The global halal products market has been foretold in a report by Transparency Market Research (TMR) to showcase a noticeable enhancement in terms of growth. This could be attributed to a wide variety of offerings made available by the market in different sectors. Leading food companies dealing with halal products have been expected to account for a 50.0% share of the market with respect to revenue. Reckitt Benckiser Group Plc. has been researched to be a vital player of the market in respect of the necessities in the halal products domain of the materials and chemicals sector. Other prominent market players taking a lead position in the cosmetic and personal care and food and beverages sectors could include Unilever and Nestle S.A. respectively.
According to TMR, a revenue earning of US$10.51 trillion could be achieved by the global halal products market by the end of 2024 at a CAGR of 16.2% during the forecast period 2016-2024. In 2015, a US$2.70 trillion valuation had been touched by the market. The processed food and beverages segment has been anticipated to dominate the market during the course of the forecast period. A close to 50.0% of the demand had been cumulatively secured by processed food and beverages and primary meat in 2015. Accounting for a nearly 47.74% share in 2015, Asia Pacific could lead the market in the coming years.
Increasing Muslim Population Worldwide Assures Spiraling Demand
The growing population in Muslim nations has been predicted to be a standout factor significantly augmenting the demand for halal products. Muslims have always been a key shoppers group for halal products. Before the end of 2030, according to the researchers, nearly 26.0% of the total world population is forecast to be of Muslims. This could be a strong jump from a 19.9% held in 1990. The developing populace of Muslims worldwide is projected to be a promising variable for the advancement of the market in the near future.
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The rapid development of Islamic countries in Southeast Asia and the Middle East due to the increasing discretionary cash flow could act as an additional factor speeding up the development of the world halal products market. The interest for halal products could be pushed further across the globe because of their inclusion in different food products. Besides food and beverages, halal products have been envisioned to find applications in other sectors such as food supplements, bakery, nutraceuticals, personal care products, and pharmaceuticals.
Absence of All-inclusive Uniform Halal Standard Dampens Growth
As researched by the analysts authoring the report, the international halal products market could be hindered by the lack of a comprehensive uniform standard. Moreover, the absence of transparency with regard to the inclusion of ingredients for personal care and pharmaceutical products has been envisaged to slow down the demand in the market.
Nevertheless, there could be powerful growth opportunities lined up on the back of increasing disposable income and the global rise of the Muslim community. The primary meat segment could provide rewarding prospects in the international halal products market as it experiences an exponential growth, especially in underdeveloped and developing countries. The massive migration of people from Muslim-majority countries such as Syria, Afghanistan, and Iraq into the Europe Union (EU) supported by German Chancellor Angela Merkel’s open door policy could be a major opportunity for players operating in the market. The rising Muslim population in Western Europe countries such as the U.K., France, and Germany has been expected to strikingly up the demand for halal products.