Halal Product Market Estimated to Record Highest CAGR by 2025
The recent past has witnessed a rampant rise in demand for halal-certified products. This is mainly attributed to rampant growth in demand from end-use industries such as meat, beverages, and processed food. The halal products market is also diversifying from food segment to healthcare, pharmaceutical, toiletries, and other personal care products.
The growth of Muslim population is the major driving factor of this market. Moreover, the rising development in the East and South East Asian countries has led to the increase in purchasing power among the population, further, augmenting the growth of Halal products market. The improvement in the supply chain in the retail sector is adding to the demand for Halal food products thereby adding to the growth of the halal products. Further, multilateral trade agreements and rise in consumption of halal products by other communities has boosted the flow of halal products in the global market.. However, the major restraint of halal products is the absence of standards of halal products globally and the companies operating in this field are required to seek certification from each country separately.
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Halal Product Market Taxonomy:
On the basis of product type, the Halal Product Market can be classified as:Processed food and beverages, Halal meat products, Halal convenience food, Halal dairy products, Halal sauces, seasoning and condiments, Others, Pharmaceuticals, Cosmetics and personal care, Skin Care Products,Color Cosmetics Products,Hair Care Products, Fragrances Products, Others
On the basis of distribution channel, the Halal products market can be classified as: Supermarket, Hypermarket, Convenience Store, Retail Store, Specialty Store, Online store.
Pharmaceuticals and Cosmetics are the new addition to the Halal Products market along with health supplements. For instance, L’Oreal has obtained halal certification for its ingredients to cater the demands. Moreover, the online platform has seen major growth due to increased smart phone penetration in the emerging countries.
Halal Products Market outlook:
Asia pacific market is expected to show significant growth during the forecast period owing to the rise in the Muslim population. Moreover, the growth of retail sector in countries like India, China, Malaysia, and Indonesia are further increasing the growth of Halal products in Asia pacific.
The halal products market in Europe has a steady growth owing to the less Muslim population in the region. However, Halal product market is rising due to increase in number of manufacturers in the region and non- Muslim consumers getting attracted due to the products safety and hygiene.
The Middle East and Africa are expected to have substantial market growth in the forecast year owing to the increase of Muslim population in the region. Moreover, the rise of development in the countries and the disposable income has been a major driving factor for the growth of Halal product market. In addition, the increasing number of the certified Halal product producers has substantially augmented the demand in the area.
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Key Players in the Global Halal Products Market
The major players are adopting various organic and inorganic growth strategies. For instance, in 2014, Warees Halal, a division of MUIS’ subsidiary Warees Investments Pte Ltd, has been given the task of helping companies to attain certification and carries out audits for MUIS. The major players in the Halal product market include Nestle S.A., The Coca Cola Company, Kellogg’s Company, Krafts Food Group Inc., Unilever Plc, GlaxoSmithKline Plc, and L’Oreal S.A.
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