Halal Product Market Applications, Segmentations & Forecast by 2024

Halal Product Industry Present Scenario and Growth Prospects
from 2017 to 2024: Global Market Insights Inc.
Halal product food segment is expected to dominate the overall industry share
accounting for more than 50% share. Improved packaging coupled with increasing
number of halal product manufacturers, cultural diversity across the globe and
migration of population from Middle east nations are the key factors for fueling the
industry demand.
Halal Products Market size is driven by continuous growth of Muslim population across
the globe coupled with increasing globalization. Muslim religion is second largest and
fastest growing religion among the world. Global Muslim population is expected
account for 25% of overall global population by 2030. Study showed that overall
customer base spread over 112 countries is over 1.9 billion. Food, Nutrition and
Animal Feed.
Increasing demand for various halal product along with improvement in supply chain
management are the key factors driving the overall industry demand. Moreover, high
growth in product penetration across food & beverage, beauty products, personal care
and pharmaceutical industries will further boost the market demand.
Growing consumer purchasing power across European nation along with
enhancement in overall development in retail sector are the factors driving the overall
halal product market demand. Substantial number of retail outlet across globe to
maintain standards of potential customers will drive the industry demand. Moreover,
halal certification standards across retail and product visibility across outlets have
witnessed notable upsurge in the industry.
Rising globalization coupled with favorable trade policies promoting healthy product
growth is expected to drive the industry growth. Additionally, halal products market
sector is turned to be highly organized sector resulting with increased popularity and
maintaining the overall standards laid by the certification board.
Product penetration across personal care items, pharmaceuticals, health supplement,
and in food industry have witnessed a noticeable growth. Moreover, increasing
popularity across other community have resulted in upsurge in the halal product
adaption. Meeting product standard requirement to boost trade across Muslim
countries is favorable to the products certified by Department of Halal Certification
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considering necessary Islamic dietary obligations. Study shows that over 70% of
overall Muslims follow these principles.
Europe, led by UK, Italy and Russia may witness rapid growth owing to increasing
product penetration in the regional market. Shifting consumer preference towards
product with rising processed food industries will propel the industry growth. Lack of
availability of manufacturing depending most on the imports is expected to affect the
price trend of the halal product industry.
Asia pacific led by India, Malaysia & Indonesia with high potential customers is
expected to show significant growth over forecast timeframe. Asia Pacific along with
Middle East accounts for more than 80% of overall market share and is expected to
dominate the overall market with customer base over 400 million. Moreover, subsidies
are offered in the country with higher Muslim population promoting the product
manufacturing.
Middle East halal product market is majorly dependent on import of the product due to
lack of production facilities. Moreover, availability of large customer base is expected
to drive the overall business demand. Reduce dependency on imports governments
are implementing measures to widen the regional production of products catering to
local market and achieve required standards.
Diversified rules and standards are accepted by different countries resulting in
ambiguity of the product standards. However, product accepted by one of the country
standard may not be accepted by other country standard. Absence of overall standard
of the halal product may act as challenge for market growth. Moreover, acceptance of
product from other community is very low owing to trust issues.
Few key notable players include Krafts Food Group, Nestle, Kellogg’s, Coca Cola,
Unilever, L’Oreal and GlaxoSmithKline Pharmaceuticals. Increased product promotion
with appropriate standards along with advantages over other competitive products are
the key strategies applied by the industry players. In addition to this, providing better
logistics and acquiring halal product standards according to various norms laid by
different countries are the key factors for industry growth.
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