Global Halal Ingredients Market: Overview
Growing Muslim population who adopt Islamic dietary guidelines is a key factor driving the evolution of the halal ingredients market over the period of assessment (2018–2028). Halal ingredients and halal products are becoming increasingly popular amongst the non-Muslim populations as well, thereby opening new avenues in the global halal ingredient market.
According to Pew Research Center, a leading fact tank based out of Washington DC, Muslim population is anticipated to expand by a whopping 70% in the coming decades, from 1.8 bn in the year 2015 to 3 billion by 2060.
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The global halal ingredients market is segmented on the basis of type, application, and region.
Global Halal Ingredients Market: Notable Developments
The dynamics of the global halal ingredients market is impacted by the following important moves:
- In 2018, AL-Hur,UAE-based manufacturer of halal beauty products has launched its line of cosmetics in Malaysia. Their range of cosmetics is considered reliable, safe, and comes with international halal certification.
- In 2017, Barentz International B.V. made an acquisition of Finland-based Leipurin Oyj’s meat unit.In all likelihood, the deal is poised to expand the meat ingredients’ portfolio of Barentz International. It will further reinforce its position and expand the market share of the company in the Nordic region.
Some of the most prominent competitors operating in the competitive landscape of global halal ingredients market include –
- Archer Daniels Midland
- Barentz International B.V.
- Koninklijke DSM N.V.
- Purecircle Limited
Global Halal Ingredients Market: Growth Drivers
Health Benefits Offered by Halal Products Generate Market Demand
Large portion of theshares of the global halal ingredients market has beencommanded by the food and beverages industry in the last few years. The demand for halal ingredients is likely to continue with the same dominance in future as well.
Advocates of halal food believe that halal meat is healthier than the non-halal meat and also more humane. This particularly stems from the practice of draining all the blood from the animal once the jugular vein is cut. As the entire blood is drained out, it takes away all types of toxic substances with it. Uric acid is one of the components of blood, which can prove to be extremely damaging, if consumed by humans.
Halal ingredients are also increasingly been used in flavoring agents. Rising demand for new flavors is another factor that is propelling the global halal ingredients market over the period of stipulation. The growing demand for flavors is primarily driven by the ever-evolving preferences of consumers, which now is tilted toward convenience food. Therefore, several food companies seek halal certificates to cater to the growing demand for halal food products and expand business opportunities.
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Global Halal Ingredients Market: Regional Outlook
On the basis of geography, the global halal ingredients market is analyzed across North America, South America, Middle East and Africa, Europe, and Asia Pacific. The Middle East and Africa is likely to be the one of the rapidly growing regions during the assessment period. The regional market has seen rapid strides on the back of the efforts of the United Arab Emirates to globalize halal industry. Numerous Arab countries have recently agreed on new framework for the mutual recognition of halal certificates.
Further, rapidly growing disposable incomes of people in Iran, the UAE, and Saudi Arabia is driving the food and beverage industry in the region. This is adding impetus to the halal ingredients market.
The global halal ingredients market is segmented as:
- Ingredients for Food & Beverage Industry
- Ingredients for Pharmaceutical Industry
- Ingredients for Cosmetics Industry
- Food & Beverage
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