The global halal ingredients market size is valued at US$ 327.4 Billion in 2022 and it is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2032. The average CAGR is likely to lead the market as it would cross the value of US$ 436.2 Billion by 2032.
Even though Muslims will continue to be a minority in North America and Europe, they will make up a growing proportion of the total population. The Muslim population in Europe is expected to grow by nearly a third to 59.4 million by 2030. At the same time, North America’s Muslim population is expected to more than double, increasing the sales of halal ingredients in these markets. The term halal is gaining a lot of recognition lately as GCC countries promote the Islamic culture and food practices.
The world’s growing and large Muslim consumer market will continue to fuel the halal industry’s escalating growth, opening up an array of halal market opportunities. Growing awareness of Muslim consumers’ religious obligations has also increased the demand for halal services and products. Muslims’ demographics have shifted dramatically in recent years.
The market for certified halal food & beverage, pharmaceuticals, and Cosmetics is growing exponentially. Although the term “halal” has never received as much attention as it has in recent years, demand for halal products is soaring due to the increasing population that prefers halal specification rules.
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Key Takeaways from Market Study
- The halal ingredients products market is expected to expand its roots in the global market at a CAGR of 4.9% over the forecasted period.
- Among the end-use segment, the food & beverage industry is dominating the segment holding around 61.2% of the revenue and it is likely to grow with a CAGR of 4.1% over the forecasted period.
- The North American halal ingredients market is valued at USD 84.1 Bn in 2022 and it is expected to grow with CAGR of 5.4% over the forecast period 2032.
“The rising Muslim population globally, non-Muslim population choosing the halal products together has surged the growth of halal ingredients.” says a Future Market Insights analyst.
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Global Halal Ingredients Market By Category
By End-Use, Global Halal Ingredients Market is segmented as:
- Food Ingredients
- Sauces and marinades
- Thickening agents
- Sugar substitutes
- Flavors
- Other
- Beverage Industry
- Coffee
- Tea
- Concentrated beverages and juices
- Soft drinks
- Health and nutritional drinks
- Cosmetic Industry
- Body and skin care
- Oral care
- Fragrance
- Hair care
- Pharmaceutical
- Active Pharma Ingredients
- Excipients
By Region, Global Halal Ingredients Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Competitive Landscape
Key manufacturers of global halal ingredients market are majorly focusing on research & development in order to develop innovative and unique product offering. In addition to this these key players in the halal ingredients market are also concentrating on merger, acquisition and joint ventures to expand their geographical presence and also to increase the existing production capacity.
- In June 2021, Merck, a global leader in science and technology, introduced its entire cosmetics portfolio including the Candurin® pharmaceutical and food portfolio, has been certified in accordance with several internationally recognised halal standards.
As a result, Merck’s halal-certified product portfolio has expanded to include halal-certified special effect pigments, food colorants, and cosmetic ingredients.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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