The global halal food market size is projected to attain a valuation of US$ 3,229,805.32 million by 2033. Our food and beverage industry analysts opine that halal food providers can expect a CAGR of 9.6% through 2033, with the current valuation of US$ 1,291,429.8 million in 2023.
In North America and Europe, Muslims will continue to be a minority, but their share of the population will grow. The number of Muslims in Europe is expected to rise by more than a third by 2030, to 59.4 million. The Muslim population in North America is expected to more than triple at the same time, increasing the need for halal ingredients in these areas. With the GCC countries promoting Islamic culture and culinary traditions, the term “halal” is becoming more and more common.
The world’s expanding and large Muslim consumer market will continue to drive the halal industry’s rapid growth, offering a variety of halal market opportunities. The growing awareness of Muslim consumers’ religious needs has increased demand for halal services and products. Muslim demography have altered dramatically in recent years.
The market for certified halal food and beverages, pharmaceuticals, and cosmetics is expanding rapidly. Although the name “halal” has never garnered as much attention as it has in recent years, demand for halal products is expanding as a larger populace chooses halal specified norms.
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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.
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