global halal products market, which was valued at US$2.70 trillion in 2015, will rise to US$10.51 trillion by 2024, exhibiting a CAGR of 16.2% from 2016 to 2024.
Albany, NY -- (SBWIRE) -- 12/14/2016 -- The global halal products market is a highly lucrative market with meat and processed food and beverage segments being the most attractive market in 2015. This market is also a highly diversified market ranging from food and beverage products to personal care and pharmaceutical products. The major companies operating in the field of halal foods captured a major portion of the market since halal food and beverages dominated the market in 2015. However, due to the absence of global halal standards, the major outlook of the companies is to get the halal certification from the regulatory organization from each country separately.
Global Halal Products Market: Drivers and Restraints
Growing Muslim population is one of the prime factors pushing the demand for halal products market at present. This is due to the fact that hala products market is not confined to food and beverages, since it has expanded into personal care, and pharmaceutical industries as well. It is estimated that 26.4% of the global population is expected to be Muslims 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 South East Asia is a major contributing factor to the growth of this market. Further, consumption of hala products among the non-muslim population is also on the rise.
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Improvement of the retail sector is another major factor which is the currently driving the demand for halal products market across the globe. This was possible post improvement in the halal certification standards and the retail outlets selling halal certified products. Further, high degree of globalization and multilateral trade agreements has boosted the trade flow of halal products. This factor would ensure the smooth flow of halal products in the market.
However, the lack of uniformity for halal standards is a major factor barring the growth of the market. The Islamic regulatory bodies of different countries are different due to which 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.
Global Halal Products Market: Trends and Opportunities
However, the manufacturing of halal products is relatively slow in most of the countries with high demand. Due to the small scale manufacturing of halal products, most of the countries with 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 Government of some of the countries with high Muslim population (or high halal demand) is offering lucrative incentive to companies to manufacture halal products and promote the use of halal certified goods. This factor would pose to be a suitable opportunity for the growth of the halal products market at the global level.
Global Halal Products Market: Segmentation
The market for global halal products is segmented on the basis of product types into primary meat, processed food and beverages, pharmaceuticals, cosmetics and personal care and others. In term of revenue, primary meat and processed food accounted for the major market share in 2015 and is expected to witness a major surge in its demand by the end of the forecast period. Pharmaceuticals held the second largest market share in 2015, but the market is expected to witness a drastic decline by the end of the forecast period.
On the basis of region, Asia Pacific and Middle East and Africa accounted for more than 85% of the total market in 2015 and they are expected to continue dominating the market throughout the forecast period.
Some of the key players operating in the field of halal products 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. among others.
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Global Halal Products Market: Scope of the Report
The report has been segmented by product type, and geography and it includes drivers, restraints and opportunities (DRO's), halal certification, halal standards, market attractiveness by products of the global halal products market. The study highlights current market trends and provides forecast from 2016 to 2024. We have featured the current market scenario for the global halal products market market and identified future trends that will impact demand for hala products during the forecast period.
The global halal products market has been segmented into following types based on their product types including primary meat, processed food and beverages, pharmaceuticals, cosmetics and personal care and other halal products.
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