The global halal nutraceuticals and vaccines market is set to witness significant growth in the coming years, according to experts in the food and beverage industry. Projections indicate that by the year 2033, the market will be valued at an impressive US$ 137,390.9 million.
The market is anticipated to develop at a compound annual growth rate (CAGR) of 7.6% through 2033, indicating significant potential for growth. The halal nutraceuticals and vaccines market is expected to be valued at US$ 66,266.9 million in 2023 alone, highlighting the industry’s expected rapid growth trajectory.
Numerous factors are contributing to this increase, such as rising consumer awareness of halal-certified products and the global desire for items with a health focus. It is anticipated that demand for halal vaccinations and nutraceuticals will increase gradually as people place a higher priority on their health and fitness.
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The halal nutraceuticals and vaccines market represents a crucial intersection of dietary wellness and healthcare ethics, catering to a global Muslim population with dietary and medicinal preferences adhering to Islamic dietary laws. This market has witnessed significant growth with an increasing demand for products that align with Halal principles. Halal nutraceuticals offer consumers access to supplements, functional foods, and beverages that comply with Halal standards, ensuring they meet religious dietary requirements.
Halal nutraceuticals & vaccines are a crucial domestic commodity that has permeated almost every section of society, leading to a robust and growing global Halal Nutraceuticals and vaccines market. Manufacturers are rapidly tapping into several other markets due to the increasing Muslim population in countries such as Indonesia, Malaysia, Singapore, and other countries of Asia Pacific, excluding Japan (APEJ).
Surging demand for halal-certified products across APEJ is anticipated to bolster the market demand with an impressive market index of more than 6.2 during the forecast period. More than 80% of the global halal nutraceuticals & vaccines market revenue is anticipated to be collectively accounted for by Middle East & Africa (MEA) and APEJ. Favorable government initiatives and campaigns that have been undertaken to encourage halal products are also predicted to benefit the global market. Growth prospects will likely remain positive over the coming years, supported by increasing demand for halal dietary supplements. Hospital pharmacies and retail pharmacies will exhibit high demand. The
Halal nutraceuticals and vaccines are pivotal in addressing diverse healthcare needs while adhering to Islamic dietary and ethical principles. These products cater to a global audience, combining the benefits of modern science and technology with compliance with Halal requirements, contributing to advancing healthcare accessibility and inclusivity. – Annalise by the Lead Research Analyst, FMI
Key Takeaways:
- Government initiatives all over the world are expected to act favorably for the global halal nutraceuticals & vaccines market as it promote the consumption of halal products, resulting in higher demands. Furthermore, increasing demand from the Muslim population will spur the demand for halal dietary supplements.
- According to the world and population trends, it has been predicted that by 2023, the world’s Muslim population will reach over 2.2 billion people across the globe. With growing awareness about halal ingredients and lifestyle disorders’ prevalence, people opt for halal dietary supplements such as general well-being, weight loss, and others.
- Surging initiatives from governments of countries with vast Muslim populations are significantly encouraging investments in the production of halal products, which will improve growth. Furthermore, adopting uniform certification for halal products & increasing funds across Malaysia, India, Singapore, and other Asia Pacific excluding Japan (APEJ) countries will accelerate the growth over the forecast period.
- The Malaysian government, which falls under the association of the Ministry of International Trade & Industry, developed halal products & services to promote halal products and make the country a halal hub. These initiatives are anticipated to boost market growth and provide lucrative revenue for the market players, specifically across APEJ and MEA.
Competitive Landscape:
Manufacturers are rapidly adopting various marketing strategies including new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.
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Key Players:
- Abbott Laboratories
- Nestlé
- Amway
- Herbalife International of America, Inc.
- AJ Biologics Sdn Bhd.
- Agropur, Inc.
Halal Nutraceuticals and Vaccines Market Segmentation:
By Product Type:
- Halal Dietary Supplements
- Halal Vaccines
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Super Markets
By Application:
- Sports Nutrition
- General Well-being
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Disease Prevention
- Weight Loss
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding Japan
- Japan
- The Middle East and Africa (MEA)
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