Global Halal Products Market: Snapshot
The global halal products market has expanded at a promising pace in the past few years and is expected to embark upon a path of exponential growth in the next few years as well. Rising global population of the Muslim community and rising disposable incomes across some of the world’s prominent Islamic countries are expected to be the key drivers of the market. However, the market is expected to bear the brunt of the lack of transparency with respect to the use of ingredients for the pharmaceutical and personal care products and the absence of a globally uniform halal standard.
Transparency Market Research estimates that the global halal products market, which was valued at US$2.70 trillion in 2015, will rise to US$10.51 trillion by 2024, exhibiting a CAGR of 16.2% from 2016 to 2024.
Food and Beverages Industry to Constitute Bulk of Sales
Primarily, food and beverages are considered to be the key varieties of halal products. However, pharmaceutical, personal care products, and other products such as nutraceuticals, bakery, and food supplements also account for significant share of the halal products market. For this study, the halal products market has been examined for product types such as primary meat, processed food and beverages, pharmaceuticals, and cosmetics and personal care.
Of these, the segments of primary meat and processed food and beverages cumulatively accounted for nearly 50% of the market demand in 2015. The segment of processed food and beverages accounted for the dominant share in the global halal products market in 2015. Owing to the rising global demand for processed food, the halal processed food and beverages segment is expected to maintain its steady growth rate during the forecast period as well.
Despite the high growth rate of the processed food and beverages segment, independent halal butchers have an upper hand against their retail counterparts when it comes to customer services and customer trust in the absence of proliferation of modern retail outlets. Owing to this, the primary meat segment is also projected to witness exponential growth, especially in developing and under-developed economies in the next few years.
Thanks to Large Population of Muslims, Halal Products Market in Asia Pacific to Retain Dominance
From a geographic perspective, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Owing to the presence of a large number of certified manufacturers and large Muslim population, the halal products market in Asia Pacific is projected to have a significant positive impact on the overall development of the global halal products market in the near future. From a country-wise outlook, Brazil, the U.S., and India are some of the most significant exporters of halal products.
The market for halal products in Asia Pacific and Middle East and Africa regions cumulatively accounted for more than 80% of the global market in 2015. Asia Pacific constitutes of four of the top ten countries with the highest Muslim population, namely Indonesia, India, Pakistan and Bangladesh. Asia Pacific alone accounted for 47.74% of the global halal products market in 2015 and is also expected to witness the expansion of the halal products market at the most significant pace over the period between 2016 and 2024.
The halal products market is also expected to witness strong growth in Europe during the forecast period, primarily driven by the growing Muslim population the Western European nations such as Germany, France and U.K. The halal market demand is also anticipated to be augmented by the large Muslim population in Russia and CIS countries.
The key players operating in the halal products market can be distinguished by the end use industry they are catering to. The leading player in the halal products market for the food and beverage segment is Nestle S.A. For halal products for cosmetic and personal care application Unilever is the major player, besides several other notable players. Reckitt Benckiser Group plc is the major player catering halal products to the chemical and materials industry.
Global Halal Products Market: Overview
As indicated by the Halal Food Authority, a non-benefit association which regulates halal meat and products, animals are not to be killed by stunning. This method is permitted only if the creature manages to stay alive after the primary cut and is executed by halal process post the same. A number of food suppliers offer halal food and related products, for instance, halal foie gras, spring rolls, ravioli, pizza, lasagna along with baby food. Stunned food products may contain side-effects or other such body parts which are not permitted to Muslims to consume or utilize. Until recently, halal products were prepared solely for Muslims. However, now halal food is expended over the globe by all kinds of ethnicities and religions as halal products are known for their safety, morality and hygiene.
On a primary basis, food and beverages are considered to be the foremost varieties of halal products. However, personal care products, pharmaceuticals, nutraceuticals, food supplements and bakery items, also account for a significant share of the halal products market.
The report offers in-depth evaluation of the global halal products market, taking into account its growth factors, restraints, and potential business prospects.
Global Halal Products Market: Trends and Opportunities
It is evaluated that 26.4% of the worldwide populace is relied upon to be Muslims by 2030 when contrasted with 19.9% of every 1990. The development rate is considerably speedier contrasted with different religions. What's more, rising obtaining energy of the Islamic nations because of the fast development in their economy, particularly in Middle East and South East Asia is a noteworthy contributing variable to the development of this market. Further, utilization of halal items among the non-Muslim populace is likewise on the ascent.
Change of the retail area is another main consideration which is the as of now driving the interest for halal items market over the globe. This was conceivable post change in the halal confirmation measures and the retail outlets offering halal guaranteed items. Further, high level of globalization and multilateral exchange assentions has supported the exchange stream of halal items. This factor would guarantee the smooth stream of halal items in the market.
Global Halal Products Market: Geographical Analysis
Attributable to the nearness of an extensive number of guaranteed makers and expansive Muslim populace, the halal items market in Asia Pacific is anticipated to have a critical positive effect on the general improvement of the worldwide halal items market sooner rather than later. From a nation insightful standpoint, Brazil, the U.S., and India are the absolute most critical exporters of halal items.
The market for halal items in Asia Pacific and Middle East and Africa districts in total represented over 80% of the worldwide market in 2015.
The halal items market is additionally anticipated that would witness solid development in Europe amid the gauge time frame, fundamentally determined by the developing Muslim populace the Western European countries, for example, Germany, France and U.K. The halal market request is likewise expected to be increased by the vast Muslim populace in Russia and CIS nations.
Global Halal Products Market: Companies Mentioned
The leading participants of the halal products market are discerned by the end use industry they cater to. The leading players of the halal meat market for the food and beverage segment is Nestle S.A. For cosmetic and personal care segments, Unilever is the leading vendor, among several other significant market participants. Reckitt Benckiser Group plc is the key player catering halal products to the chemical and materials industry.
Global Halal Products Market by Product
- Primary Meat
- Processed Food and Beverages
- Cosmetics and Personal Care
Global Halal Products Market by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Rest of MEA
- Latin America
- Rest of Latin America
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments