The global Halal Nutraceuticals & Vaccines Market size is expected to grow at a phenomenal CAGR of 7.7% over the projection period from 2022 to 2032. The global market is expected to be valued at US$ 62,510.5 Million in 2022 and total around US$ 131,253.4 Million by 2032. According to the Future Market Insights historical analysis, the sales of the global halal nutraceuticals & vaccines market were registered at a total CAGR of 6.5% from 2016 to 2021.
The growth in the market is on the rise due to the demand for halal products in the vast Muslim population countries, which is bolstering the market growth.
Halal nutraceuticals & vaccines are known as a crucial domestic commodity that has permeated into almost every section of society, leading to a robust and growing global Halal Nutraceuticals & 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).
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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 accounted for by Middle East & Africa (MEA) and APEJ collectively. Favorable government initiatives and campaigns that have been undertaken for encouraging halal products are also predicted to benefit the global market. Growth prospects are likely to remain positive over the coming years, supported by increasing demand for halal dietary supplements. Hospital pharmacies and retail pharmacies will exhibit high demand. The
Key Takeaways
- Government initiatives all over the world are expected to act favorably for the global halal nutraceuticals & vaccines market as it promotes 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 the halal ingredients combined with the prevalence of lifestyle disorders, people are opting 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 will improve growth. Furthermore, the adoption of 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.
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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.
Key Companies Profiled:
- Abbott Laboratories,
- Nestlé
- Amway
- Herbalife International of America, Inc.
- AJ Biologics Sdn Bhd.
- Agropur, Inc.
Key Segments Covered In The Halal Nutraceuticals & Vaccines Industry Analysis
By Product Type:
- Halal Dietary Supplements
- Halal Vaccines
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Super Markets
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By Application:
- Sports Nutrition
- General Wellbeing
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Disease Prevention
- Weight Loss
Have a Look at Related Research Reports in the Healthcare Domain:
- https://bpa-mastery.mn.co/posts/33956126
- https://marketresearch89.wordpress.com/2023/03/21/sleep-aid-devices-market-is-expected-to-surpass-us-133211-98-million-by-2032/
- https://gezelligkletsen.nl/read-blog/35594
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