Halal Products Market is to Rise at a Growth Rate of 16.2% CAGR Owing to the Rising Muslim Population
The global halal products market has expanded at a promising pace in the past few years and is expected to embark upon a path of exponential growth in the next few years as well. Rising global population of the Muslim community and rising disposable incomes across some of the world’s prominent Islamic countries are expected to be the key drivers of the market. However, the market is expected to bear the brunt of the lack of transparency with respect to the use of ingredients for the pharmaceutical and personal care products and the absence of a globally uniform halal standard.
Transparency Market Research estimates that the 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.
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Food and Beverages Industry to Constitute Bulk of Sales
Primarily, food and beverages are considered to be the key varieties of halal products. However, pharmaceutical, personal care products, and other products such as nutraceuticals, bakery, and food supplements also account for significant share of the halal products market. For this study, the halal products market has been examined for product types such as primary meat, processed food and beverages, pharmaceuticals, and cosmetics and personal care.
Of these, the segments of primary meat and processed food and beverages cumulatively accounted for nearly 50% of the market demand in 2015. The segment of processed food and beverages accounted for the dominant share in the global halal products market in 2015. Owing to the rising global demand for processed food, the halal processed food and beverages segment is expected to maintain its steady growth rate during the forecast period as well.
Despite the high growth rate of the processed food and beverages segment, independent halal butchers have an upper hand against their retail counterparts when it comes to customer services and customer trust in the absence of proliferation of modern retail outlets. Owing to this, the primary meat segment is also projected to witness exponential growth, especially in developing and under-developed economies in the next few years.
Thanks to Large Population of Muslims, Halal Products Market in Asia Pacific to Retain Dominance
From a geographic perspective, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Owing to the presence of a large number of certified manufacturers and large Muslim population, the halal products market in Asia Pacific is projected to have a significant positive impact on the overall development of the global halal products market in the near future. From a country-wise outlook, Brazil, the U.S., and India are some of the most significant exporters of halal products.
The market for halal products in Asia Pacific and Middle East and Africa regions cumulatively accounted for more than 80% of the global market in 2015. Asia Pacific constitutes of four of the top ten countries with the highest Muslim population, namely Indonesia, India, Pakistan and Bangladesh. Asia Pacific alone accounted for 47.74% of the global halal products market in 2015 and is also expected to witness the expansion of the halal products market at the most significant pace over the period between 2016 and 2024.
The halal products market is also expected to witness strong growth in Europe during the forecast period, primarily driven by the growing Muslim population the Western European nations such as Germany, France and U.K. The halal market demand is also anticipated to be augmented by the large Muslim population in Russia and CIS countries.
The key players operating in the halal products market can be distinguished by the end use industry they are catering to. The leading player in the halal products market for the food and beverage segment is Nestle S.A. For halal products for cosmetic and personal care application Unilever is the major player, besides several other notable players. Reckitt Benckiser Group plc is the major player catering halal products to the chemical and materials industry.