Halal Ingredients Market Size Expected to Hit Around USD 435.2 BN by 2030

Chicago, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global halal Ingredients market size was accounted at USD 325.7 billion in 2021. With the spread of the Muslim community all over the world the requirement for such halal products is experiencing a rapid growth during the forecast period. Requirement for nutritious food which provides quick pick-up facilities has been chosen by the people belonging to the busy world rather than complete meals.

The functional beverages and food sector has seen a rapid growth during the forecast period. Halal products have better health benefits as compared to the other products. People have become aware regarding their health and habits which helps the market to grow during the forecast period.

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Report Insights

• By type, the food and beverages market segment hit revenue share of around 60% in 2021 and growing at a CAGR of 4% between 2022 to 2030.
• The Middle East region is growing at the CAGR of 7.2% from 2022 to 2030.
• The online distribution channel segment is anticipated to grow at a CAGR of 7.3% during the forecast period.
• The ingredients for the cosmetics segment is driving growth at a CAGR of 6.15% from 2022 to 2030.

Regional Snapshots

Country such as the Middle East have recorded the highest revenue return for the halal ingredients market as a result of the majority Muslim population residing in these countries. Other countries which provide a considerable support to the market include Afghanistan Iraq Iran UAE and Saudi Arabia. Pakistan is also helping the market to grow during the forecast period. These countries are mainly known as the Muslim countries and hence the growth of the market has foreseen a bright future in the coming years.

The rising disposable income in the hands of the people belonging to these developing countries helps them to spend on these functional food and beverages which helps the market to have a strong foot hold during the forecast period. The he has benefits provided by these food products as also help to attract attention towards it.

Report Highlights

• On the basis of type, the halal ingredients product market has been divided into food and beverages industry which has dominated the segment over a long period of time as the result of the news Muslim population existing in the world. In the high demand of functional food and beverages that is obtained from the Muslim dominated countries has helped to boost the market during the forecast period. The cosmetic and pharmaceutical industry further help in the growth of the market during the forecast period.
• On the basis of application, the halal ingredient market the flavour segment has provided a boost to the market as a result of the rapid research and development in order to produce new varieties of the view to attract the younger generation who require easy snacking instead of long main course meals.
• On the basis of distribution channel, the hypermarkets in supermarkets have dominated the segment as a result of the standardization process and certified materials provided by them. The cleanliness maintained by these sectors has helped to attract the population easily.
  
  

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Scope of the Report

Market Dynamics

What are the drivers of halal ingredients market?

• The numerous health benefits obtained from the halal ingredients product proves to be a driving factor for the growth of the market. The Muslim population which is spread worldwide has increased during the recent years which has helped to boost the market for the halal products. This market has also been supported by the religious practices belonging to this particular community that instructs the consumption of Halal products only. Variety of functional food and beverages belonging to the halal ingredients industry are available to the people readily which helps the market to grow.
• The availability of fast food and snacks from the halal food products helps the walking class to avoid long main course meals pertaining to the busy lifestyles adopted by them. The population belonging to the developing Nations has a high disposable income that helps them to make expenses on these products.
• The health benefits provided by these Halal food products have spread rapidly among the conscious population after the outbreak of the pandemic. These multiple factors help the halal ingredients market to grow during the forecast period.
  
  

Restraints

Among the many restraining factors that hamper is the growth of the halal ingredients market is the lack of uniformity that is seen in the present market phase as a result of the uncontrolled competition among the various products in the market. The presence of certified halal products has been adulterated with the non halal products due to the increased demand of these products which is not considerably supported by the supply chain due to in the high population consuming it. Hands in the chances of adulteration have increased to a great extend which makes people averse of the products in order to keep uncertainties at bay.

On the other hand, the lack of standardization of the halal food products has also created a question of doubt among the consumers regarding its authenticity and quality. The outbreak of the pandemic also had considerable negative effects pertaining to the constant lockdowns and restricted movement which hastened the process of adulteration as a result of the unmonitored market.

What are the opportunities of halal ingredients market?

• The increasing demand for Halal based products in the Muslim dominated countries has boosted the market size to a great extent. The use of Halal based raw materials in the fields of cosmetic and aesthetic has also helped to boost the economy of the Halal ingredient product market.
• The certification provided by the cosmetics industry for the halal-based products as help to increase their sales over a period of time. Halal ingredients market also fine its place in the pharmaceutical industry as a result of the numerous health benefits it provides the people with. The cleanliness that is maintained in this process is extremely important which makes it a driving factor for the market.
• The rapidly increasing population of the Muslim community also proves to be a potential opportunity for the halal ingredients market during the forecast period. Hence the demand for the cosmetic and aesthetic products will also see a rise in the future.
  
  

Market Challenges

The strict norms and regulations put up by the government regarding the sales and supply of the halal ingredients product has challenged the growth of the market during the forecast period. The uniformity that is expected from the products has been given utmost importance with a view to maintain the quality that is expected from the market to deliver.

The certification of the halal ingredients products is very important in order to verify its authenticity and quality. This has imposed a pressure on the local manufacturers as chances of malpractices have reduced and thus quality has to be maintained at all cost. The need for cleanliness has also been stressed upon after the post pandemic phase as a result of the increasing chances of infection pertaining to the low immunity among the people.

Recent Developments

• In September 2018, a UAE beauty brand, Al-Hur Beauty which is a natural halal supplier was introduced in Malaysia. In order to develop the market for all-natural products in the cosmetic sector with assured quality this brand has been introduced. They have aimed to comply with the international standards set by the market.
• In December 2018, a company known as Impossible Foods, which is a known US meat provider in terms of alternatives has obtained halal certification from the Islamic Food and Nutrition Council of America.

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Market Segmentation

By Type

• Food Ingredients
  • Sauces and marinades
  • Thickening agents
  • Sugar substitutes
  • Flavors
  • Other
• Beverage Industry
  • Coffee
  • Tea
  • Concentrated beverages and juices
  • Soft drinks
  • Health and nutritional drinks
• Cosmetic Industry
  • Body and skin care
  • Oral care
  • Fragrance
  • Hair care
• Pharmaceutical
  • Active Pharma Ingredients
  • Excipients 

By Product

• Personal Care Products
• Color Cosmetics

By Distribution Channels

• Online
• Offline

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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