ESOMAR-certified consulting firm Future Market Insights’ report, projects a steady growth of global halal nutraceutical & vaccines market. The report has forecast the market to reach a valuation of US$ 116381.3 Mn over the forecast period of 2021 and 2031.
Growing demand for halal dietary supplements from Muslim dominant countries is accelerating the demand of halal nutraceutical & vaccines across the globe.
Key players are investing heavily in order to adhere to the regulations of halal products to cater the demand. Initiatives undertaken and increased funding for the promotion of halal dietary supplements across Malaysia, UAE, Singapore and China will bolster the growth.
Development of halal products for vegetarian customers with the increasing prevalence of lifestyle disorders such as diabetes, obesity and others are propelling the demand for halal dietary supplements.
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As per the FMI’s analysis, due to the high demand from the GCC countries, Indonesia and Malaysia for dietary supplements & other products, the market witnessed steady growth at 6.50% CAGR during 2016-2020.
However, high cost of production in compliance to the regulation of halal certification will impede the market growth. Less production and demand from the U.S, the U.K and other western countries might hamper the demand.
Key Takeaways from FMI’s Halal nutraceutical & vaccines Market Study
- By distribution channel, hospital pharmacies segment will remain highly sought-after for halal nutraceutical & vaccine sales.
- In terms of application type, general wellbeing will retain its dominance, while immune & digestive health will account for second largest application
- Halal dietary supplements will dominate the halal nutraceutical & vaccines market in terms of product over the forecast period
- Indonesia and Switzerland will emerge as the leading market across Asia Pacific excluding Japan backed by the high demand of halal dietary supplements
- UAE will emerge as the most lucrative market registering fastest growth in terms of value over the forecast period
- Malaysia is anticipated to lead the Asia’s Halal nutraceutical & vaccines market, exhibiting the growth at 18.3% CAGR
Prominent halal nutraceutical & vaccines market players profiled by Future Market Insights include Chemical Company of Malaysia Berhad, Abbott Laboratories, Nestle, Amway, Herbalife International of America Inc., AJ Biologics SDN BHD, Agropur Inc., PT Kalbe Farma TBK, Kotra Pharma SDN BHD, and Noor Vitamins among others.
Abbott Laboratories and Herbalife International of America, Inc. are two leading companies dominating the global halal nutraceuticals & vaccines market.
While Abbott Laboratories is expected to focus on producing halal nutraceutical & vaccines for infants, women and specific therapeutic nutrition, Herbalife is emphasizing its business measures more towards consumer awareness through promotional campaigns.
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