The halal
ingredients market, in terms of value, is estimated to account for USD
45.7 billion in 2019 and is projected to grow at a CAGR of 6.0%, to reach USD
64.8 billion by 2025. The increasing disposable incomes, growing population,
busy lifestyles, and shift in the focus toward highly convenient and instantly
processed food products are some of the key trends influencing the growth of
the halal ingredients market. Companies across food, pharmaceuticals products,
and cosmetics value chain have various opportunities to access or increase
their penetration of halal food and ingredients products, either organically or
through acquisition.
Key Market Players:
• Koninklijke
DSM N.V. (Netherlands)
• Cargill
(US)
• Barentz
B.V. (Netherlands)
• ADM (US)
• Kerry
(Ireland)
• DowDupont
(US)
• Solvay
S.A. (Belgium)
• BASF
(Germany)
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Market Dynamics:
Drivers
• Non-Oic
Countries are Increasingly Relying on the Halal Food Industry
• The
Increase in the Muslim Population is Contributing to Rise in Demand for Halal
Food and Ingredients
Restraints
• Lack of
Uniformity for Halal Standards in Different Countries
Opportunities
• Unaddressed
High-Potential Product Segments for Halal Ingredients
Challenges
• There are
No Common Standards and Being Halal-Certified Does Not Guarantee Access to the
Global Market
The increasing prevalence of chronic diseases and lifestyle-
and age-related diseases have led to a surge in demand for ingredients being
used in the pharmaceutical sector. Major companies are focusing on acquiring
halal certification for their ingredients to cater to the demands of the Muslim
population in the growing pharmaceuticals market. Pharmaceutical ingredients
are primarily made of two substances, which include active pharmaceutical
ingredients (APIs) and excipients. APIs are substances in drugs that actively
benefit consumer health by treating and preventing diseases. Excipients are
inactive substances in drugs that serve as a vehicle to stabilize APIs. The
market growth in the sector is supported by recent developments and investments
in biological and biosimilar drugs.
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The Asia Pacific is estimated to account for the largest
market share in the halal ingredients market in 2019. Rise in the Muslim
population in the Asia Pacific countries and increasing consumption of
convenience food in developing countries is projected to drive the halal
ingredients market. The increasing awareness among consumers regarding halal
cosmetics is attributed to the growth in this segment. The increasing
disposable incomes, growing population, busy lifestyles, and shift in the focus
toward highly convenient and instantly processed food are some of the key
trends influencing the growth of the halal ingredients market in Asia Pacific.
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