The global Halal Products Market is estimated to be valued at US$ 879.6 Bn in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Halal Products Market refers to products and services that are produced, manufactured, and consumed in accordance with Islamic principles and guidelines. These products are gaining popularity among the Muslim population due to their halal-certified status, which ensures their compliance with religious dietary restrictions. The growing Muslim population, along with an increasing awareness about halal products among non-Muslim consumers, is driving the demand in the market. Halal products include food and beverages, cosmetics, pharmaceuticals, personal care products, and financial services.
Market Key Trends:
One key trend in the Halal Products Market is the increasing adoption of halal-certified cosmetics and personal care products. Muslims are increasingly seeking halal-certified products in all areas of their lives, including cosmetics and personal care. This trend is driven by the desire to align religious values with everyday activities. The rising awareness about the use of halal ingredients in these products, such as no alcohol or animal-derived ingredients, is fostering the demand for halal-certified cosmetics and personal care products. Market players are responding to this trend by launching halal-certified product lines to cater to the growing consumer demand.
The global Halal Products Market can be segmented into various product types such as food and beverages, personal care products, pharmaceuticals, and cosmetics. Among these segments, the food and beverages segment dominates the market, accounting for the largest share. This can be attributed to the increasing Muslim population, especially in countries like Indonesia, Malaysia, Pakistan, and Saudi Arabia, where the demand for Halal-certified food is high. Additionally, the growing awareness about the health benefits and ethical considerations associated with Halal products is further driving the demand in this segment. Food and beverage companies such as Nestle S.A., Cargill, The Coca Cola Company, Kellogg’s Company, Krafts Food Group Inc., and Unilever Plc are some of the key players operating in this segment.
The global Halal Products market is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period. This growth is primarily driven by the increasing Muslim population and their preference for Halal-certified products. The demand for Halal food and beverages is particularly strong in countries with significant Muslim populations, such as Indonesia, Malaysia, Pakistan, and Saudi Arabia. These countries have stringent regulations and guidelines for the production and certification of Halal products, which further contributes to the market growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the Halal Products market. This can be attributed to the presence of a large Muslim population, combined with increasing disposable incomes and changing consumer preferences. The Asia Pacific region is also witnessing rapid urbanization and westernization, which is leading to a higher demand for Halal products. Moreover, government initiatives promoting Halal certification and increasing investments in the Halal industry further support the market growth in this region.
Some of the key players operating in the Halal Products market include Nestle S.A., Cargill, The Coca Cola Company, Kellogg’s Company, Krafts Food Group Inc., Unilever Plc, GlaxoSmithKline Plc, Al Islami Foods, and L’Oreal S.A. These players are focusing on product innovation, expanding their distribution networks, and strategic acquisitions to strengthen their market position. With the increasing demand for Halal products, these key players are expected to witness significant growth in the coming years.