The Economic Dimension of Sustainability: Assessing the Impact of Sustainability Standards on Small‐Scale Banana Farmers in Colombia

Sustainability standards (SS) have emerged in response to changes in sustainable consumer behavior, affecting the production and distribution of agri‐food products. This study assesses how SS influence the economic dimension of sustainability among small‐scale banana farmers in Colombia. Drawing on a comprehensive survey of 99 small banana farmers associated with six cooperatives, the study employs Structural Equation Modeling (PLS‐SEM) to examine how SS criteria contribute to the economic dimension of sustainability, using banana agribusinesses in Magdalena (Colombia) as a case study. The findings reveal a strong and statistically significant correlation between SS criteria and the economic dimension of sustainability. Specifically, Market conditions were identified as the most influential factor shaping sustainability in this context. Meanwhile, Business partnerships exert moderate effects, whereas Local development shows no appreciable impact. SS have the potential to enhance market and financial access, and economic sustainability for small‐scale farmers; however, its success depends on targeted interventions and robust partnerships within agri‐food value chains. These findings provide policy recommendations for developing strategies to improve the sustainability performance of small‐scale producers and promote their sustainable growth. Future research should adopt longitudinal approaches and explore the interconnected economic and environmental dimensions of sustainability to gain a more comprehensive understanding of SS impacts on agriculture.