The
global halal products market has expanded at a promising pace in the
past few years and is expected to embark upon a path of exponential
growth in the next few years as well. Rising global population of the
Muslim community and rising disposable incomes across some of the
world’s prominent Islamic countries are expected to be the key
drivers of the market. However, the market is expected to bear the
brunt of the lack of transparency with respect to the use of
ingredients for the pharmaceutical and personal care products and the
absence of a globally uniform halal standard.
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Transparency
Market Research estimates that the global halal products market,
which was valued at US$2.70 trillion in 2015, will rise to US$10.51
trillion by 2024, exhibiting a CAGR of 16.2% from 2016 to 2024.
Food
and Beverages Industry to Constitute Bulk of Sales
Primarily,
food and beverages are considered to be the key varieties of halal
products. However, pharmaceutical, personal care products, and other
products such as nutraceuticals, bakery, and food supplements also
account for significant share of the halal products market. For this
study, the halal products market has been examined for product types
such as primary meat, processed food and beverages, pharmaceuticals,
and cosmetics and personal care.
Of
these, the segments of primary meat and processed food and beverages
cumulatively accounted for nearly 50% of the market demand in 2015.
The segment of processed food and beverages accounted for the
dominant share in the global halal
products market in 2015. Owing to the rising global demand
for processed food, the halal processed food and beverages segment is
expected to maintain its steady growth rate during the forecast
period as well.
Despite
the high growth rate of the processed food and beverages segment,
independent halal butchers have an upper hand against their retail
counterparts when it comes to customer services and customer trust in
the absence of proliferation of modern retail outlets. Owing to this,
the primary meat segment is also projected to witness exponential
growth, especially in developing and under-developed economies in the
next few years.
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