Overview of Halal Products Market - Industry Intelligence, Company Profiles and Trends Forecast to 2024: TMR
Halal Products Market Global Research Report by 2024
Albany, NY -- (SBWire) -- 11/07/2018 --As indicated by the Halal Food Authority, a non-benefit association which regulates halal meat and products, animals are not to be killed by stunning. This method is permitted only if the creature manages to stay alive after the primary cut and is executed by halal process post the same. A number of food suppliers offer halal food and related products, for instance, halal foie gras, spring rolls, ravioli, pizza, lasagna along with baby food. Stunned food products may contain side-effects or other such body parts which are not permitted to Muslims to consume or utilize. Until recently, halal products were prepared solely for Muslims. However, now halal food is expended over the globe by all kinds of ethnicities and religions as halal products are known for their safety, morality and hygiene.
On a primary basis, food and beverages are considered to be the foremost varieties of halal products. However, personal care products, pharmaceuticals, nutraceuticals, food supplements and bakery items, also account for a significant share of the halal products market.
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In accordance with a recent market research report that has been published by Transparency Market Research, the world market for halal products is forecasted to expand at a CAGR of 16.2% over the period between 2016 and 2024. The report also projects the international market for chilled and deli foods to reach a market valuation of around US$ 10.51 trillion by the year 2024. The overall market was worth around US$ 2.70 trillion in the year 2015.
Development of Islamic Countries to Bolster Market Demand
The rising population in Muslim nations has been prognosticated to be a standout factor substantially bolstering the demand for halal products. Muslims have always been a main shoppers group for halal products. The developing populace of Muslims worldwide is estimated to be a promising variable for the advancement of the market in the years to come.
The fast development of Islamic countries in the Middle East and Southeast Asia owing to the increasing discretionary cash flow could serve as an additional factor speeding up the development of the global halal products market. The interest for halal products could be further pushed across the globe due their inclusion in varieties of food products. Apart from food and beverages, halal products have been envisioned to find applications in various other sectors such as pharmaceuticals, nutraceuticals, food supplements, personal care products, and bakery.
Global Halal Products Market: Trends and Opportunities
It is evaluated that 26.4% of the worldwide populace is relied upon to be Muslims by 2030 when contrasted with 19.9% of every 1990. The development rate is considerably speedier contrasted with different religions. What's more, rising obtaining energy of the Islamic nations because of the fast development in their economy, particularly in Middle East and South East Asia is a noteworthy contributing variable to the development of this market. Further, utilization of halal items among the non-Muslim populace is likewise on the ascent.
Change of the retail area is another main consideration which is the as of now driving the interest for halal items market over the globe. This was conceivable post change in the halal confirmation measures and the retail outlets offering halal guaranteed items. Further, high level of globalization and multilateral exchange assentions has supported the exchange stream of halal items. This factor would guarantee the smooth stream of halal items in the market.
Global Halal Products Market: Geographical Analysis
Attributable to the nearness of an extensive number of guaranteed makers and expansive Muslim populace, the halal items market in Asia Pacific is anticipated to have a critical positive effect on the general improvement of the worldwide halal items market sooner rather than later. From a nation insightful standpoint, Brazil, the U.S., and India are the absolute most critical exporters of halal items.
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The market for halal items in Asia Pacific and Middle East and Africa districts in total represented over 80% of the worldwide market in 2015.
The halal items market is additionally anticipated that would witness solid development in Europe amid the gauge time frame, fundamentally determined by the developing Muslim populace the Western European countries, for example, Germany, France and U.K. The halal market request is likewise expected to be increased by the vast Muslim populace in Russia and CIS nations.
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