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Halal, vegan drive Ethical Labels market with annual growth of 5% by 2020
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Friday, 27 May, 2016, 08 : 00 AM [IST]
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London, UK
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fiogf49gjkf0d Euromonitor International, a global market research company, has recently launched new Ethical Labels database, responding to the growing movement towards sustainability, social responsibility and transparency on labels.
According to new research, halal and vegan labels are set to grow by a compound annual growth rate of over 5 per cent annually between 2015 and 2020, translating into US$13.0 billion and 708 million additional sales, respectively.
Currently worth US$45.3 billion and set to reach US$58.3 billion in 2020, halal products are driven by ethnic and religious diversity. Ewa Hudson, head of health and wellness at Euromonitor International, stated,“Demand for halal meat, an important feature of the Muslim community, is growing rapidly. The Muslim community’s share in the global population has been increasing steady and is projected to reach about 26 per cent by 2030.”
The top three fastest growing vegan markets between 2015 and 2020 are China at 17.2 per cent, the United Arab Emirates at 10.6 per cent, and Australia at 9.6 per cent. Hudson commented,“Vegan product labelling is one of the key categories to watch in the future, as an increasing number of companies are expanding their consumer appeal by staying away from animal ingredients whenever possible. The rising demand and trend for vegetarian and vegan proteins indicates where the market is moving right now.”
The global market for ethically labelled packaged foods, soft drinks and hot drinks (excluding private label) accounted for US$793.8 billion in 2015 and is set to reach US$ 872.7 billion by 2020. According to Euromonitor’s new research:
- Behind USA and Japan, China has established itself as the third-ranking market for Ethical Labels
- USA is the largest Kosher market, 18 times the size of Israel
- UK emerges as run-away leader in animal welfare labels with US$30.1 billion in 2015
- In Latin America, the Rainforest Alliance label should deliver an impressive 143.8% value sales increase by 2020
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