Halal stands for lawful or permissible in the Arabic language. The recent past has witnessed a rampant rise in demand for halal-certified products. Halal nutraceuticals are products that are derived from halal food sources and contain nutritional value and provide health benefits. Nutraceuticals can be categorized into dietary supplements, functional foods, and processed foods. Foods and food products like dietary supplements are generally halal if they are free from anything specifically prohibited by Islamic law and if they are made, handled, manufactured, and stored using equipment that has been cleaned according to Islamic law.
Market Dynamics
The rising Muslim population, and investments in halal product manufacturing. Vendor assessment is important in this market, as hospitals and retail pharmacies are expected to be key demand drivers. Key players in the industry are expanding their product portfolios by launching new products. Their key growth strategies are mergers and acquisitions, collaborations, new product innovation, and geographical expansion. Despite the projected growth, potential limitations to market expansion include regulatory issues and cultural sensitivities. For instance, in 2020, Simpor Pharma Sdn Bhd, is contract manufacturer in compliance with the worldwide current GMP standard for pharmaceutical plant in Brunei, launched its initial range of halal health supplements at opening of the Third ASEAN Consumer Fair (ACF). Simpor Pharma said the plant was established by Viva Canada as a base for expanding its product range into Muslim countries.
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