Halal Products Market at CAGR of 16.2% from 2016 to 2024
The world market for halal products has expanded at a promising pace in the last few years and is anticipated to embark upon a path of exponential growth in the next few years to come. Soaring population of the Muslim community across the globe and increasing disposable incomes across a few of the world’s prominent Islamic countries are anticipated to be the key drivers of the said market.
The key market players operating in the international market for halal products can be distinguished by the end use industry they are catering to. The leading market 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 another major player, besides many other notable players. Reckitt Benckiser Group plc is the major player which is catering to the demand for halal products in the chemical and materials industry.
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.
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Asia Pacific to Lead the Market over the Period of Forecast
The world market for halal products has been regionally segmented into the geographies of Latin America, North America, Asia Pacific, Middle East and Africa, and Europe. Due to the presence of a large number of certified manufacturers and large base of Muslim population, the world market for halal products in Asia Pacific is projected to have a substantial positive impact on the overall development of the world halal products market in the near future.
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From a country-wise outlook, the US, Brazil, and India are some of the most important exporters of halal products. The market for halal products in Middle East and Africa and Asia Pacific regions cumulatively accounted for more than 80% of the said global market in the 2015. The halal products market is also anticipated to experience strong growth in Europe over the period of forecast period, basically driven by the growing Muslim population the Western European nations such as the U.K., France, and Germany. The halal market demand is also forecasted to be augmented by the large Muslim population based in Russia and CIS countries.
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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.
The information shared that has been in this review is based on a TMR business report that contains the title, “Halal Products Market (Product – Primary Meat, Processed Food and Beverages, Pharmaceuticals, and Cosmetics and Personal Care) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”