Published on : Nov 08, 2016
The global halal products market is growing exponentially due to the increasing Muslim population. This is because of the fact that along with food and beverages, this market also focuses on pharmaceutical and personal care products. In addition, the increasing purchasing power of Islamic nations owing to swift development of their economy, particularly in South East Asia and the Middle East is a prime factor fuelling the development of the market. Furthermore, halal products’ consumption is also high in the non-Muslim population, hence supporting the development of the overall market.
Increasing Degree of Globalization to Mushroom Growth of Halal Products Market
The increasing multilateral trade agreements and the rising degree of globalization have also increased the trade of halal products globally, hence stimulating market growth. Furthermore, the advancement in the retail sector will also provide impetus to the growth of the halal products market. On the other hand, the absence of uniformity in halal standards is a primary factor impeding the development of this market. Nonetheless, the increasing government support provided in nations with high demand for halal product through incentives is a key opportunity seen in the global halal products market.
Processed Foods and Primary Meat product Segments Held a Dominant Share in 2015
There are primarily six types of halal products in the market, namely personal care, cosmetics, pharmaceuticals, primary meat, processed food and beverages, and other halal products. Of these, in 2015, the segment of processed foods and primary meat held a significant share in the market, on the basis of revenue and are predicted to hold a dominant position in the market till 2024.
Geographically, the halal products market is segmented into Europe, North America, the Middle East and Africa, Asia Pacific, and Latin America. Amongst these, the Middle East and Africa and Asia Pacific collectively held a share of 85% in 2015 and are poised to maintain their superiority all through the 2024.
The main companies in the global halal products market are The Coca Cola Company, Nestle S.A., Kellogg’s Company, Unilever Plc, GlaxoSmithKline Plc, L’Oreal S.A., and Krafts Food Group Inc., among others, as per this study.