Global Halal Ingredients Market: Overview
It is any ingredient which is permissible to use according to the Islamic law. It can be designated to food as well as beverages and other matters of daily life. The common ingredient of halal ingredient are vegetable, plants, fish, halal animal’s meat when the animal is slaughtered according to sharia rules, and chemical origin without alcohol. Halal ingredients are being used in beauty products as there is a large demand in cosmetic products that are made up of halal ingredients. Products like lipsticks, creams and soaps are checked by scientists to make sure that these products contain halal ingredients. People around the globe even non-Muslims prefer having food and beverages which are halal ingredients certified as they are safe and healthy. Law that is first of its kind which states food should be labelled halal or not since 20_17, toiletries in 2018 and medicines 2019.
Global Halal Ingredient Market: Market Dynamics
The growth of global halal ingredients market is driven by food and beverage and cosmetic industry. There has been a major rise in the consumption of products with halal ingredients in the markets since people around the globe are becoming conscience about healthy and safe products. There has been a major shift in the supply and demand of halal ingredient products. Since Muslim consumers are becoming a fastest growing outlet to build a future growth hence several companies around the world offer halal processed foods products, beverages and cosmetic and pharmaceutical products. Modern consumers are eco-ethical conscious and are willing to pay premium price for natural, organic and earthly products. The minor setback of having halal ingredients in products would be the high cost of production. And may have issues with the quality standards.
Global Halal Ingredients Market: Market Segmentation
On the basis of end users, global halal ingredients market can be segmented into:
Global halal market: Segment overview
In near future food and beverage industry will be a key market force in halal ingredients market. Cosmetic and pharmaceuticals industry follows food & beverage industry in market growth.
Global Halal Ingredient Market: Regional overview
Based on the geographies, the global halal ingredients market is framed into seven key regions- North America, Latin America, Western Europe, Asia-pacific except japan, Japan, and the Middle East & Africa. Among the regions mentioned above, Market has grown strongly in past few decades the two strongest market for halal products are Asia pacific and Middle East. The largest population of Muslims are located in south Asia and pacific regions in countries like Indonesia, Pakistan, India and Bangladesh as a result the halal ingredients certifications are growing in these regions. In North America and Latin America the size of Muslim community is still growing and will create greater opportunities in the market of halal ingredients. There is a rapid rise in the annual sales of halal ingredients in Western Europe. Halal ingredients market place is rising as one of the most profitable market arenas in the world and with the expected increase in population and income of the consumers, the halal ingredient market is expected to grow for the forecasted year and the future for the halal ingredient market is expected to be strong.
Global halal ingredient market players
Some of the market players identified in the global halal ingredient market includes: