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.