Australia ranks 3rd in world's fastest-growing vegan markets

Wednesday, 25 May, 2016

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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