Halal Market 2020 Consumption Analysis, Health Benefits, Production Growth, Regional Overview and Forecast Outlook till 2025
Increasing Muslim Population Coupled With Rise In Halal Certified Products Offering To Drive The Global Halal Market At A Projected CAGR Of 10%
Dallas, United States – April 29, 2021 /MarketersMedia/ —
The global halal market size is expected to reach USD 9.71 trillion by 2025. Growing Muslim consumers coupled with the increasing offering of halal-certified products is expected to drive the global halal market over the projected period. Developed Islamic economic ecosystem coupled with investments in the halal industry by Philippines, China, and Thailand is expected to increase market concentration over the coming years. Technological advancement in the global halal industry to offer halal certified products has gained consumer attraction over the past few years. For instance, evolving blockchain technology to confirm halal compliance during each stage of the production has eliminated fraud and increased product quality.
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Operating in the global halal food industry are offering halal certified ingredients in their product by virtue of growing consumer demand. Multinationals are grabbing opportunity by expanding their facilities. For instance, in 2018, Haribo, a gummy manufacturer opened a halal candy store in the UK. Moreover, growing halal consumption all over the world has encouraged multinationals to enter the market. For instance, in 2018, Japan’s Mitsubishi Corporation invested in Al Islami Foods, a UAE-based halal manufacturer. This strategic initiative will not only increase production of Al Islami Foods but also accommodate the demand for halal products domestically and globally.
In 2017, halal media & recreation industry accounted for more than 4% of the global market share. Halal media & recreation is gaining pace from big screen to Netflix for Muslims. Increasing demand for Arabic content coupled with developing local series by Netflix is expected to develop the global halal media industry over the projected period. Moreover, increased high-end production of TV series such as Ertugrul (Ottoman version of Game of Thrones) and development of spiritual apps and websites is gaining audience over the past few years. Furthermore, UK held the Muslim cultural and literature festival, this in turn, is expected to prompt the halal media & recreation industry.
Halal pharmaceutical and halal cosmetics together accounted for nearly 4% of the overall market share in 2017. Over the past few years, halal pharmaceutical and halal cosmetic products market is gaining leaps as more products are manufactured with halal standards. The increasing popularity of halal nutraceuticals followed by technological development in the pharmaceutical industry such as halalopathy is expected to drive the market over the coming years.
Al Salam Bank-Bahrain, Al Rajhi Bank, INAYAH, MMA Bio Lab Sdn Bhd, Pharmaniaga, Midamar, Nema Food Co., Ivy Beauty Corporation Sdn Bhd, CLARA INTERNATIONAL BEAUTY GROUP, and Crescent Foods are the leading players present within the global halal market. Manufacturers operating in this industry are adopting merger & acquisitions and new product development to increased market competitiveness. For instance, in 2015, Beijing Xiauxun Agriculture acquired Linxia Qinheyuan Halal Food Co.
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Key segments of the global halal market
Product Overview, 2015-2025 (USD Billion)
Food & beverages
Tourism
Media & recreation
Finance
Fashion
Pharmaceutical
Cosmetics
Regional Overview, 2015-2025 (USD Billion)
Americas
S.
Europe
Russia
France
Asia-Pacific
Indonesia
India
Malaysia
Middle East
Saudi Arabia
Iran
Africa
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Contact Info:
Name: Ryan Johnson
Email: Send Email
Organization: Adroit Market Research
Website: https://www.adroitmarketresearch.com/industry-reports/halal-market
Source: MarketersMedia
Release ID: 89008029
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