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.
With the halal ingredients market set for growth, stakeholders including companies, investors, regulators, and intermediaries, such as e-commerce platforms, education providers, and app developers are focusing on catering to the lucrative opportunities in the halal ingredients market. The use of halal ingredients is of critical importance for Muslim consumers, and these ingredients cannot be derived from pigs, alcohol, or other sources, and require careful detection and vigilance by the importing authorities in OIC countries, and ultimately the consumers.
Key players in the halal ingredients market include Koninklijke DSM N.V. (Netherlands), ADM (US), DowDupont (US), Kerry (Ireland), Solvay S.A. (Belgium), Barentz B.V. (Netherlands), Cargill (US), BASF (Germany), Symrise (Germany), Ashland (US), Purecircle Limited (Malaysia), and Halagel (Malaysia). Key market players, along with the other players, adopted various business strategies such as new product launches, expansions, and joint ventures & agreements, in the last few years, to meet the growing demand for halal ingredients.
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