The global Halal Market for ingredients was valued at USD 46.8 Billion in 2019 and expected to reach USD 66.9 Billion by the year 2026, at a CAGR of 6.2%.
According to the analysis of Reports and Data, the halal market for ingredient are also getting traction in the healthcare and pharmaceutical industries due to the escalating demand for dietary supplements and their health gains. Customers are witnessing a growing demand for on-the-go, convenient, nutritionally enriched, and functional food & beverage products due to their busy lifestyles. The soaring trends of healthy snacking and increasing consciousness about functional food & beverage products expected to plunge the industry during the expected period.
The need for halal cosmetic products among the 2.4 billion Muslim customers globally is increasing. However, the demand in cosmetics stays unmet because cosmetics production is controlled by non-halal cosmetic manufacturers, whose manufacture methods may not fit in with the requirements of its science. The development of these cosmetics and the assessment of their product performance is still in its early stages. The incorporation of its science in the manufacture of most cosmetic products remains insufficient.
Moreover, there is a global deficiency of guiding documents on the growth and assessment techniques in the production of comprehensively halal cosmetics. It aims to abridge existing literature and knowledge of halal and cosmetic science to provide essential technical guidance in the production of these cosmetics. Also, the adoption of these methods addresses the unique ethical issues associated with the conformance of cosmetics’ product performance to spiritual practices and its science.
Favorable government rules in GCC countries for is driving the Halal ingredients market beside the growing populace in the Middle Eastern nations is driving the overall market. Also, rapid economic development, as a result of the steady political environment in countries such as Saudi Arabia, Iran, and the UAE, is aiding to the growth in the F & B and consumer product industries.
Similarly, the growing population and increase in the disposable income in the region are factors driving the demand for products produced using these ingredients, which in turn, expected to drive the market.
Further key findings from the report suggest:
- The Halal Ingredients market is growing at a CAGR of 3 % in the Middle Eastern Region due to more influx of migrants and increasing regulations for strict usage of halal food. The region also witnessed more product innovation and funding for the promotion of these foods.
- The Flavors segment dominated the ingredients in the F & B industry due to the increase in certification agencies. Thus food products certified as halal or kosher should have their constituent raw materials, processing aid ingredients, processing and sanitation chemicals, packaging material, etc. meet the religious dietary requirements
- Countries like Australia are also playing a significant role in the food market. Australia, with a local Muslim populace of about half a million, has come to be a world leader in the processing and manufacturer of halal meat and meat products. The continent is a long-trusted provider of Beef and Lamb to over 100 nations in the world, comprising the Middle East.
- Australia has one of the strictest Halal Programs in the world. The Australian Government Certified Program (AGAHP) undertaken in collaboration with the Australian Government’s Division of Agriculture & Water Resources and Australian Islamic Organizations. Collectively, they enforce the best practices of production guidelines, which have aided to the global acknowledgment that Australia’s Halal program is amongst the most meticulously implemented system in the world