Emphasis on Ingredient Types (Ingredients For the Food & Beverage Industry, Ingredients For the Pharmaceutical Industry, Ingredients For the Cosmetic Industry); Application (Food & Beverage, Cosmetics, Pharmaceuticals); and Region/Country
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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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Halal Ingredientsmarket
6. Global Halal Ingredients Market Revenue (usd Bn), 2019-2027f
7. Market Insights By Ingredient Type
8. Market Insights By Application
9. Market Insights By Region
10. Halal Ingredients Market Dynamics
11. Halal Ingredients Market Opportunities
12. Halal Ingredients Market Trends & Insights
13. Demand And Supply Side Analysis
14. Value Chain Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Research Methodology for the Global Halal Ingredients Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global halal ingredients market were the three major steps undertaken to create and analyze the adoption of halal ingredients in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global halal ingredients market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the halal ingredients market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the halal ingredients market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the ingredient type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the halal ingredients market. Further, we conducted factor analysis using dependent and independent variables such as a rise in consumption of halal food by Muslim and non-Muslim groups globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the halal ingredients market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global halal ingredients market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global halal ingredients market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of ingredient type and application in the global halal ingredients market.
The main objective of the Global Halal ingredients Market Study
The current & future market trends of the global halal ingredients market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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