In today's global marketplace, consumers are becoming increasingly conscious of the impact their purchasing decisions have on the world. As a result, the demand for fair trade products has been on the rise in developed countries. But just how prevalent are these products in the market?
Developed countries have historically been the main consumers of fair trade products due to higher consumer awareness, purchasing power, and demand for ethically sourced goods. In this article, we quickly scan through the growing market of fair trade products and unveil the percentage of these products sold in developed countries. We have tried to provide a snapshot of the current state of fair trade.
From coffee and chocolate to clothing and handicrafts, fair trade products span a wide range of industries. With ethical and sustainable practices at their core, these products not only benefit the producers but also resonate with socially conscious consumers. The below graph shows the progress made by promoting fair trade practices and food products. You may have noticed labels - Fairtrade and Fair Trade. Both Fairtrade and Fair Trade set social, economic and environmental standards that are higher than traditional products or goods. The former usually refers to food items, and later extends to other items including home decor.
Fair Trader's mission is to improve the conditions of trade for producers in developing nations. In 2018, the revenue generated from Fair trade products worldwide amounted to about 9.1 billion USD (source - Statista report).
There is so much potential in this segment; everyday purchases can make a huge difference for the environment and for other people. We hope that these figures continue to increase upwards and more & more Australian consumers become familiar with fair trade products that they can incorporate in their lives seamlessly.