KUALA LUMPUR, May 26 (Bernama) -- Euromonitor International today launched the 'Ethical Labels' database in London, in response to the growing movement towards sustainability and transparency on labels.
In a statement today, the global market research company said halal and vegetarian labels were set to grow by compound annual growth rate of over five per cent between 2015 and 2020.
"This translates into additional sales of US$13 billion for halal labels and US$708 million for vegetarian labels," it said.
Euromonitor Head of Health and Wellness Ewa Hudson said the demand for halal meat was growing rapidly as it was an important feature of the Muslim community.
"The Muslim community is increasing steadily globally and is projected to reach about 26 per cent of the total world population by 2030.
"Halal products are set to reach US$58.3 billion in 2020 from the current US$45.3 billion, driven by ethnic and religious diversity," she said.
Meanwhile, the top three fastest growing vegetarian markets between 2015 and 2020 were China at 17.2 per cent, United Arab Emirates at 10.6 per cent, and Australia at 9.6 per cent.
"Vegetarian product labeling is a key category for the future as companies are expanding their consumer appeal by staying away from animal ingredients.
"The rising demand and trend for vegetarian and vegetarian proteins indicates where the market is moving right now," said Hudson.
In 2015, the global market for ethically labeled packaged foods, soft drinks and hot drinks, excluding private label, accounted for US$793.8 billion and was set to reach US$872.7 billion by 2020.
-- BERNAMA
In a statement today, the global market research company said halal and vegetarian labels were set to grow by compound annual growth rate of over five per cent between 2015 and 2020.
"This translates into additional sales of US$13 billion for halal labels and US$708 million for vegetarian labels," it said.
Euromonitor Head of Health and Wellness Ewa Hudson said the demand for halal meat was growing rapidly as it was an important feature of the Muslim community.
"The Muslim community is increasing steadily globally and is projected to reach about 26 per cent of the total world population by 2030.
"Halal products are set to reach US$58.3 billion in 2020 from the current US$45.3 billion, driven by ethnic and religious diversity," she said.
Meanwhile, the top three fastest growing vegetarian markets between 2015 and 2020 were China at 17.2 per cent, United Arab Emirates at 10.6 per cent, and Australia at 9.6 per cent.
"Vegetarian product labeling is a key category for the future as companies are expanding their consumer appeal by staying away from animal ingredients.
"The rising demand and trend for vegetarian and vegetarian proteins indicates where the market is moving right now," said Hudson.
In 2015, the global market for ethically labeled packaged foods, soft drinks and hot drinks, excluding private label, accounted for US$793.8 billion and was set to reach US$872.7 billion by 2020.
-- BERNAMA
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