The Halal products market comprises of various food items and non-food items that meet Islamic law specifications. Key products in this market include halal food and beverages, halal pharmaceuticals, halal cosmetics and personal care products, halal logistics, and halal media and recreation. Halal food and beverage products are in high demand globally due to the avoidance ofconsumption of pork and alcohol by Muslims.
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. The growing Muslim population globally and their rising disposable incomes are expected to present significant opportunities for players in this market. Technological advancements in the certification process through blockchain technology is also expected to drive the market growth during the forecast period.
Market drivers
One of the primary drivers fueling the growth of the halal products market is the growing Muslim population worldwide. According to Pew Research Center estimates, the global Muslim population is forecast to increase by about 73% to reach 2.76 billion by 2050. The surging population of Muslims is translating into increased demand for certified halal food and non-food products across regions. Strong enforcement of halal regulations and certification standards by governing bodies in many countries is also propelling the market expansion.
Current Challenges in Halal Products Market
The halal products market is growing at a rapid pace. However, there are a few challenges being faced. Standardization of regulations and certification is lacking across different countries and regions. This leads to confusion among consumers and businesses. There are also concerns regarding mislabeling and duplication of certifications. Ensuring food safety and hygiene standards as per Islamic principles during manufacturing is another challenge faced by many players. Building trust among non-Muslim consumers about halal credentials also requires focused efforts.
SWOT Analysis
Strength: Growing Muslim population globally is driving significant demand. Strict adherence to religious guidelines makes it an ethical choice.
Weakness: Lack of uniform regulations makes compliance complex. High certification and auditing costs impact small businesses.
Opportunity: Emerging markets like Asia and Africa offer huge untapped potential. Non-Muslim population is also increasingly adopting halal products.
Threats: Negative propaganda against certain certifiers can dent credibility. Economic slowdowns may temporarily impact consumer spending.
Geographical Regions
The Middle East region currently accounts for the largest share of the global halal products market in terms of value. This is owing to the presence of large Muslim populations in countries such as Turkey, Iran, Saudi Arabia, and UAE. However, Southeast Asian countries like Indonesia, Malaysia and Pakistan are emerging as the fastest growing regional markets driven by growing incomes, population expansion and rising religious affinity.
Strategic Focus on Southeast Asia
Given its status as the world’s most populous Muslim market and robust economic growth rates, Southeast Asia presents significant opportunities for halal brands. Countries like Indonesia, Malaysia and Thailand are prioritizing halal certification to tap their devout domestic consumer bases as well as attract religious tourists and investors from the Middle Eastern region. Strategic partnerships and acquisitions can help global players strengthen their footprint and distribution networks across ASEAN countries to gain an edge.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it