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.
Muslims will remain a minority in North America and Europe, but they will account for an increasing fraction of the total population. By 2030, Europe’s Muslim population is predicted to have increased by more than a third, reaching 59.4 million. At the same time, North America’s Muslim population is predicted to more than triple, driving up demand for halal components in these regions. The term “halal” is gaining popularity as GCC countries promote Islamic culture and culinary traditions.
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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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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