April 14, 2024
Halal Products Market

Halal Products Market Driven By Rising Muslim Population Globally

Halal products refer to goods and services that are compliant with Islamic Sharia law. This includes food items, personal care products and lifestyle items. Halal food is very popular across the globe, with food accounting for over 80% of the overall halal products market. Meat and poultry are the largest food categories, along with beverages, dairy and snacks. The personal care segment includes cosmetics and skin care products that are formulated using ingredients permissible according to Islamic laws. Lifestyle items consist of clothing, media and recreation products. There is growing demand for halal certified products across industries as the Muslim population strives for Sharia compliant alternatives.

The global Halal Products Market is estimated to be valued at US$ 2843.03 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising Muslim population across the globe remains the key driver boosting the Global Halal Products Market Size. According to Pew Research Center, the Muslim population is expected to grow faster than the world’s population as a whole. It is projected that by 2050, the global Muslim population will nearly equal the worldwide Christian population. This demographic shift has created a large customer base seeking halal certified items. Manufacturers are launching new product lines targeting this growing consumer segment. There is also increasing focus on stricter halal certification and standardization of products to build consumer trust. The introduction of blockchain technology allows transparent tracking of halal ingredient sourcing and supply chains. Innovation in halal food processing and packaging further expands market opportunities.

Porter’s Analysis

Threat of new entrants: The halal products market requires large capital investments and regulatory approvals that limit entry of new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and existence of many suppliers.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers for raw materials and components required for halal products.

Threat of new substitutes: Threat of substitutes is low as halal products address religious and cultural requirements of consumers that cannot be fulfilled by alternatives.

Competitive rivalry: The market is growing steadily attracting new players, increasing competition.

Key Takeaways

The global Halal Products market is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: The Asia Pacific region currently dominates the global halal products market due to large Muslim populations in countries such as Indonesia, Pakistan, and India.

Key players: Key players operating in the Halal Products market are Stryker, KARL STORZ, Carl Zeiss Meditec, Leica Microsystems, Olympus Corporation, PerkinElmer, and LI-COR. Strategic partnerships and new product launches have been key strategies adopted by these players to strengthen their positions in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it