The
global halal products market has been foretold in a report by
Transparency Market Research (TMR) to showcase a noticeable
enhancement in terms of growth. This could be attributed to a wide
variety of offerings made available by the market in different
sectors. Leading food companies dealing with halal products have been
expected to account for a 50.0% share of the market with respect to
revenue. Reckitt Benckiser Group Plc. has been researched to be a
vital player of the market in respect of the necessities in the halal
products domain of the materials and chemicals sector. Other
prominent market players taking a lead position in the cosmetic and
personal care and food and beverages sectors could include Unilever
and Nestle S.A. respectively.
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According
to TMR, a revenue earning of US$10.51 trillion could be achieved by
the global halal products market by the end of 2024 at a CAGR of
16.2% during the forecast period 2016-2024. In 2015, a US$2.70
trillion valuation had been touched by the market. The processed food
and beverages segment has been anticipated to dominate the market
during the course of the forecast period. A close to 50.0% of the
demand had been cumulatively secured by processed food and beverages
and primary meat in 2015. Accounting for a nearly 47.74% share in
2015, Asia Pacific could lead the market in the coming years.
Increasing
Muslim Population Worldwide Assures Spiraling Demand
The
growing population in Muslim nations has been predicted to be a
standout factor significantly augmenting the demand for halal
products. Muslims have always been a key shoppers group for halal
products. Before the end of 2030, according to the researchers,
nearly 26.0% of the total world population is forecast to be of
Muslims. This could be a strong jump from a 19.9% held in 1990. The
developing populace of Muslims worldwide is projected to be a
promising variable for the advancement of the market in the near
future.
The
rapid development of Islamic countries in Southeast Asia and the
Middle East due to the increasing discretionary cash flow could act
as an additional factor speeding up the development of the world
halal products market. The interest for halal products could be
pushed further across the globe because of their inclusion in
different food products. Besides food and beverages, halal products
have been envisioned to find applications in other sectors such as
food supplements, bakery, nutraceuticals, personal care products, and
pharmaceuticals.
Absence
of All-inclusive Uniform Halal Standard Dampens Growth
As
researched by the analysts authoring the report, the international
halal
products market could be hindered by the lack of a
comprehensive uniform standard. Moreover, the absence of transparency
with regard to the inclusion of ingredients for personal care and
pharmaceutical products has been envisaged to slow down the demand in
the market.
Nevertheless,
there could be powerful growth opportunities lined up on the back of
increasing disposable income and the global rise of the Muslim
community. The primary meat segment could provide rewarding prospects
in the international halal products market as it experiences an
exponential growth, especially in underdeveloped and developing
countries. The massive migration of people from Muslim-majority
countries such as Syria, Afghanistan, and Iraq into the Europe Union
(EU) supported by German Chancellor Angela Merkel’s open door
policy could be a major opportunity for players operating in the
market. The rising Muslim population in Western Europe countries such
as the U.K., France, and Germany has been expected to strikingly up
the demand for halal products.
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