What are industry averages?
Industry averages are a benchmarking tool that allow you to compare the sustainability of your product against the average for the food industry as a whole, or the specific sales category of your product.
With the world’s largest database on product sustainability, HowGood has conducted research on 2.2 million products spanning 33,000 ingredients to create industry averages across 64 food and beverage sales categories. Our ingredient-level analysis measures a product’s sustainability performance across eight core sustainability metrics, and provides a consolidated overall impact score.
By comparing your product’s impact score against the industry or sales category average, you can set goals for improving your product or brand’s impact.
Where to find sales category averages?
Formula Profile Page
View your product’s HowGood Impact Score in comparison to the average score for the food industry as a whole, or your product’s specific sales category.
See how your overall portfolio is performing compared to the industry average. On the Portfolio Page in Analytics, you can compare your workspaces to the food industry or sales category average. In addition to benchmarking against the overall HowGood Impact Score, you can also see how your workspaces stack up for an individual sustainability metric.
How to set goals
You can use industry averages to set goals at the Product or Workspace level.
Sales category averages provide product developers insight into how their products are performing against similar products in the market. This insight can be used to identify products that need to be improved and refine existing targets around sustainability.
Examples of Product goals include:
All new product formulations must achieve a HowGood Impact Score that meets or exceeds its sales category average score.
All existing product formulations must have HowGood Impact scores that match or exceed the sales category average by a certain date.
Whether your workspace represents a brand, category, or product line, it’s useful to understand sustainability beyond an individual product to how a portfolio of products is performing. Uncovering how various workspaces are performing against sales category averages may help to identify patterns. You can also zoom in on specific sustainability metrics to derive insights that better reflect your existing targets and priorities. These insights can then be used to set new or vet existing goals.
Examples of Workspace goals include:
Improve the impact score of the lowest performing Workspaces to match or exceed the sales category average score.
Match the sales category average for GHG emissions for all Workspace(s).
Goal-setting at the portfolio, workspace and product level will be available soon - contact your Customer Success Manager if you're interested in early access!