The halal ingredients market is emerging as one of the most
profitable market arenas in the world. According to Transparency Market Research, expected increases in population and consumer income will
drive growth over the forecast period of 2017 to 2027.
The market has grown strongly in past few decades with the
two strongest markets for halal products being Asia Pacific and the
Middle East. The largest population of Muslims are located in the South
Asia and Pacific regions in countries like Indonesia, Pakistan, India
and Bangladesh, driving demand for halal ingredient certifications.
The growth of the global halal ingredients market is driven by food and beverage, and the cosmetics industry, says Transparency Market Research.
Muslim consumers are more ready to buy halal products while non-Muslim
consumers are becoming more "eco-ethical conscious", the research firm
said, willing to pay premium prices for natural or organic products*.
Obstacles to growth in the halal ingredient market include the high cost
of production and inconsistent quality standards.
The report segments the global halal ingredients market into food, beverages, cosmetics and
pharmaceuticals. Transparency Market Research forecasts that of these, food and beverages will lead in the halal ingredients market.
Some of the market players identified in the global halal ingredient market include:
Nestle
Del Monte Philippines
Burger King
Tesco Stores
Unilever
L’Oreal
MAKE-UP ART COSMETICS
Beiersdorf
Amara cosmetics
Shiseido
Lush Retail
*Editor's note: while many halal research forecasts have claimed that non-Muslims are interested in halal products I have never personally seen or heard non-Muslims seek out halal products as their purchase of choice. It is more likely that the concept of 'halal' is not well understood by non-Muslims, as opposed to products which are natural or organic. They do of course buy natural and organic products which are incidentally also halal-certified. It should be pointed out that natural or organic products may not be halal, for example if they contain alcohol. Conversely, products made with man-made and inorganic ingredients can be halal.
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Buy the Halal Ingredient Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2027 report by Transparency Market Research