ReportBuyer has released an overview of the halal products market from Transparency Market Research. The global halal products market is highly lucrative, with the meat, processed food and beverage segments being the most attractive market in 2015. This market is also highly diversified, covering food and beverage products to personal care and pharmaceutical products.
The growing Muslim population is one of the prime factors pushing the demand for halal products market. It is estimated that 26.4% of the global population is expected to be Muslim by 2030 as compared to 19.9% in 1990. The growth rate is much faster compared to other religions. In addition to this, rising purchasing power of the Islamic countries due to the rapid growth in their economy, especially in Middle East and Southeast Asia. Further, consumption of halal products among the non-Muslim population is also on the rise.
Improvement of the retail sector is another major factor which is the currently driving the demand for halal products market across the globe. There has been an improvement in halal certification standards, in the quality of retail outlets selling halal-certified products, as well as a high degree of globalisation and multilateral trade agreements which have boosted the trade flow of halal products.
However, the lack of uniformity for halal standards is a major factor barring the growth of the market. Due to the absence of global halal standards, companies must get the halal certification from the Islamic regulatory
organisation from each country separately. Paradoxically, the definition of halal may be different in different countries. Due to this, products accepted by the halal certification board of one country may not be accepted in other countries.
The small scale of halal product manufacture means that most of the countries with a high demand for high demand for halal products are heavily dependent on imports from other countries. In order to reduce the over-dependency on imports, the governments of some of the countries with a high Muslim population (or high halal demand) are offering big incentives to companies to manufacture halal products and promote the use of halal-certified goods.
In terms of revenue, primary meat and processed food accounted for the major market share in 2015 and is expected to witness a major surge in demand by the end of the forecast period, in 2024. Pharmaceuticals held the second-largest market share in 2015, but the market is expected to witness a decline by the end of the forecast period.
The Asia Pacific and Middle East and Africa regions accounted for more than 85% of the total market in 2015 combined, and they are expected to continue dominating the market throughout the forecast period.
Some of the key players operating in this field include Nestle, The Coca Cola Company, Kellogg's, Krafts Food Group, Unilever, GlaxoSmithKline and L'Oreal.
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Download the Halal Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024 report (November 2016)