Ethical Label Market Trends

Growth Drivers

Increasing Preference for Health and Values amongst Consumers

Over the last decade, consumer interest and awareness of sustainable consumption (SC) have grown strongly all over the world which is driving the demand for ethically correct labelling in the market. In a complementary way, environmental concerns of consumers represent an important part of consumer ethics. People now are more concerned about what they consume and how that effects the environment. Owing to the increasing concern for health there is a general preference for organic products over chemical products and these are few major factors that ascribe to the growth of market in future.

Increasing Awareness for Veganism

Consumption of meat is considered as one of the greatest factors contributing to global warming. Several tests and analysis conducted in this direction show that consumers are informed of the impact of meat consumption on the planet, which may give a push to the global ethical label market. Though the people who have actually changed their meat intake for ecological concerns are a small minority, but in the upcoming years, the number will experience a significant rise as more and more people are inclining towards veganism owing to its health benefits. Such a factor is anticipated to fuel the growth of market.

Challenges

Supply Chain of raw Materials and Products Affected Due to COVID Pandemic

The entire world is suffering through the COVID pandemic, which has also impacted the raw materials supply, and hence can impact the market. The supply chain of raw materials and products has been severely affected due to the logistics challenges faced by the vendors, which may restrain the growth of the market. Almost the whole of the world has imposed strict regulations regarding inter-state and intra-state movements. Also, stringent isolation rules worldwide have resulted in the short supply of raw materials and workforce. This can slow down the growth rate of market.