In this era of globalization, the end-to-end integrity of halal products has become a matter of concern for consumers across the world, states a recent report by Transparency Market Research (TMR). The exceedingly complex structure of supply chains has compelled companies operating in this market to demonstrate a level of commitment to have an edge over their competitors.
Nestlé S.A. has emerged as the leading provider of halal food products across the world while Unilever has acquired the dominant position in the cosmetic and personal care segment. Reckitt Benckiser Group Plc, Kraft Foods, and L'Oreal S.A. are some of the other leading players in this market, states the research report. According to TMR, the overall opportunity in the global halal products market was worth US$2.7 trillion in 2015. Progressing at an exponential CAGR of 16.20% during the period from 2016 to 2024, the market is likely to rise to US$10.5 trillion by the end of the period of the forecast.
Demand for Halal Processed Food and Beverages to Remain High
The report considers processed food and beverages, primary meat, pharmaceutical products, and cosmetics and personal care products as the main product segments in the global halal products market. Among these, the demand for halal processed food and beverages is much higher than other products. Researchers expect the scenario to continue like this over the next few years. The primary meat, pharmaceuticals, and the personal care products segments are also projected to report a rise in the coming years.
Geographically, the report bifurcates the worldwide market for halal products into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. With a share of 80%, Asia Pacific and the Middle East and Africa acquired the leading position in this market in 2015. Thanks to a large base of Muslim population and the presence of a massive pool of certified producers, these regional markets are likely to maintain their dominance throughout the forecast period, reports the research study.
Rise in Muslim Population to Boost Demand
As per a TMR analyst, “the global market for halal products has been expanding at a remarkable pace and is anticipated to continue displaying exponential growth over the forthcoming years as well.” The significant rise in the population of the people conforming to the Islamic faith, coupled with a considerable rise in their disposable incomes, especially in Arab countries, is anticipated to fuel the demand for halal products substantially in the near future, reflecting greatly on the global market.
On the other hand, the absence of a uniform halal standard, worldwide, and the dearth of transparency regarding the usage of ingredients in pharmaceutical and personal care products may hamper the progress of this market in the years to come, states the report.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Halal Products Market (Product Type - Primary Meat, Processed Food and Beverages, Pharmaceuticals, and Cosmetics and Personal Care Products) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global halal products market is segmented as follows:
By Product Type
- Primary Meat
- Processed Food & Beverages
- Cosmetics & Personal Care
- Others Halal Products
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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