Halal Ingredients Market: Current Analysis and Forecast (2022-2028)

The halal ingredients market is expected to register a CAGR of approx. 4% over the period of 2022-2028. Halal ingredients are those that are permitted by Islamic law to be used in the manufacture of a variety of products. Halal used to be a term reserved only for members of the Islamic faith, but over time it has come to mean anything that is permissible. Halal products have recently become synonymous with healthy, fresh, and clean products, which is aiding in their market demand. The growing demand for halal ingredients can be attributed to the rise in the Muslim population across the globe. For instance, according to the World Population Review, in 2022, The country with the largest number of Muslims overall is Indonesia, which is home to an estimated 231 million Muslims i.e. 86.7% of the Indonesian population and nearly 13% of the world's total population of Muslims. Owing to the glaring statistics rise in the number of the Muslim population also increasing the consumption of halal food items across the globe is leading to the growing demand for halal ingredients and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the halal ingredients market is anticipated to grow on account of the increase in awareness regarding functional food & beverage products and changing consumer preferences. However, some of the restraints in the market including the lack of uniformity for halal standards in different countries are impeding the growth of this market all over the world.

Koninklijke DSM N.V., Cargill Inc, Barentz B.V., Archer-Daniels-Midland Co, Kerry Group PLC, Amara Beauty, Symrise, Nestle Private Limited, BRF SA, Del Monte Philippines Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst ingredient types, the ingredients for the food & beverage industry category accounted for the significant share in the market in 2020"

Based on the ingredient types, the halal ingredients market is segmented into ingredients for the food & beverage industry, ingredients for the pharmaceutical industry, and ingredients for the cosmetic industry. The ingredients for the food & beverage industry segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe owing to increased demand and consumption of halal food by Muslim as well as non-Muslim populations across the globe. The introduction of new flavors into the industry as healthy to keep the halal ingredient products in fashion for a longer period of time has mainly attracted the younger generation who prefer quick snacks rather than complete meals having a proper main course. The factor of obtaining a Halal certificate has become very important in order to prove the standardization of the products to the consumers.

"Amongst application, the food & beverage category is expected to witness considerable CAGR during the forecast period"

Based on application, the market is fragmented into food & beverage, cosmetics, and pharmaceuticals. The food & beverage segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The food companies are focusing on product innovations and providing halal products to cater to the growing demand among consumers. Production of halal processed food by manufacturers and their intensifying consumption is expected to further boost the growth of the halal ingredients market.

"Middle East to witness significant growth during the forecast period"

For a better understanding of the market dynamics of the halal ingredients market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Middle East (Saudi Arabia, Qatar, Kuwait, UAE, Bahrain, Oman, Rest of Middle East) has been conducted. Middle East constitutes a major market for the halal ingredients industry owing to the favorable government regulations in GCC countries for halal food, the growing population in the Middle Eastern countries, and rapid economic growth.

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