Published On:03 February 2020
Posted by Indian Muslim Observer

Halal Ingredients Market to grow at estimated USD 66.9 billion by 2026

IMO News Service

New York: The global Halal Ingredients market was valued at USD 46.8 billion in 2019 and expected to reach USD 66.9 billion by the year 2026, at a CAGR of 6.2%, a current analysis of Reports and Data said.

Halal food refers to the food products that are prepared by following Islamic dietary laws and regulations, which defines foods that are lawful or permissible and clean. Muslims community consumers avoid food and beverages that are Haram, meaning forbidden or unlawful by their Islamic faith.

The intake of food items is also rising due to the surge in the Muslim population worldwide, which expected to drive the growth of the market, according to the study.
The need for halal cosmetic products among the 2.4 billion Muslim customers globally is increasing. However, the demand in cosmetics stays unmet because cosmetics production is controlled by non-halal cosmetic manufacturers, whose manufacture methods may not fit in with the requirements of its science. The development of these cosmetics and the assessment of their product performance are still in its early stages. The incorporation of its science in the manufacture of most cosmetic products remains insufficient.

Moreover, there is a global deficiency of guiding documents on the growth and assessment techniques in the production of comprehensively halal cosmetics. It aims to abridge existing literature and knowledge of halal and cosmetic science to provide essential technical guidance in the production of these cosmetics. Also, the adoption of these methods addresses the unique ethical issues associated with the conformance of cosmetics’ product performance to spiritual practices and its science.

The Middle East emerged as the fastest-growing regional market for this ingredient in 2019 due favorable government rules in GCC countries to drive the ingredients market.

The growing populace in the Middle Eastern nations is driving the overall market. Global players are expanding their businesses in the Middle East to cater to the increasing demand for these ingredients. Also, rapid economic development, as a result of the steady political environment in countries such as Saudi Arabia, Iran, and the UAE, is aiding to the growth in the F&B and consumer product industries. Similarly, the growing population and increase in the disposable income in the region are factors driving the demand for products produced using these ingredients, which in turn, expected to drive the market.

Further key findings from the report suggest the following:

·  The Halal Ingredients market is growing at a CAGR of 3 % in the Middle Eastern Region due to more influx of migrants and increasing regulations for strict usage of halal food. The region also witnessed more product innovation and funding for the promotion of these foods.
·  The Flavors segment dominated the ingredients in the F&B industry due to the increase in certification agencies. Thus food products certified as halal or kosher should have their constituent raw materials, processing aid ingredients, processing and sanitation chemicals, packaging material, etc. meet the religious dietary requirements
·  Countries like Australia are also playing a significant role in the food market. Australia, with a local Muslim populace of about half a million, has come to be a world leader in the processing and manufacturer of halal meat and meat products. The continent is a long-trusted provider of Beef and Lamb to over 100 nations in the world, comprising the Middle East.
·  Australia has one of the strictest Halal Programs in the world. The Australian Government Certified Program (AGAHP) undertaken in collaboration with the Australian government’s Division of Agriculture & Water Resources and Australian Islamic Organizations. Collectively, they enforce the best practices of production guidelines, which have aided to the global acknowledgment that Australia’s Halal program is amongst the most meticulously implemented system in the world
·  Key players in the market include Koninklijke DSM N.V. (Netherlands), Cargill (US), Barentz B.V. (Netherlands), ADM (US), Kerry (Ireland), DowDupont (US), Solvay S.A. (Belgium), BASF (Germany), Symrise (Germany), Ashland (US), Purecircle Limited (Malaysia), and Halagel (Malaysia).

To identify the key trends in the industry, click on the Link.

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Posted by Indian Muslim Observer on February 03, 2020. Filed under , , , , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

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