Halal Food Ingredients Market to Reach $108.9 Billion, Globally, by 2034 at 6.0% CAGR: Allied Market Research
Wilmington, Delaware , Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Halal Food Ingredients Market by Type (Proteins, Gelatin & Collagen, Enzymes & Emulsifiers, Flavors & Colors and Other Ingredients), by Source (Plant-based, Animal-based and Synthetic), Application (Food & Beverages, Bakery & Confectionery, Dairy & Frozen Desserts and Others): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the halal food ingredients market was valued at $58.4 billion in 2023, and is estimated to reach $108.9 billion by 2034, growing at a CAGR of 6.0% from 2024 to 2034.
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Prime determinants of growth
The growth of the halal ingredients market is fueled by the increase in Muslim population worldwide, which has created a higher demand for halal-certified products across various industries. Moreover, there is a growing awareness among consumers about halal dietary requirements and preferences, leading to a greater demand for halal ingredients. The expansion of the global food and beverage industry is prompting manufacturers to cater to diverse dietary needs, including halal. Governments and regulatory bodies are implementing stricter standards and certifications for halal products and further drives the market growth. Furthermore, the rise of e-commerce platforms has made halal products more accessible to consumers, fueling market expansion even further.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2034 |
| Base Year | 2023 |
| Market Size in 2023 | $58.4 Billion |
| Market Size in 2034 | $108.9 Billion |
| CAGR | 6.0% |
| No. of Pages in Report | 345 |
| Segments Covered | Type, Source, Application And Region. |
| Drivers | Rising Consumption Of Halal Food And Beverages |
| Health And Ethical Concerns | |
| Product Innovation | |
| Opportunities | Development Of New Halal Products |
| E-Commerce Growth | |
| Restraints | Consumer Awareness And Education |
Segment Highlights
The demand for proteins is driven by several factors. Proteins are essential nutrients in various food products, making them indispensable in formulations across industries like food and beverage, pharmaceuticals, and cosmetics. With the increasing global population, there is a growing demand for protein-rich diets, particularly among health-conscious consumers. Halal-certified proteins meet the dietary requirements of Muslims, who comprise a significant portion of the world's population. Moreover, proteins are versatile ingredients, used in a wide range of products such as meat substitutes, dairy alternatives, and sports nutrition supplements, catering to diverse consumer preferences. Furthermore, the rising trend of clean-label and natural products has spurred the demand for halal-certified proteins
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The demand for plant-based ingredients is influenced by multiple factors. There is a growing global trend towards plant-based diets driven by health, environmental, and ethical considerations. Halal-certified plant-based ingredients align with Islamic dietary laws, making them appealing to Muslim consumers seeking alternatives to animal-derived products. The expansion of the vegan and vegetarian food markets has created a significant demand for halal-certified plant-based ingredients, catering to a diverse range of dietary preferences. Moreover, advancements in food technology have improved the taste, texture, and nutritional profile of plant-based products, further driving consumer acceptance and market growth.
The food & beverages section dominated the application segment. Food and beverages constitute essential aspects of daily consumption for individuals worldwide, making this sector a primary target for halal ingredient suppliers. With the global Muslim population growing steadily, the demand for halal-certified food and beverage products has surged, driving market growth. In addition, increased consumer awareness and adherence to Islamic dietary laws have fueled the demand for halal ingredients in this segment. Moreover, the food and beverage industry is highly competitive, constantly innovating to meet evolving consumer preferences and dietary trends. As a result, manufacturers are increasingly turning to halal ingredients to appeal to a broader consumer base and tap into new markets.
Regional Outlook
Asia-Pacific is home to a significant portion of the global Muslim population, accounting for a large consumer base for halal products. Countries such as Indonesia, Malaysia, and Pakistan have substantial Muslim populations and robust halal regulatory frameworks, driving demand for halal ingredients. Moreover, Asia-Pacific countries have vibrant food and beverage industries that cater to diverse dietary preferences, including halal-certified products. These industries benefit from the region's rich agricultural resources, facilitating the production of a wide variety of halal ingredients. Furthermore, increasing disposable incomes, urbanization, and changing consumer lifestyles in Asia-Pacific contribute to the growing demand for halal ingredients across various sectors.
Players: -
- Nestlé S.A.
- Merck
- Cargill, Inc.
- QL Foods
- Prima Agri-Products
- Dagang Halal Group
- Saffron Road
- Midamar Corporation
- Al Islami Foods
- Tahira Foods Limited
The report provides a detailed analysis of these key players in the global halal ingredients market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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Recent Development:
- In June 2021, Merck, renowned for its advancements in science and technology, declared that its complete range of cosmetics, along with the Candurin pharmaceutical and food offerings, has obtained certification according to various globally acknowledged halal standards. Consequently, Merck broadened its array of halal-certified products to include special effect pigments, food colorants, and cosmetic ingredients.
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