Halal Product Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1796
Halal Products Market size is driven by continuous growth of Muslim population across the globe coupled with increasing globalization. Muslim religion is second largest and fastest growing religion among the world. Global Muslim population is expected account for 25% of overall global population by 2030. Study showed that overall customer base spread over 112 countries is over 1.9 billion. Food, Nutrition and Animal Feed
Increasing demand for various halal product along with improvement in supply chain management are the key factors driving the overall industry demand. Moreover, high growth in product penetration across food & beverage, beauty products, personal care and pharmaceutical industries will further boost the market demand.
Growing consumer purchasing power across European nation along with enhancement in overall development in retail sector are the factors driving the overall halal product market demand. Substantial number of retail outlet across globe to maintain standards of potential customers will drive the industry demand. Moreover, halal certification standards across retail and product visibility across outlets have witnessed notable upsurge in the industry.
Rising globalization coupled with favorable trade policies promoting healthy product growth is expected to drive the industry growth. Additionally, halal products market sector is turned to be highly organized sector resulting with increased popularity and maintaining the overall standards laid by the certification board.
Halal product food segment is expected to dominate the overall industry share accounting for more than 50% share. Improved packaging coupled with increasing number of halal product manufacturers, cultural diversity across the globe and migration of population from Middle east nations are the key factors for fueling the industry demand.
Product penetration across personal care items, pharmaceuticals, health supplement, and in food industry have witnessed a noticeable growth. Moreover, increasing popularity across other community have resulted in upsurge in the halal product adaption. Meeting product standard requirement to boost trade across Muslim countries is favorable to the products certified by Department of Halal Certification considering necessary Islamic dietary obligations. Study shows that over 70% of overall Muslims follow these principles.
Europe, led by UK, Italy and Russia may witness rapid growth owing to increasing product penetration in the regional market. Shifting consumer preference towards product with rising processed food industries will propel the industry growth. Lack of availability of manufacturing depending most on the imports is expected to affect the price trend of the halal product industry.
Asia pacific led by India, Malaysia & Indonesia with high potential customers is expected to show significant growth over forecast timeframe. Asia Pacific along with Middle East accounts for more than 80% of overall market share and is expected to dominate the overall market with customer base over 400 million. Moreover, subsidies are offered in the country with higher Muslim population promoting the product manufacturing.
Middle East halal product market is majorly dependent on import of the product due to lack of production facilities. Moreover, availability of large customer base is expected to drive the overall business demand. Reduce dependency on imports governments are implementing measures to widen the regional production of products catering to local market and achieve required standards.
Diversified rules and standards are accepted by different countries resulting in ambiguity of the product standards. However, product accepted by one of the country standard may not be accepted by other country standard. Absence of overall standard of the halal product may act as challenge for market growth. Moreover, acceptance of product from other community is very low owing to trust issues.
Few key notable players include Krafts Food Group, Nestle, Kellogg’s, Coca Cola, Unilever, L’Oreal and GlaxoSmithKline Pharmaceuticals. Increased product promotion with appropriate standards along with advantages over other competitive products are the key strategies applied by the industry players. In addition to this, providing better logistics and acquiring halal product standards according to various norms laid by different countries are the key factors for industry growth.
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