by The Halal Products Market is estimated to be valued at US$ 879.6 Bn in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Halal Products Market refers to products that comply with Islamic laws and are permissible for consumption or use by Muslims. These products can include food, beverages, cosmetics, personal care products, pharmaceuticals, and more. The market is witnessing significant growth due to the increasing awareness among consumers regarding the importance of halal certification and the rising demand for ethically produced products. Consumers are seeking halal products for reasons such as religious beliefs, health considerations, and the assurance of quality and integrity.
Market Dynamics:
The Halal Products Market is driven by two main factors – the rising awareness among consumers and the increasing demand for ethically produced products. With an increasing Muslim population worldwide, more consumers are looking for halal-certified products. Additionally, non-Muslim consumers are also choosing halal products due to their perception of higher quality and safety standards. Furthermore, the growing popularity of halal tourism and the increase in international trade of halal products are further driving the market growth.
Segment Analysis
The segment analysis of the Halal Products Market reveals that the dominant segment in this market is the Food & Beverages segment. This segment is expected to witness significant growth due to the increasing demand for Halal-certified food and beverages among the Muslim population worldwide. The market for Halal food and beverages is driven by the religious beliefs of Muslims, who strictly follow Halal dietary restrictions. This segment includes various sub-segments such as Halal meat, Halal dairy products, Halal beverages, and Halal confectionery. Among these sub-segments, Halal meat is dominating the market due to its high demand and popularity among the Muslim population. The increasing number of Halal-certified slaughterhouses and food processing companies catering to the Halal meat market is contributing to its dominance.
PEST Analysis
Political: The political factors influencing the Halal Products Market include government regulations and policies regarding the certification and labeling of Halal products. Governments in many countries, especially with a significant Muslim population, have implemented strict regulations to ensure the authenticity and integrity of Halal products.
Economic: The economic factors impacting the market include the purchasing power of Muslim consumers and the growth of the Halal tourism industry. The increasing disposable income of Muslim consumers, particularly in emerging economies, is driving the demand for Halal products. Additionally, the rise in Halal tourism, where Muslim travelers seek Halal-certified products and services, is boosting the market growth.
Social: The social factors influencing the market include the growing global Muslim population and an increasing awareness about Halal products among non-Muslim consumers. The Muslim population, with its religious dietary restrictions, forms a significant consumer base for Halal products. Moreover, the ethical and health considerations associated with Halal products have attracted non-Muslim consumers seeking quality and sustainable options.
Technological: The technological factors impacting the market include advancements in Halal certification and traceability systems. Technology plays a crucial role in ensuring the integrity and authenticity of Halal products, with blockchain and digital platforms being increasingly utilized for Halal certification and tracking processes.
Key Takeaways
The global Halal Products Market is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period. This growth is primarily attributed to the increasing Muslim population, rising disposable income of Muslim consumers, and the growing awareness about Halal products among non-Muslim consumers.
In terms of regional analysis, the Middle East and Asia-Pacific are the fastest-growing and dominating regions in the Halal Products Market. These regions have a significant Muslim population, and their preference for Halal products drives the market growth. Additionally, the increasing Halal tourism in these regions contributes to the market expansion.
Key players operating in the Halal Products Market include Nestle S.A., Cargill, The Coca Cola Company, Kellogg’s Company, Krafts Food Group Inc., Unilever Plc, GlaxoSmithKline Plc, Al Islami Foods, and L’O
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
