Euromonitor research shows that halal and vegan labels are set to grow over five per cent annually from 2015 to 2020—translating to US$13 billion and 708 million additional sales.
Halal products currently bring in US$45.3 billion and are set to reach US$58.3 billion in 2020. Ewa Hudson, head of health and wellness at Euromonitor International states, “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.” In response to the growing vegan market, Hudson says, “Vegan product labeling 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 labeled packages foods, soft drinks and hot drinks (excluding private label) accounted for US$793.8 billion in 2015 and is estimated to reach $US872.7 billion by 2020.
For more information, visit: http://blog.euromonitor.com/category/ethical-labels
