The
world market for halal products has expanded at a promising pace in
the last few years and is anticipated to embark upon a path of
exponential growth in the next few years to come. Soaring population
of the Muslim community across the globe and increasing disposable
incomes across a few of the world’s prominent Islamic countries are
anticipated to be the key drivers of the said market.
The
key market players operating in the international market for halal
products can be distinguished by the end use industry they are
catering to. The leading market player in the halal products market
for the food and beverage segment is Nestle S.A. For halal products
for cosmetic and personal care application Unilever is another major
player, besides many other notable players. Reckitt Benckiser Group
plc is the major player which is catering to the demand for halal
products in the chemical and materials industry.
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halal
products marketIn accordance with a recent market research report
that has been published by Transparency Market Research, the world
market for halal products is forecasted to expand at a CAGR of 16.2%
over the period between 2016 and 2024. The report also projects the
international market for chilled and deli foods to reach a market
valuation of around US$ 10.51 trillion by the year 2024. The overall
market was worth around US$ 2.70 trillion in the year 2015.
The
world market for halal products has been regionally segmented into
the geographies of Latin America, North America, Asia Pacific, Middle
East and Africa, and Europe. Due to the presence of a large number of
certified manufacturers and large base of Muslim population, the
world market for halal products in Asia Pacific is projected to have
a substantial positive impact on the overall development of the world
halal products market in the near future. From a country-wise
outlook, the US, Brazil, and India are some of the most important
exporters of halal products. The market for halal products in Middle
East and Africa and Asia Pacific regions cumulatively accounted for
more than 80% of the said global market in the 2015. The halal
products market is also anticipated to experience strong growth in
Europe over the period of forecast period, basically driven by the
growing Muslim population the Western European nations such as the
U.K., France, and Germany. The halal market demand is also forecasted
to be augmented by the large Muslim population based in Russia and
CIS countries.
The
rising population in Muslim nations has been prognosticated to be a
standout factor substantially bolstering the demand for halal
products. Muslims have always been a main shoppers group for halal
products. The developing populace of Muslims worldwide is
estimated to be a promising variable for the advancement of the
market in the years to come.
The
fast development of Islamic countries in the Middle East and
Southeast Asia owing to the increasing discretionary cash flow could
serve as an additional factor speeding up the development of the
global halal products market. The interest for halal products could
be further pushed across the globe due their inclusion in varieties
of food products. Apart from food and beverages, halal products have
been envisioned to find applications in various other sectors such as
pharmaceuticals, nutraceuticals, food supplements, personal care
products, and bakery.
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