Halal Product Market Applications, Segmentations & Forecast by 2024

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.
2 | P a g e