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“The halal ingredients market is projected to grow at a CAGR of 6.0%.”
The halal ingredients market, in terms of value, is estimated to account for USD 45.7 billion in 2019 and projected to grow at a CAGR of 6.0%, to reach USD 64.8 billion by 2025. The increasing disposable incomes, growing population, busy lifestyles, and shift in the focus toward highly convenient and instantly processed food are some of the key trends influencing the growth of the halal ingredients market. Companies across food, pharmaceuticals products, and cosmetics value chain have various opportunities to access or increase their penetration of the halal food and ingredient markets, either organically or through acquisition. The lack of uniformity in halal standards is a major factor inhibiting the growth of the market.
“The pharmaceutical segment in the halal ingredients market is estimated to be the fastest-growing segment of the halal ingredients market.”
Based on application, the pharmaceutical segment is estimated to be the fastest-growing segment in the halal ingredients market during the forecast period. The increasing prevalence of chronic diseases and lifestyle- and age-related diseases have led to a surge in demand for ingredients used in the pharmaceutical sector. Major companies are focusing on obtaining halal certification for their ingredients to cater to the demands of the Muslim population in the growing pharmaceuticals market. Pharmaceutical ingredients are primarily made of two substances, active pharmaceutical ingredients (APIs) and excipients. APIs are substances in drugs that actively benefit consumer health by treating and preventing diseases. Excipients are inactive substances in drugs that serve as a medium to stabilize APIs. The growth in the pharmaceutical sector is supported by recent developments and investments in biological and biosimilar drugs.
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“The enzymes segment is projected to be the fastest-growing segment during the forecast period.”
Based on types, the enzymes segment is projected to be the fastest-growing segment in the halal ingredients market during the forecast period. The use of enzymes in the food and beverage processing industry ensures the selective analysis of specific food constituents, so that time and costs can be reduced.
“The Middle East is a key region in the halal ingredients market, which is projected to be the fastest-growing regional market in 2019.”
The Middle East is projected to be the fastest-growing region in the halal ingredients market in 2019. Favorable government regulations in the GCC countries for halal foods are attributed to the growth in the halal ingredients market. Global players are expanding their businesses in the Middle East to cater to the increasing demand. The rapid economic growth, as a result of the stable political environment in countries such as Saudi Arabia, Iran, and the UAE, is contributing to the growth of the food & beverage and consumer product industries.
In addition, consumer awareness about the benefits and functionalities of halal ingredients is projected to reflect positively on the market growth. This high level of awareness has resulted in the demand for low-calorie, low-fat, and nutrient-rich food products to be consumed in the region. Food & beverage companies are innovating to develop such products to cater to consumer demand.
Break-up of Primaries:
- By Company Type: Tier I – 20 %, Tier II – 30%, and Tier III – 50%
- By Designation: C-level – 20%, D-level – 30%, and Others* - 50%
- By Region: Asia Pacific – 45% Europe – 25%, North America– 20%, ROW**-10%.
*Others include sales managers, marketing managers, and product managers.
**ROW includes South Africa, the Middle East, and Rest of South Africa.
Leading players profiled in this report:
- Koninklijke DSM N.V. (Netherlands)
- ADM (US)
- DowDupont (US)
- Kerry (Ireland)
- Solvay S.A. (Belgium)
- Barentz B.V. (Netherlands)
- Cargill (US)
- BASF (Germany)
- Symrise (Germany)
- Ashland (US)
- Purecircle Limited (Malaysia)
- Halagel (Malaysia)
The report segments the halal ingredients market on the basis of type, application, and region. In terms of insights, this report has focused on various levels of analyses competitive landscape, end-use analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the global halal ingredients market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the halal ingredients market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and the key strategies adopted by them
- To gain insights about the major countries/regions where halal ingredients are gaining popularity