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| halal products market |
The halal products market is anticipated to witness high growth owing to the
increasing Muslim population globally. Halal products refer to goods and
services that meet the Islamic dietary guidelines and lifestyle. This includes
foods, beverages, personal care items, pharmaceuticals, food ingredients,
industrial chemicals, and additives. The demand for halal products is rising as
Muslims are increasingly following religious guidelines related to consumption
of permitted foods and ingredients.
The Global
Halal Products Market Size is estimated to be valued at US$ 2843.03 Billion in 2024 and is
expected to exhibit a CAGR of 10% over
the forecast period 2024 to 2031.
The need for halal certified products has been
increasing among Muslim consumers who want to adhere to Sharia law. Key
industries like food & beverage, cosmetics & personal care,
pharmaceuticals are looking to cater to this demand through their product
offerings.
Key Takeaways
Key players operating in the halal products market are Stryker, KARL STORZ,
Carl Zeiss Meditec, Leica Microsystems, Olympus Corporation, PerkinElmer, and
LI-COR. These players are focusing on new product launches, partnerships, and
geographical expansions to strengthen their presence in the market.
Key opportunities in the market include growing online demand for halal
certified products from e-commerce platforms and emerging opportunities in the
halal pharmaceutical and cosmetics industries as regulations become more
stringent regarding ingredients. The halal tourism and hospitality industries
also present new avenues for growth.
Globally, there has been increased focus on halal products from countries in
Asia Pacific, Middle East, and North Africa regions due to their large Muslim
populations. However, markets in Western countries like UK, France, Germany and
USA are also emerging due to growing Muslim minority populations and awareness
regarding halal lifestyles. Manufacturers are expanding their portfolios across
regions to tap into new consumer bases.
Market Drivers
Rising disposable incomes in Asian and Middle-Eastern countries have increased
expenditure capabilities on foods that adhere to religious guidelines. This is
a key driver behind rising halal food product purchases globally.
Strict monitoring of halal standards and regulations by certification bodies
and organizations also ensures consumer confidence in the authenticity of
products bearing the halal logo, thus driving increased market adoption.
Market Restrains
Lack of a global harmonization of halal certification standards leads to
variations across regions, making it difficult for multinational companies to
navigate different requirements. This poses a restrain to the market.
Rising raw material and production costs associated with maintaining the
integrity of halal food supply chains put pressures on margins for
manufacturers. This has led to higher product pricing in some cases, limiting
market reach.
Segment Analysis
The halal cosmetics segment dominates the halal products market currently. This
is because Muslims are more aware about their religion and faith compatibility
of halal products. The halal cosmetics ensure utilization of ingredients
allowed under Islamic law. The certifications and halal labeling help customers
in identifying authenticated halal cosmetics easily.
The halal food segment is the second largest in the halal products market. Wide
variety of halal processed food and meat products are available for customers. The
major sub-segments are halal meat, ingredients, grains and cereals. Halal meat
has high demand owing to growing Muslim population and religious beliefs. Halal
certified ingredients and grains are utilized in various food processing
industries to produce products acceptable for Islamic consumers.
Regional Analysis
The Middle East and Africa region dominates the global halal products market
currently. This region has high population of Muslims and strong religious
adherence. Many countries in the Middle East have majority Muslim population
and act as production and export hubs of halal certified products.
The Asia Pacific region is forecasted to witness fastest growth during the
forecast period in the halal products market. This is due to large Muslim population
countries such as Indonesia, India and Pakistan. Growing awareness,
urbanization and economic development in Asia is positively impacting the
demand for halal verified products. Rising halal food consumption and halal
cosmetics industry expansion support the market growth in Asia Pacific region.
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