Global Halal Ingredients Market Size 2024, Forecast To 2033
6 Mar, 2024
The halal ingredients market size has grown steadily in recent years. It will grow from $332.62 billion in 2023 to $344.52 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to extreme weather conditions, stringent emission regulations, infrastructure development, consumer focus on energy efficiency, fluctuations in crude oil prices, renewable energy integration. The halal ingredients market size is expected to see steady growth in the next few years. It will grow to $395.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to rising demand for biofuels, focus on reducing carbon footprint, smart heating systems, government regulations on fuel quality, growth in residential construction. Major trends in the forecast period include emissions reduction technologies, anti-gelling and cold-flow improvements, technological advancements in additive formulations, integration of artificial intelligence, partnerships and collaborations.
Global Halal Ingredients Market Key Driver
The rise in demand for halal processed food and beverages is expected to propel the growth of the halal ingredients market going forward. The food and beverage industry is a group of companies involved in transforming raw agricultural goods into consumer food products, ranging from packaging to preparing, transporting, and serving food or beverages. The use of halal ingredients in the food and beverages industry ensures health benefits, cleanliness, purity, and safety guaranteeing superior quality products, resulting in a rise in demand for halal ingredients. For instance, according to a nationwide (US) consumer insights survey conducted in September 2022 among 1,000 nationally representative U.S. adults by IFANCA, a US-based non-profit organization dedicated to halal certification and to promoting halal, 44% of respondents believed that halal-certified food products are more humane, 42% believed to be fresher and 41% believed to be healthier than non-halal-certified foods. Therefore, the rise in demand for halal processed food and beverages is driving the growth of the halal ingredients market. In 2023, the halal ingredients market was valued at $X billion, and by 2024, it is projected to reach $Y billion. Looking ahead to 2028, the market size is anticipated to grow to $Z billion.
Get A Free Sample Of The Global Halal Ingredients Market ReportGlobal Halal Ingredients Market Segments
The halal ingredients market covered in this report is segmented –
1) By Type: Ingredients For Food And Beverage Industry, Ingredients For Pharmaceutical Industry, Ingredients For Cosmetics Industry
2) By Distribution Channel: Online, Offline
3) By Application: Food And beverages, Pharmaceuticals, Cosmetics
By Geography:The regions covered in the halal ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Middle East was the largest region in the halal ingredients market in 2023. Middle East is expected to be the fastest-growing region in the global halal ingredients market during the forecast period. The regions covered in the halal ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Halal Ingredients Industry Players
Barentz B.V., Symrise AG, Ashland Global Specialty Chemicals Inc., Purecircle Ltd., Halagel (M) Sdn. Bhd., ADM Barentz B.V., Kerry Group Plc., Solvay S.A., Koninklijke DSM N.V., Cargill Incorporated, BASF SE, The Archer-Daniels-Midland Company, DuPont de Nemours Inc., Tesco PLC, Burger King Corporation, Ingredion Incorporated, Givaudan SA, Kingherbs Limited, Del Monte Phil's. Inc., MAC Cosmetics Company, Beiersdorf AG, Amara Cosmetics, Shiseido Co. Ltd., Lush Retail Limited, Nestle S.A., Unilever plc, BRF S.A., Ferrero International SA, Midamar Corporation, Crescent Foods Inc., Halal Ingredients Company, American Halal Company Inc., American Foods Group LLC, Al Islami Foods, Prima Quality Food Industries Sdn Bhd, Noor Pharmaceuticals LLC, AB Mauri Malaysia Sdn Bhd
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Halal Ingredients Market Overview
Halal ingredients refer to ingredients that are free from all components of the prohibited list of Muslims from consuming according to Islamic law. These ingredients are processed, produced, made, manufactured, and stored using utensils, equipment, and/or machinery that have been cleansed according to Islamic law.
Halal Ingredients Global Market Report 2023 provides data on the global halal ingredients market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The halal ingredients market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.