April 20, 2024
Halal Products Market

The Global Halal Products Market is Estimated to Witness High Growth Owing to Rising Disposable Incomes in Muslim Majority Nations

The halal products market encompasses a wide variety of food products, personal care products, pharmaceuticals and services that adhere to Islamic Sharia laws. These include halal certified meats such as beef, lamb and chicken as well as snacks, beverages and ready meals. Halal products are appealing to non-Muslim consumers as well due to their natural, organic and ethically sourced ingredients. The rising awareness of Islamic dietary restrictions globally has positively impacted the demand for halal foods and daily essentials.

The Global Halal Products Market Size 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.

Key Takeaways

Key players operating in the halal products market are Stryker, KARL STORZ, Carl Zeiss Meditec, Leica Microsystems, Olympus Corporation, PerkinElmer, and LI-COR. These companies dominate the market through innovative product launches and collaborations to expand their halal offering globally.

The key opportunities in the market include rapid urbanization in Muslim majority countries, increasing Muslim population worldwide, rising disposable incomes, growing tourism and trade with Islamic nations. Many non-Muslim countries and regions are also adopting halal accreditations to capture this lucrative demographic segment.

Global players are focused on expansions to strengthen their presence across high potential halal products market in the Middle East, Southeast Asia and Africa. Localization strategies involving facilities, sourcing and certifications help built trust and address regional compliance needs. Partnerships with distributors further aid international availability of halal goods.

Market Drivers

The rising disposable incomes in Islamic nations is a major market driver. As spending power increases, consumers have become more affluent and brand-conscious. They are willing to pay premium prices for high quality, authentic halal products. This flourishing middle class presents lucrative opportunities for halal goods spanning food, pharmaceuticals, cosmetics and lifestyle sectors.

PEST Analysis
Political: The increasing regulations and guidelines released by regulatory bodies regarding halal certification will positively impact the market growth. Many countries have established authorities and implemented strict policies for halal products to ensure quality standards.

Economic: Rising disposable incomes and growing middle class population in Muslim dominated regions are major factors leading to increased demand for halal certified products. Additionally, increasing population and urbanization will augment the market value over the forecast period.

Social: Wide acceptance and preference for halal certified products among Muslim consumers. Growing halal awareness regarding ingredients used and manufacturing processes adopted is fueling the market demand. Shifting lifestyle patterns and health consciousness is supporting the adoption of halal food and cosmetics products.

Technological: Advancements in testing methods used for halal authentication and certification of products. Implementation of blockchain, IoT, and AI based solutions allow manufacturers to ensure traceability of raw materials and strengthen supervision across supply chain.

Geographical Concentration

The Middle East region dominates the global market and accounts for the largest share in terms of value. Factors such as growing Muslim population, high per capita incomes, and expanding food & beverage sectors in countries like Saudi Arabia, United Arab Emirates, and Iran have made this region a prime market for halal products. Large domestic consumption and rising tourism activities further augment the regional market growth.

Fastest Growing Region

South East Asia Pacific is poised to be the fastest growing region during the forecast period due to rapid urbanization, economic development, and rising health awareness among population. Large Muslim population base countries including Indonesia, Malaysia, and Singapore are major contributors to the regional market expansion on account of increasing rates of product adoption, improved foreign trade relations, and developing retail infrastructure.

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