The global halal products market is extremely diverse comprising products of different varieties in the fields of pharmaceuticals, food and beverages, and personal care, states Transparency Market Research (TMR) in a new report. Halal food and beverages products account approximately 50% of the overall global halal products market and moreover, halal food companies hold a dominant share in the global food market’s revenue. One of the prime concerns of consumers is the end-to-end integrity of halal s globalization is gaining pace with the nature of supply chain getting more complex. In this kind of scenario, players which have the capacity of demonstrating high commitment levels have a competitive edge over other companies who consider halal just add-on to the present product range. Some of the notable companies in the global halal products market are Nestle S.A., Kellogg’s, Dumex, Kraft, and Coca-Cola.
According to a TMR analyst, “The global halal products markets is anticipated to exhibit an outstanding 16.2% CAGR between 2016 and 2024. The market was worth US$2.70 trillion in 2015 and is likely to rise to a valuation of 10.51 trillion by the end of 2024.
Processed Food and Beverages to be Most Famous among all Halal Products
Processed food and beverages is anticipate to be the most attractive product type in the global halal products market. With the retail network across the globe strengthening, the demand for processed food and beverages is also expected to grow rapidly over the coming years. Furthermore, processed food and beverages come with halal certification logo which builds high confidence among the Muslim consumers. The growing Muslim population across the globe along with their changing food habits are factors that are expected to trigger the demand for halal processed food and beverages. In spite of the high demand for processed food and beverages worldwide, independent halal butchers still have an upper hand over their retail counterparts in terms of customer trust and services in the presence of burgeoning modern retail outlets.
Region-wise, Asia Pacific is expected to witness a CAGR of 17.2% during the forecast period and thus lead the market until 2024. Asia Pacific along with the Middle East and Africa accounted for over 80% of the global halal products market in terms of consumption in 2015. The countries with the highest Muslim population namely Indonesia, India, Pakistan, and Bangladesh contributed significantly to the revenue of the Asia Pacific Halal Products Market. Europe is also expected to witness a high demand for halal products owing to the growing Muslim population in Western European countries such as the U.K., France, and Germany.
Popularity of Halal Tourism to Contribute to Market Growth
Previously, halal tourism was restricted to Umrah and Hajj pilgrimage. However, halal tourism is expanding at a broader level. The new concept of halal tourism is gaining popularity rapidly. The concept of halal tourism is being adopted by the hospitality sector in many countries, thus providing hospitality to the tourists according to the Islamic protocol and laws. The countries that are supporting halal tourism are China, Indonesia, Malaysia, and Saudi Arabia. Furthermore, outbound expenditure by Muslim tourists is also rising, thus benefiting the halal products market in return.
However, the growth of the global market for halal products is likely to be inhibited by the dearth of uniform global halal standards. As Islamic regulatory bodies are different in every country, thus their definition of halal varies accordingly. These type of contradictory standards are likely to hinder the consumption of halal in many regions.
This review is based on a Transparency Market Research report titled, “Halal Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global halal products market can be segmented as follows;-
- Global Halal Products Market, by Product Type
- Primary Meat
- Processed Food and Beverages
- Personal Care
- Other Halal Products
- Global Halal Products Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Rest of Middle East and Africa
- Latin America
- Rest of North America
- North America
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