by Market Overview:
The Halal Products Market is estimated to be valued at US$ 879.6 Bn in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights. Halal products refer to those that are permissible according to Islamic law. These products are gaining significant traction due to the growing Muslim population worldwide and the increasing awareness about halal certifications. The market includes various food products, cosmetics, pharmaceuticals, and personal care items that comply with halal standards. With the rising disposable income and changing lifestyle preferences, consumers are willing to pay for halal certified products to ensure their adherence to religious and cultural beliefs.
Market Dynamics:
The Halal Products Market is driven by two key factors: the increasing demand for halal certified food and the growing popularity of halal cosmetics. The Muslim population, which is estimated to account for more than a quarter of the global population, is driving the demand for halal food products. Additionally, the rising awareness and concern about the ingredients used in cosmetics and personal care products have fueled the demand for halal cosmetics among Muslim consumers. The market is witnessing the entry of various multinational companies, such as Nestlé, Cargill, and L’Oréal, who are actively investing in halal products to cater to the growing demand. These factors are expected to propel the growth of the Halal Products Market over the forecast period.
Market Key Trends:
The key trend in the halal products market is the growing demand for halal-certified cosmetics and personal care products. The Muslim population, along with the increasing awareness among non-Muslim consumers about the benefits of halal products, is driving the demand for halal cosmetics and personal care products. Halal certification ensures that the products are free from any ingredients or processes that are forbidden in Islam, such as alcohol or pork derivatives. This certification gives consumers confidence in the authenticity and quality of the products they are purchasing, leading to the increased popularity of halal cosmetics and personal care products in the market.
SWOT Analysis:
Strength: Halal Products Market benefits from a large and growing Muslim population worldwide, which is the primary target consumer base for halal products. Additionally, the increasing awareness among non-Muslim consumers about the benefits of halal products is expanding the market further.
Weakness: The lack of a standardized halal certification process and varying regulations across different regions can lead to confusion and inconsistency in the market. This can affect consumer trust and hinder market growth.
Opportunity: The rapid growth of e-commerce platforms provides an opportunity for halal product manufacturers to reach a wider consumer base, including those residing in remote areas where access to halal products might be limited.
Threats: The competition faced by halal product manufacturers from non-halal products, which are often cheaper and more readily available, poses a threat to the market. Moreover, the emergence of counterfeit halal products in the market can damage the reputation of genuine halal products.
Key Takeaways:
The global halal products market is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period (2023-2030). This growth can be attributed to the increasing Muslim population, the rising awareness among non-Muslim consumers, and the expanding range of halal-certified products in industries such as food, cosmetics, and personal care.
In terms of regional analysis, the Asia Pacific region is anticipated to be the fastest-growing and dominating region in the halal products market. This can be attributed to the large Muslim population in countries like Indonesia and Malaysia, along with a growing trend of using halal products among non-Muslim consumers.
Key players operating in the halal products market include Nestle S.A., Cargill, The Coca Cola Company, Kellogg’s Company, Krafts Food Group Inc., Unilever Plc, GlaxoSmithKline Plc, Al Islami Foods, and L’Oreal S.A. These key players have a strong market presence and actively contribute to market growth by launching new halal-certified products and expanding their distribution networks.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
