Multi-Lateral Agreements in Trade to Bolster Global Halal Products Market

The global halal products market is a very promising and highly diversified market and ranges from products such as food and beverages to personal care and pharmaceutical products. The global halal products market is predicted to touch US$10.51 trillion by 2024 from US$2.70 trillion in 2015, rising at a whopping 16.20% CAGR between 2016 and 2024. 

Transparency Market Research (TMR), a market intelligence company, throws light on the top products in the market and the reason for their dominance. In addition, the extent of this market in key geographic areas has also been presented.

Q. What factors will drive and impede the development of the global halal products market?

The increasing population of Muslim community and the growing disposable incomes of individuals in the top Islamic nations will be the prime factors providing impetus to the development of the global halal products market. In addition, the utilization of halal products by the non-Muslim community will also bode well for the development of this market. Furthermore, the improvement in the sector of retail will also positively impact the development of the overall halal products market. This is due to the enhancement in the halal certification standards and the selling of halal certified products by retail outlets. The multi-lateral agreements in trade have also had a positive impact on the overall growth of this market. 

Contrariwise, the absence of uniformity of halal standards may become a roadblock in the development of the market in the long run. This is because the Islamic regulatory bodies differ from country to country and this is why the definition of halal varies from nation to nation. Hence, the products being accepted under the Halal Certification Board of one nation might not get accepted in another nation, thus impeding the growth of the overall market.

Q. Which product and regional segment led the market and how will they tread by the end of the forecast period?

On the basis of revenue, the segments of primary meat and processed food and beverages held a key share of approximately 50% in the market in 2015 and are predicted to experience a huge demand by the end of 2024. On the other hand, the segment of pharmaceuticals held the second position in the market in the same year, however, this segment will experience a drastic decline in the coming years.

The Asia Pacific halal products market is predicted to hold a dominant share owing to the proliferation of Muslim community and the penetration of numerous certified manufacturers in this region. Nation-wise, India, Brazil, and the U.S. are the top exporters of halal products globally. Collectively, the halal products market in both the Middle East and Africa and Asia Pacific constituted a share of 80% in 2015. On the other hand, the growth of this market in Europe will also be exponential owing to the increasing Muslim community in nations such as the UK, France, and Germany in the Western European region. 

Q. Which players lead the sectors of food and beverages, chemicals and materials, and cosmetic and personal care?

The top player in the food and beverage segment of the halal products market is Nestle S.A, while Reckitt Benckiser Group plc. caters halal products within the sector of chemicals and materials. On the other hand, Unilever is the prime player catering halal products in the segment of cosmetic and personal care. 

Rapid Advancements in Artificial Intelligence Technology to Drive Global Chatbot Market

The global chatbot market is expected to gain a tremendous momentum owing to the rapid developments made in the field of artificial intelligence over the last few years. Large end-user enterprises are benefitting from the easy implementation of high-end artificial intelligence in common consumer electronics, which is allowing them to attain a wider consumer base than before.

On the flip side, there are several key hosting issues associated with chatbots, including chatbot monitoring, management, integration, and security and are yet to be resolved despite technological advancements. The inability of hosts to offer appropriate solutions for these facilities is deterring several enterprises from capitalizing the growth of the global chatbot market.

According to a report by Transparency Market Research (TMR), the opportunity in the market was pegged at US$113.0 mn in 2015 and is poised to reach US$994.5 mn by 2024, expanding at a noteworthy CAGR of 27.8% between 2016 and 2024.

Proliferation of Chatbot-as-a-service to Offer Immense Growth Potential

The global chatbot market is receiving a significant boost from the proliferation of online messaging applications and the overall rising scope of applications found for chatbots across various industries. The increasing adoption of chatbot-as-a-service is anticipated to become a key area of opportunities for companies operating in the market. The rising and seemingly irreplaceable involvement of cloud-based services across the majority of industry verticals is creating an imperative need for incorporating it within the global chatbot market.

Higher Pace of Technological Advancements to Fuel Growth of North America

North America will continue to account for the dominant share in revenue pie until 2024, with the U.S. being the leading contributor. Due to rapid technological advancements, the region is estimated to lead the market in terms of growth rate in demand as well during the forecast period. Asia Pacific is likely to exhibit a significant growth in its demand for chatbot, due to the robust growth of the ICT infrastructure within its emerging economies such as India and China. The rising penetration of smartphones is another factor augmenting the growth of the region.

Increasing Preference for Low-fat Food Items to Encourage Consumption of Dairy Blends

The global dairy blend market is expected to gain significant traction over the next few years, owing to the rising consumption of dairy products as an integral ingredient of the majority of meals. The introduction of a wide range of products is also contributing to the growth of the market. According to a research report by Transparency Market Research (TMR), the global dairy blends market is poised to rise at a CAGR of 9.0% from 2016 to 2024, reaching a valuation of US$4.59 bn by 2024 from US$2.15 bn in 2015.

Low Consumer Awareness Level to Impede Market Growth

The growing focus on healthy food items coupled with the increasing preference for low-fat food items, owing to the excellent nutrition they offer, are fuelling the demand for dairy blends. To meet the burgeoning demands, several key players in the market are bringing product innovation and increasing their production capacity. The rising demand for convenient food items due to busy lifestyles is assisting the growth of the market.

On the other hand, low awareness level among potential consumers, particularly in emerging economies is inhibiting the growth of the market. Moreover, the disproportionate consumption of dairy blends can trigger health issues such as gastrointestinal problems, diabetes, and obesity. This factor is limiting the market from realizing its full potential.

Europe to Maintain Lead Owing to Rising Health-consciousness Among Consumers

Europe will continue to be the dominant regional market in terms of revenue until 2024. The increasing health consciousness among consumers will provide a significant momentum to the region. The rising awareness regarding the intake of low-fat and low-calorie foods for their long-term health benefits has boosted the sales of dairy blends across the Europe region. The rapidly growing population and the rising disposable income is contributing to the growth of Asia Pacific. On the basis of application, the bakery segment will account for lion’s share throughout the forecast period. The infant segment is anticipated to rise at a significant CAGR owing to the increasing number of working mothers across the globe.

Innovation in Cancer Diagnostics to Cater to Unmet Diagnosis Needs Worldwide

The global cancer diagnostics market has been witnessing significant growth over the last couple of years due to the rising number of cancer incidences across the globe. The global cancer diagnostics market is likely to expand at an exponential rate owing to the favorable government regulations and increasing funding for cancer research projects. For the treatment and early detection of any kind of cancer, it is important to develop new cancer screening techniques. Treatments such as tumor biomarker tests, biopsy, endoscopy, and imaging collectively comprise the global market for cancer diagnostics. 

According to a report published by Transparency Market Research, the global cancer diagnostics market is likely to expand at a 7.6% CAGR from 2014 to 2020. In 2013, the market was worth US$1, 00,994.5 mn and is projected to touch a valuation of US$1,68,649.3 mn by the end of 2020.

Research Report:

How will innovation turn out to be the backbone of the cancer diagnostics market?

Cancer diagnostics is really important for detecting cancer in the early stages and efficiently treating it. Thus, medical institutions and research bodies are investing in the development of advanced techniques and improving the existing ones to cater to the needs of patients. The demand for cancer diagnostics is likely to intensify over the next couple of years owing to the advent of breakthrough techniques for cancer detection such as transcriptomics, genomics, metabolomics, and proteomics. Although there have been significant developments in the technology of cancer diagnostics, the goal of achieving a reduced mortality rate has not been completely achieved. 

However, researchers are focusing on developing advanced techniques. For instance, recently scientists from the Washington State University have introduced a method to detect cancer through an ELISA plate, a prism, and a smartphone. Scientists of the university declared the technique successful when they detected interleukin-6 with an accuracy of 99%. 

What factors will hinder the growth of the global cancer diagnostics market? 

The growth of the market for global cancer diagnostics is extensively dependent on the research and development activities and development of innovative products. In spite of the advent of advanced techniques, the market is likely to face challenges from certain factors such as low cost benefit ratio of biomarkers and high initial capital investments. The shortage of helium and expensive systems for diagnostic imaging are further expected to hinder the growth of the global cancer diagnostics market. The market will also be negatively affected by the dearth of experience and skilled workforce and risks of exposure to high radiation.

Towards what should vendors turn to gain lucrative opportunities?

Manufacturers of cancer diagnostic equipment can capitalize on the opportunities arising from the untapped market in emerging economies and the development of personalized medicine. Emerging markets are likely to be proved beneficial due to the improvement of healthcare infrastructure in these regions. Likewise, advances in miniature device technology and companion diagnostics are further expected to help manufacturers expand their consumer base.  

Evolving Sophistication in Crime to Create Opportunities for Growth of Global Forensic Technologies Market

Used for the identification, examination, and evaluation of physical evidence gathered from a crime scene, forensic technologies are highly sought in the defense and the homeland security sectors. At an exceptional growth rate of 12.40% during the period from 2013 to 2019, the demand for these technologies are likely to register a strong growth over the next few years. According to Transparency Market Research (TMR), the opportunity in the global market for forensic technologies to expand from US$8.3 bn in 2012 to a value of US$17.6 bn by the end of 2019.

In this blog post, TMR analysts answer significant queries about the worldwide market for forensic technologies: 

What factors will shape the future of the global forensic technologies market?

Predominantly, the escalating crime rate, coupled with the sophistication of crime, has the most prominent influence on the global market for forensic technologies. Over the years, the sophistication of crime has evolved drastically.  The prevalence and supply of illicit drugs have increased to great extent. Nowadays, almost every week, a novel type of illicit drug is synthesized, creating severe issues for experts in the examination of the evidence. Due to this scenario, developers of forensic technologies are being exposed to a whole new set of promising opportunities, which is likely to boost the market substantially in the long run.

On the flip side, the decline in the government expenditure on forensic services in almost all economies will reflect negatively on this market over the next few years. However, the impact of this factor will not be much strong as the demand for these technologies will largely be unaffected in the near future.

Which of the regional market will take the lead in the coming years?

North America, which is the leading contributor to the global market for forensic technologies, will retain its position in the forthcoming years; however, its share in the overall market will decline sharply.

Asia Pacific, on the other hand, will gain significant momentum in the next few years. DNA profiling, specifically, will witness a remarkable rise in the demand over the years to come. The untapped status of this region is alluring key market players, which are increasingly engaging into partnerships, mergers, and acquisitions with local participants.

What are the most favored strategies among leading players?

For business development, leading companies are relying on advancements in technologies. Recently, Bio-Rad, a global leader in forensic technologies, introduced Prime PCR probe assays for quantitative amplification. These new assays are to be utilized in qPCR gene expression analysis for human genomes. With this addition to their product portfolio, the company hopes to expand its client base.

Other prominent players in this market are GE Healthcare Life Sciences, SPEX Forensics, Pyramidal Technologies Ltd., Eurofins Medigenomix Gmbh, LGC Forensics, and NMS Labs Inc.

Leading Players Emphasizing on Adoption of Cloud-based Service to Bolster Global Enterprise Media Gateway Market

Media gateways are being used extensively for converting digital media streams into diverse telecommunications networks. Enterprise media gateways are considered as a vital component of the enterprise unified collaboration and communication systems. Some of the key applications of enterprise media gateway are media and entertainment, healthcare, banking and insurance, defense, government, telecom and IT, and hospitality. The rising focus of the prominent players on technological developments and innovations is expected to fuel the growth of the global enterprise media gateway market in the next few years.

According to a market intelligence study by Transparency Market Research, in 2013, the global enterprise media gateway market was worth US$1.89 bn and is expected to reach a value of US$2.37 bn by the end of 2020. The market is projected to register a 3.10% CAGR between 2014 and 2020.

What factors are likely to influence the growth of the global enterprise media gateway market?

The rising demand for cloud-based services and session initiation protocol (SIP) trunking and the rising deployment of IP communication applications are some of the primary factors expected to fuel the growth of the global enterprise media gateway market. In addition, technological advancements for enhancing network infrastructure in mobile services and the advent of cloud-based solutions for unified communications are estimated to encourage market growth in the next few years. The rising use of enterprise media gateways with enterprise session border controllers is likely to generate promising opportunities for the key players operating in the market.

Which geographical segments are expected to witness exponential growth in the coming years?

Among the key geographical segments, North America is expected to lead the global enterprise media gateway market. The high growth of this segment can be attributed to the presence of medium and large-sized enterprises in this region. As per the study, North America is projected to hold a share of 31.1% of the global market, further followed by Europe. The voice over internet protocol and the session initiation protocol are the key application segments that are contributing extensively towards the growth of the enterprise media gateway market in North America.

What are the business strategies adopted by the players to sustain in the competitive environment of the market?

At present, the global enterprise media gateway market is fragmented and competitive in nature with a presence of a large number of players operating in it. The growing adoption of cloud-based services in this field has contributed extensively towards the development of the market. The prominent players are focusing on new product development and research and development activities in order to improve their market penetration and boost sales. In addition, the growing emphasis on untapped markets and the increasing number of mergers and acquisitions are estimated to generate substantial opportunities in the near future. 

Global Hair Care Market Gaining From Recent Rise in Male Consumers

Hair care is a broad term used for maintenance and cosmetology involving the hair. Typical hair care comprises five types of products: shampoo, hair color, hair conditioner, hair styling products, and hair oil. According to a report by Transparency Market Research (TMR), the global hair care market was valued at US$81.3 bn in 2015. Rising at a healthy CAGR of 3.0% during the forecast period 2016–2024, the global revenue valuation is estimated to reach US$105.3 bn by 2024. 

What are the factors augmenting the growth of the global market?

Healthy and voluptuous hair has always been considered attractive. In recent times, however, innovative hair styling has also gained popularity. As a result, advanced hair styling products such as holding sprays, mousse, heat-resistant sprays, serums, sprays for curly hair, and gels are experiencing a surge in demand. Another important factor that is sustaining the growth of the global market for hair care is the demand for healthy, lustrous, and manageable hair. This factor often drives the purchase decisions of most consumers. 

The influence of the fashion industry, a rise in global aging population, and the growing focus on natural hair care products are some of the emerging trends that are further propelling the market. Moreover, there has been an exponential rise in male consumers for hair care products, not only because of increased awareness but also due to growing cases of baldness and grey hair.

Which regions are most lucrative for hair care?

Asia Pacific contributes significantly to the global hair care market and accounted for a share of 33.12% in 2016. India, with a vast population, has always been the most lucrative country-wise market for hair care products and several key vendors are constantly focusing on introducing new products here. Currently, products with natural ingredients are gaining momentum, especially in urban regions. China, another Asia Pacific country with immense population, is extending the demand for hair care products due to increasing awareness regarding personal grooming and the rising disposable incomes of the consumers.

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What are the strategies adopted by key players to gain advantage over others?

The global market for hair care is fairly consolidated, with four players holding more than 55% of the market in 2015. These four players are: Procter & Gamble, Henkel, Unilever, and L’Oreal S.A. Typically, product innovation is the most successful business strategy adopted by these companies to gain ground in the hair care market. For instance, Henkel Corporation launched OSiS+ in 2024, which is a new product that enhances hair volume while sustaining its natural look. Similarly, from 2014 to 2016, L’Oreal S.A. introduced a series of hair products with oil content. Brand expansion is another strategy that works in favor of prominent names. For example, Unilever plc. has extended its product portfolio with its leading hair care brands Sunsilk, Dove, Lux, TRESemmé, and Clear.

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