Halal Products Market to Reach US$ 879.6 Bn by 2022, Driven by Growing Demand for Halal-certified Products
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| Halal Products Market |
The global Halal Products Market is estimated to be
valued at US$ 879.6 Bn in 2022 and
is expected to exhibit a CAGR of 12.80%
over the forecast period 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The Halal Products Market refers to products and services that are produced,
manufactured, and consumed in accordance with Islamic principles and guidelines.
These products are gaining popularity among the Muslim population due to their
halal-certified status, which ensures their compliance with religious dietary
restrictions. The growing Muslim population, along with an increasing awareness
about halal products among non-Muslim consumers, is driving the demand in the
market. Halal products include food and beverages, cosmetics, pharmaceuticals,
personal care products, and financial services.
Market Key Trends:
One key trend in the Halal Products Market is the increasing adoption of
halal-certified cosmetics and personal care products. Muslims are increasingly
seeking halal-certified products in all areas of their lives, including
cosmetics and personal care. This trend is driven by the desire to align religious
values with everyday activities. The rising awareness about the use of halal
ingredients in these products, such as no alcohol or animal-derived
ingredients, is fostering the demand for halal-certified cosmetics and personal
care products. Market players are responding to this trend by launching
halal-certified product lines to cater to the growing consumer demand.
Segment Analysis:
The global Halal
Products Market can be segmented into various product types such as
food and beverages, personal care products, pharmaceuticals, and cosmetics.
Among these segments, the food and beverages segment dominates the market,
accounting for the largest share. This can be attributed to the increasing
Muslim population, especially in countries like Indonesia, Malaysia, Pakistan,
and Saudi Arabia, where the demand for Halal-certified food is high.
Additionally, the growing awareness about the health benefits and ethical
considerations associated with Halal products is further driving the demand in
this segment. Food and beverage companies such as Nestle S.A., Cargill, The
Coca Cola Company, Kellogg's Company, Krafts Food Group Inc., and Unilever Plc
are some of the key players operating in this segment.
Key Takeaways:
The global Halal Products market is expected to witness high growth, exhibiting
a CAGR of 12.80% over the forecast
period. This growth is primarily driven by the increasing Muslim population and
their preference for Halal-certified products. The demand for Halal food and
beverages is particularly strong in countries with significant Muslim
populations, such as Indonesia, Malaysia, Pakistan, and Saudi Arabia. These
countries have stringent regulations and guidelines for the production and
certification of Halal products, which further contributes to the market
growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and
dominating region in the Halal Products market. This can be attributed to the
presence of a large Muslim population, combined with increasing disposable
incomes and changing consumer preferences. The Asia Pacific region is also
witnessing rapid urbanization and westernization, which is leading to a higher
demand for Halal products. Moreover, government initiatives promoting Halal
certification and increasing investments in the Halal industry further support
the market growth in this region.
Some of the key players operating in the Halal Products market include Nestle
S.A., Cargill, The Coca Cola Company, Kellogg's Company, Krafts Food Group
Inc., Unilever Plc, GlaxoSmithKline Plc, Al Islami Foods, and L'Oreal S.A.
These players are focusing on product innovation, expanding their distribution
networks, and strategic acquisitions to strengthen their market position. With
the increasing demand for Halal products, these key players are expected to
witness significant growth in the coming years.
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