Forecast to grow at rates of 17.2%, 10.6% and 9.6% respectively over the period, the three countries have become leaders in what the business intelligence analyst classes as a must-watch segment.
“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,” said Ewa Hudson, Euromonitor’s head of health and wellness.
“The rising demand and trend for vegetarian and vegan proteins indicates where the market is moving right now.”
According to analysis by Euromonitor, vegan and halal foods—components of the ethical labels category—are set to grow by a compound annual growth rate of over 5% annually between 2015 and 2020, translating to US$13.0bn and US$708m respectively in additional sales.
“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,” said Hudson.
The global market for ethically labelled packaged foods, soft drinks and hot drinks (excluding private label) accounted for US$793.8bn in 2015 and is set to reach US$872.7bn by 2020, according to Euromonitor.
The report also found that China has established itself as the third-ranking overall market for ethical labels, behind America and Japan.
America is the world’s biggest kosher market, with a size 18 times bigger than that of Israel. And Britain has emerged as the run-away leader in animal welfare labels, with a market estimated to be worth US$30.1bn last year.