston Consulting Group

· EY

· Deloitte

· KPMG

· Bain & Company

· LEK Consulting

· Strategy&

· Mercer

· DSS+