As per as study by Future Market Insights (FMI), the global market for Halal Nutraceutical and Vaccines is estimated to surpass a valuation of US$ 116.3 Bn by the end of 2031 in comparison to the valuation of US$ 58 Bn in 2021.
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The demand for halal nutraceutical & vaccines is surging particularly in countries with sizeable Muslim demography due to the increasing consumption of halal products. As per the findings by the World and Population Trends, the world’s Muslim population is projected to reach around 2.2 billion people across the globe by the end of 2030.
Growth prospects are likely to remain positive, supported by growing consumer awareness in favor of halal dietary supplements. Considering this, immune and digestive segment is anticipated to register increasing demand in the coming years
Besides this, government initiatives undertaken to produce and promote halal products will present a positive demand outlook. Improving focus on adopting uniform certifications for halal products specifically across India, Singapore and Malaysia will expedite growth of the halal nutraceutical & vaccines market over the assessment period.
Among various applications, the general wellbeing application segment is expected to register impressive growth, accounting for over US$ 41 Mn in 2021. In the coming years, the market will gain from the increasing investments in research and development activities as market players seek to introduce innovations in dietary supplements.
The China market for halal nutraceutical & vaccines is expected to emerge as a highly lucrative pocket in Asia Pacific. Backed by growing demand for halal beauty supplements, the pharmaceutical & nutraceutical companies in China will contribute significantly to the market growth.
“Manufacturers are investing in a slew of new product launches. There is a high emphasis on receiving halal certifications from esteemed organizations. This in turn will continue offering lucrative opportunities of growth for the market in the near future,” said a Future Market Insights analyst.
Key Takeaways from Halal Nutraceutical & Vaccines Market Survey
- Demand outlook for China remains optimistic. Presence of some of the leading players will continue creating opportunities for growth in the country.
- Driven by stringent government regulations regarding halal certification, the UAE market for halal nutraceutical & vaccines will grow at an impressive pace over the forecast period.
- Demand for halal nutraceutical & vaccines will remain considerably high in Japan and South Korea.
- Indonesia market is expected to grow at a steady pace owing to the implementation of favourable government policies.
- Based on distribution channel, Supermarkets are anticipated to account for over 12.71% of market share in 2021.
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- Government initiatives undertaken towards ascertaining supply of healthy food, keeping in mind requirements of diverse demography of consumers will aid growth overall growth of the market.
- Focus on uniform certifications for halal products across Malaysia, Indonesia, UAE, and other regions will create conducive environment for growth of the market.
Halal nutraceutical & vaccines manufacturers are focusing on new product launches to enhance their product portfolio along with addressing changing preferences of consumers.
For instance, in 2020, BlueAngelFarm announced the launch of world’s first Emirates Authority for Standardization and Metrology (ESMA) approved halal multi-vitamin and mineral named Essentials that is primarily manufactured to address unmet vitamin and mineral needs of Muslim women.
For instance, in 2021, Swisse launched the halal-certified Swisse Ultivite E-Senital multivitamins in Singapore. With this new launch, company aims at expanding its portfolio of halal certified products and increasing footprint in the markets with a Muslim majority.
Some of the leading players operating in the halal nutraceutical & vaccines market profiled by Future Market Insights are:
- Chemical Company of Malaysia Berhad
- PT Kalbe Farma TBK
- Noor Vitamins
- AJ Biologics SDN BHD
- Agropur Inc.
- Abbott Laboratories
- Kotra Pharma SDN BHD
- Herbalife International of America Inc.
More Valuable Insights on Halal Nutraceutical & Vaccines Market
FMI, in its new report, offers an unbiased analysis of the global halal nutraceutical & vaccines market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in halal nutraceutical & vaccines market with detailed segmentation:
By Product Type:
- Halal Dietary Supplements
- Halal Vaccines
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Super Markets
- Sports Nutrition
- General Wellbeing
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Disease Prevention
- Weight Loss