A market trend report predicts significant growth for products labeled as vegan in $709 billion ethical-label global market.
A recent market trend report conducted by Euromonitor found that out of 38 ethical labels, including “kosher,” “fair trade,” and “free-range,” products labeled “vegan” are the fastest growing in Western Europe and are set to increase by nearly 14 percent within the next four years. Similarly, products labeled with sustainable palm oil claims will grow by 10.2 percent, while chocolate manufacturers in the United Kingdom can expect an 8.7 percent spike in growth if they label their products vegan. Researchers aimed to advise companies of which labels make their products more desirable to consumers, and this data indicates a general shift toward “clean” labels that currently represent $165 billion of the $709 billion ethical label market. “Companies are responding to a demand from customers,” ethical label analyst Alan Rowan told media outlet FoodNavigator, and the number of vegan consumers are growing as evidenced by a recent survey that found 360 percent spike in the number of vegans living in the United Kingdom.