Australia ranks 3rd in world's fastest-growing vegan markets
Demographic factors and increasing consumer focus on sustainability, social responsibility and transparency on labels will see Halal and vegan labels worldwide grow by over 5% annually between 2015 and 2020.
Research conducted by Euromonitor International estimates the market for halal products will reach US$58.3 billion in 2020, driven by ethnic and religious diversity.
“The Muslim community’s share in the global population has been increasing steadily and is projected to reach about 26% by 2030,” Euromonitor International Head of Health and Wellness Ewa Hudson said.
Hudson named vegan product labelling as another key category to watch, with Australia projected to be the third-fastest-growing vegan market between 2015 and 2020, with 9.6% growth, behind China (17.2%) and United Arab Emirates (10.6%).
The overall 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 research:
- Behind the 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 runaway 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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