July 19, 2024
Halal Products Market

The Rising Global Muslim Population Is Anticipated To Open Up The New Avenue For Halal Products Market

Market Overview:

Halal products mainly include food items, personal care products, clothing and ingredients that comply with Islamic dietary and lifestyle guidelines. Key halal food items are meat and poultry, desserts, ready-to-eat meals and snacks. Personal care items include cosmetics, skincare and haircare products without any alcohol content. The market is driven by increasing awareness among Muslims regarding religious dietary requirements and preferences.

The global Halal Products Market is estimated to be valued at US$ 2,467.9 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The global halal products market is witnessing significant growth driven by increasing Muslim population worldwide and rising disposable income in Muslim majority countries. According to Pew Research Center, the global Muslim population stood at 1.8 billion in 2015 and is projected to reach 2.76 billion by 2050. Countries with the largest Muslim populations include Indonesia, India, Pakistan, Bangladesh, and Nigeria. This growing population base presents lucrative opportunities for halal product manufacturers. Furthermore, rapid urbanization in developing countries is fueling the demand for packaged and processed food which is boosting the halal food & beverage industry. Rising health consciousness among consumers is also driving the adoption of halal certified personal care and cosmetics products. However, the lack of unified global standards for halal certification remains a market challenge.

Segment Analysis

The halal products market can be segmented based on product type, end-use application, and region. The product type segment is further divided into halal food & beverages, halal pharmaceuticals and cosmetics, halal vaccines and others. Out of these, the halal food & beverages is the dominating sub-segment accounting for over 60% share of the total market. This is mainly because of the growing Muslim population worldwide and their religious obligations to consume only halal certified foods.

PEST Analysis

Political: Many countries have implemented guidelines and regulatory standards for halal certification and inspection which has boosted the market growth. Economic: Rising disposable income among Muslim majority countries have increased their spending on permissible halal products. Social: Strong adherence to Islamic dietary laws is driving the demand for halal certified foods especially among the global Muslim population. Technological: Advancements in food processing, packaging and testing have made ensuring halal compliance simpler for manufacturers.

Key Takeaways

The global Halal Products Market Share is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing urbanization and awareness about halal-certified products among Muslims worldwide.

The Asia Pacific region dominated the global market in 2023 with over 40% share, with Malaysia, Indonesia and Pakistan being the major revenue generators. This is because of presence of large Muslim population in the region along with strong government support for halal industry.

Key players operating in the halal products market are QL Foods Sdn Bhd, Al Islami Foods Co., DagangHalal Group, Saffron Road, Kawan Foods Berhad, Janan Meat Ltd, Prima Agri-Products Sdn Bhd, Cargill, Inc., BRF S.A., Nestle S.A., and Tahira Foods Ltd. These companies are focused on product innovation and expansion in high growth markets to further consolidate their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it