Halal Ingredients Market: Current Analysis and Forecast (2022-2028)

Halal Ingredients Market: Current Analysis and Forecast (2022-2028)

The halal ingredients market is expected to register a CAGR of approx. 4% over the period of 2022-2028. Halal ingredients are those that are permitted by Islamic law to be used in the manufacture of a variety of products. Halal used to be a term reserved only for members of the Islamic faith, but over time it has come to mean anything that is permissible. Halal products have recently become synonymous with healthy, fresh, and clean products, which is aiding in their market demand. The growing demand for halal ingredients can be attributed to the rise in the Muslim population across the globe. For instance, according to the World Population Review, in 2022, The country with the largest number of Muslims overall is Indonesia, which is home to an estimated 231 million Muslims i.e. 86.7% of the Indonesian population and nearly 13% of the world’s total population of Muslims. Owing to the glaring statistics rise in the number of the Muslim population also increasing the consumption of halal food items across the globe is leading to the growing demand for halal ingredients and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the halal ingredients market is anticipated to grow on account of the increase in awareness regarding functional food & beverage products and changing consumer preferences. However, some of the restraints in the market including the lack of uniformity for halal standards in different countries are impeding the growth of this market all over the world.

• Based on the ingredient types, the halal ingredients market is segmented into ingredients for the food & beverage industry, ingredients for the pharmaceutical industry, and ingredients for the cosmetic industry. The ingredients for the food & beverage industry segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe owing to increased demand and consumption of halal food by Muslim as well as non-Muslim populations across the globe.
• Based on application, the market is fragmented into food & beverage, cosmetics, and pharmaceuticals. The food & beverage segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The food companies are focusing on product innovations and providing halal products to cater to the growing demand among consumers.
• For a better understanding of the market adoption of halal ingredients, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Middle East (Saudi Arabia, Qatar, Kuwait, UAE, Bahrain, Oman, Rest of Middle East). Middle East constitutes a major market for the halal ingredients industry owing to the favorable government regulations in GCC countries for halal food, the growing population in the Middle Eastern countries, and rapid economic growth.
• Some of the major players operating in Koninklijke DSM N.V., Cargill Inc, Barentz B.V., Archer-Daniels-Midland Co, Kerry Group PLC, Amara Beauty, Symrise, Nestle Private Limited, BRF SA, Del Monte Philippines Inc among others. Several M&A’s along with partnerships have been undertaken by these players to develop new supplements.