The global halal products market is extremely diversified owing to varieties of products available in different industries, states Transparency Market Research (TMR) in a research report. The leading food companies operating in the halal products accounted for approximately 50% of the overall revenue of the global halal products market. The top players operating in this market in the segment of food and beverages is Nestle S.A. and in the personal care and cosmetic segment is Unilever. The leading player catering to the needs in the halal product category in the chemical and materials industry is the Reckitt Benckiser Group Plc.
Endwise halal integrity is turning out to be a profound concern for customers with the growing multifaceted nature of the supply chains and the comparatively high pace of globalization. In this kind of complex scenario, vendors who are capable of representing an exponentially high level of obligation in this field always tend to have an upper edge over companies who tend to consider halal just as another add-on to their existing range of merchandises.
According to a TMR analyst, “The global market for halal products is expected to exhibit a 16.2% CAGR between 2016 and 2024. The market is expected to rise to US$10.51 tn by the end of 2024 from a valuation of US$2.70 tn in 2015.”
Maximum Revenue to Come from Food and Beverages Industry
Chiefly, food and beverages are deliberated as the main halal products varieties. However, other different products such as food supplements, bakery, nutraceuticals, personal care products, and pharmaceuticals are also other significant areas where halal products are prominent. Out of all these segments, processes food and beverages and primary meat collectively held a share of 50% in the global halal products market in 2015 in terms of demand. However, the food and beverages segment held the dominant share in the market in 2015 owing to the growing demand for processed food products across the globe. As a result of this, the segment of halal processed beverages and food is anticipated to grow at a steady pace in the coming years.
Notwithstanding the high progress rate of the segment of processed food and beverages, autonomous halal butchers have a superior hand in contradiction of their retail equivalents when it comes to client services and buyer trust in the nonappearance of proliferation of recent retail outlets. Region-wise, in the global halal products market, Asia Pacific held for over 47.0% in 2015 and is also anticipated to be the region displaying the most noteworthy growth rate in the coming years.
Growing Global Population of Muslims to be Key Growth Factor for Market
Being the key consumer of halal products, the growing population of the Muslim community worldwide is one of the most protuberant driving factors for the growth of the global market for halal products. Researches project that by the end of 2030, closely 26% of the total global population is expected to be of Muslims, which is a substantial leap from the 19.9% they accounted in 1990. Furthermore, the increasing disposable income of Islamic nations, chiefly due to the swift progress of the Islamic economies in South East Asia and the Middle East is also anticipated to fund in the market growth in the coming years. Additionally, the intake of halal merchandises by other communities is also rising, which is likely to further propel the demand for halal products across the globe. However, the dearth of a universal uniform standard might hinder the progress of the global halal market.
This review of the market is based on a recent market research report published by Transparency Market Research, titled, “Halal Products Market (Product Type - Primary Meat, Processed Food & Beverages, Pharmaceuticals, and Cosmetics and Personal Care Products) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, the global halal products market is segmented as follows:
Global Halal Products Market, by Product Type
- Primary Meat
- Processed Food & Beverages
- Cosmetics & Personal Care
- Others Halal Products
Global Halal Products Market, by Geography
- 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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