Halal and vegan sales increasing to 2020
Euromonitor International has launched the Ethical Labels database, responding to the growing movement towards sustainability, social responsibility and transparency on labels.
According to the research, halal and vegan labels are set to grow by a compound annual growth rate of over 5% annually between 2015 and 2020, translating into $13 billion and $708 million additional sales respectively.
Currently worth $45.3 billion and set to reach $58.3 billion in 2020. Ewa Hudson, head of health and wellness at Euromonitor, says, “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% by 2030.”
The top three fastest growing vegan markets between 2015 and 2020 are China at 17.2%, UAE at 10.6% and Australia at 9.6%. Hudson adds, “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.”