Halal Ingredients Market : Analyzed by Business Growth, Development Factors, Applications by 2022-2032
The global halal ingredients market is expected to witness growth at a CAGR of 4.9% in the forecasted period and to be valued at more than USD 436.2 Bn by 2032, while it is valued at US$ 327.4 Bn in 2022.
Even though Muslims will continue to be a minority in North America and Europe, they will make up a growing proportion of the total population. The Muslim population in Europe is expected to grow by nearly a third to 59.4 million by 2030. At the same time, North America’s Muslim population is expected to more than double, increasing the sales of halal ingredients in these markets. The term halal is gaining a lot of recognition lately as GCC countries promote the Islamic culture and food practices.
The world’s growing and large Muslim consumer market will continue to fuel the halal industry’s escalating growth, opening up an array of halal market opportunities. Growing awareness of Muslim consumers’ religious obligations has also increased the demand for halal services and products. Muslims’ demographics have shifted dramatically in recent years.
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The rising trend of using cruelty-free products is fueling the growth of the halal ingredients market in Europe and other developed economies, fueling global halal ingredients market expansion.
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.
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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Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global halal ingredients products market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
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
- Beverage Industry
- Concentrated beverages and juices
- Soft drinks
- Health and nutritional drinks
- Cosmetic Industry
- Body and skin care
- Oral care
- Hair care
- Active Pharma Ingredients
By Region, Global Halal Ingredients Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
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