Newark, July 06, 2022 (GLOBE NEWSWIRE) -- The global halal ingredients market is anticipated to grow from USD 47.58 billion in 2020 to USD 72.81 billion by 2028, at a CAGR of 5.42% during the forecast period 2021-2028.
Global halal ingredients market is witnessing a considerable growth owing to increasing Muslim population across the globe. The global halal ingredient market is expanding rapidly, especially with the economic development in the leading Muslim countries such as Malaysia, India, Pakistan, Nigeria, Indonesia, and Iran.
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The ingredients for the cosmetics segment is anticipated to grow at the highest CAGR of 6.12% over the forecast period
The ingredient type segment is divided into ingredients for food & beverages, ingredients for cosmetics, and ingredients for pharmaceuticals. The ingredients for the cosmetics segment is anticipated to grow at the highest CAGR of 6.12% over the forecast period. The halal ingredients for cosmetics is mainly obtained from the plant, soil, water, and animals which are slaughtered as the Islamic law. Rising preference for halal cosmetics from Muslim women, boosting the growth of the market.
The food and beverage segment accounted for a significant market share and valued at USD 32.83 billion in 2020
The application segment includes food & beverages, cosmetics, and pharmaceuticals. The food and beverage segment accounted for a significant market share and valued at USD 32.83 billion in 2020, owing to the increasing use of halal ingredients in the various food preparations.
The online distribution segment is projected to grow at the highest CAGR of 7.1% over the forecast period
The distribution channel segment includes online distribution channel and offline distribution channel. The online distribution channel segment is estimated to grow at the highest CAGR of 7.1% over the forecast period. The online channels, such as e-commerce and social media platforms, are expected to play a vital role in the growth of the market.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the halal ingredients market and valued at USD 18.41 billion in 2020. The growth is mainly due to increasing demand for halal ingredients from Muslim populated countries such as Indonesia, Pakistan, India, Bangladesh, and some Southeast Asian countries. On the other hand, the Middle East region is anticipated to grow at the highest CAGR of 7.2% in the global halal ingredients market, over the forecast period. This is attributed to favourable government regulation in terms of halal ingredients across the region.
Competitive Analysis:
Some of the notable players in the global halal ingredients market are Halagel Group Of Companies, Croda International Plc, Del Monte Phil’s., Inc., Unilever, L’Oreal, Burger King Corporation, MAKE-UP ART COSMETICS, Beiersdorf, Amara cosmetics, Shiseido Co., Ltd., Impossible Foods, Kerry Group plc, KoninklijkeDsm N.V, Symrise AG, and The Archer Daniels Midland among others.
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