Halal Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Halal Ingredients Market: Snapshot
Halal food is the type, which adheres to Muslim law, as defined in the Quran. An important growth driver for the halal ingredients market in recent times has been the food and beverages industry. Halal ingredients have been used increasingly in flavoring agents. The increasing demand for new flavors is mainly driven by the evolving preferences of consumers, which has now shifted in the direction of convenience food.
This growing demand for new flavors is fueling the halal ingredients market all over the world. An increasing Muslim population, who accept Islamic dietary regulations is an important growth driver for the evolution of the global halal ingredients market in future. Halal ingredients and products are increasingly gaining popularity with the non-Muslim public as well, thereby propelling the halal ingredients market.
Individuals who support halal foods believe that halal meat is healthier than non-halal meat. The belief stems from the method of removing all the blood from the animal after the jugular vein is cut. Once all the blood is removed, any hazardous substance also flows out with it. Uric acid, one of the components in blood, can prove to be extremely destructive, if consumed by human beings. Some of the other applications of halal ingredients outside the food and beverage industry have come in the pharmaceuticals and cosmetics industries.
The global halal ingredients market has been divided into five regions globally: South America, Asia Pacific, North America, Europe, and Middle East and Africa. The Middle East and Africa region is anticipated to grow at a rapid pace in future. The regional halal ingredients market has witnessed growth owing to the efforts in the United Arab Emirates to increase the worldwide presence of the halal industry. Several Arab nations have agreed on fresh framework for the mutual recognition of halal certificates.
Global Halal Ingredients Market: Overview
Growing Muslim population who adopt Islamic dietary guidelines is a key factor driving the evolution of the halal ingredients market over the period of assessment (2018–2028). Halal ingredients and halal products are becoming increasingly popular amongst the non-Muslim populations as well, thereby opening new avenues in the global halal ingredient market.
According to Pew Research Center, a leading fact tank based out of Washington DC, Muslim population is anticipated to expand by a whopping 70% in the coming decades, from 1.8 bn in the year 2015 to 3 billion by 2060.
The global halal ingredients market is segmented on the basis of type, application, and region.
Global Halal Ingredients Market: Notable Developments
The dynamics of the global halal ingredients market is impacted by the following important moves:
Some of the most prominent competitors operating in the competitive landscape of global halal ingredients market include –
Global Halal Ingredients Market: Growth Drivers
Health Benefits Offered by Halal Products Generate Market Demand
Large portion of theshares of the global halal ingredients market has beencommanded by the food and beverages industry in the last few years. The demand for halal ingredients is likely to continue with the same dominance in future as well.
Advocates of halal food believe that halal meat is healthier than the non-halal meat and also more humane. This particularly stems from the practice of draining all the blood from the animal once the jugular vein is cut. As the entire blood is drained out, it takes away all types of toxic substances with it. Uric acid is one of the components of blood, which can prove to be extremely damaging, if consumed by humans.
Halal ingredients are also increasingly been used in flavoring agents. Rising demand for new flavors is another factor that is propelling the global halal ingredients market over the period of stipulation. The growing demand for flavors is primarily driven by the ever-evolving preferences of consumers, which now is tilted toward convenience food. Therefore, several food companies seek halal certificates to cater to the growing demand for halal food products and expand business opportunities.
Global Halal Ingredients Market: Regional Outlook
On the basis of geography, the global halal ingredients market is analyzed across North America, South America, Middle East and Africa, Europe, and Asia Pacific. The Middle East and Africa is likely to be the one of the rapidly growing regions during the assessment period. The regional market has seen rapid strides on the back of the efforts of the United Arab Emirates to globalize halal industry. Numerous Arab countries have recently agreed on new framework for the mutual recognition of halal certificates.
Further, rapidly growing disposable incomes of people in Iran, the UAE, and Saudi Arabia is driving the food and beverage industry in the region. This is adding impetus to the halal ingredients market.
The global halal ingredients market is segmented as:
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