Halal products market size is set to expand over the span of 2021 to 2027 on the account of decent growth in global Islamic population. In fact, Islam is one of the fastest growing religions with about 24% of the global population after Christianism.
Food and beverage products labelled ‘halal’ are known to have received Halal certification which states that the food or products are permissible for Islam followers and no haram procedure or product is used while its processing or manufacturing.
Intrinsic steps undertaken by governments of the Islamic as well as non-Islamic nations are set to expedite the growth of halal products market as these organizations are looking forward to educating the consumers about the consumption of these products. For instance, Atlantic City has announced serving halal food five days a week at several elementary schools and high schools.
Key developments in national halal strategies are influencing the growth spectrum of overall market. In October 2019, Indonesia had made halal certification compulsory for halal food products and established the Halal Products Certification Agency.
Also, Saudi Arabia had approved the revelation of the kingdom’s national system for halal products, clarifying the roles of related regulating bodies SASO and SFDA.
Saudi Arabia halal products market is set to record considerable gains in the years to come, given the country’s investments in marketing halal products. Saudi Arabia’s FDA had in 2018 announced plans of introducing the world’s largest center for halal products and food. The move comes on the heels of organization’s Executive Chairman, Hisham bin Saad AI Jedaie’s Vision 2030 reform agenda. It is also likely to utilize its geographical position between continents.
Halal meat is currently observing remarkable growth in the overall industry. The introduction of Organization of Islamic Cooperation has been well positioned to take the initiative of setting an international standard for halal meat products. In light of formation of these types of organizational figures, industry players have been putting up their best foot forward in building consumer trust and pushing penetration of halal meat product segment to even higher levels.
Some of the leading players partaking in halal products market include Nestle, Unilever, Kellogg’s, Coca Cola, GlaxoSmithKline Pharmaceuticals, Krafts Food Group, and L’Oreal. These industry leaders are putting in potential efforts to gain a competitive advantage over other companies.
In 2020, two former L’Oreal Group executives had announced launching a make-up brand Shade M Beauty to cater to the ethnically varied group of consumers with the growing but niche halal market.
On April 2021, Unilever declared opening an advanced halal research center in Indonesia as a global reference for Muslim markets. The Halal Collaboration Hub would work closely with Unilever’s global network on technology and innovation and access data and information from creation, product development, and consumer testing.
The global outbreak of coronavirus pandemic has left various businesses paralyzed, the impact of which was also felt across halal products industry. Halt in supply chains and temporary shutdown of non-essential businesses had, during mid-2020 severely impacted the business landscape. However, with ease of lockdown restrictions and with businesses being back on track, halal products industry is set to observe commendable growth in the years to come.