Proceedings of the 8th International Conference on Modern Approaches in Humanities and Social Sciences
Year: 2024
DOI:
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Market Preparedness for Policy Interventions towards Domestic Sustainable Markets: A Study on Thai Rice Supply Chain
Gideon Balasingam, Rebecca Anns, Shobana S, Deepthi Krishnan
ABSTRACT:
Climate change is a critical global issue, impacting environments, economies, and societies. The Brundtland Report 1987, Our Common Future, introduced sustainable development, defined as meeting current needs without compromising future generations. This concept necessitates transformation in various sectors, including business, where sustainability must become a core principle. Integrating sustainability into market strategies allows businesses to attract environmentally conscious consumers, differentiate in a competitive market, and contribute to a sustainable future. For sustainable markets to thrive, they require sustainable production practices, market strategies, policies, and consumer habits. Studies indicate increasing global consumer awareness of sustainability, driving markets to cater to these needs and shift toward sustainability marketing. This paper examines the Thai rice supply chain using Fairtrade as a voluntary sustainability standard, exploring consumer awareness of sustainable sourcing and factors influencing sustainable market practices. It also assesses market readiness for sustainable products and policy measures needed to strengthen the domestic sustainable market ecosystem in the Global South. The paper is based on the study conducted in Thailand by engaging university students by Fairtrade International using both desk and field research methods. The study is indicative of the market readiness for sustainable products. It also recommends the government take ownership of sustainable market, by ensuring that government policies are synonymous with established sustainable standards.
keywords: fairtrade, government, stakeholders, thai rice, voluntary sustainability standards