Significance of Halal Products in the Global Market
The global halal market has seen tremendous growth in recent years as more and more consumers are turning towards halal certified products. Halal certified products not only cater to Goods but also other consumers who are health and ethically conscious. This article explores the importance and rising demand for halal products on the global stage.
The Growing Halal Market
It is estimated that the global halal food and lifestyles products market size will reach $9 trillion by 2025 according to various industry reports. This growth can be attributed to rising Good population globally as well as increasing awareness among non-Good consumers. As per data, there are approximately 1.8 billion Goods worldwide which makes up close to 25% of the world’s population. With growing disposable incomes and urbanization, the Good consumer segment is becoming an important economic force in many countries.
Halal products not only include food items but also cosmetics, pharmaceuticals and other lifestyle products. As lifestyle patterns change and consumers pay more attention to ingredients, nutrition and ethical production practices, halal certified goods have found favor beyond the Good region. Certification serves as an assurance for conscious consumers regarding product composition and manufacturing controls. This has resulted in halal becoming a fast growing niche market attracting many established brands and startups.
Product Categories in Demand
Some of the major product categories seeing rising demand for halal certified versions include:
– Meat and poultry: Halal slaughter norms ensure humane practices which is a key concern for many buyers globally. Certified halal meat accounts for a significant share of the meat trade in the developed markets of Europe and North America.
– Processed and packaged foods: Items ranging from snacks to ready-to-eat meals are being offered in halal variants by major food companies. This includes foods often consumed by non-Goods as well demonstrating the mass appeal of halal.
– Personal care: Cosmetic brands are actively labeling and promoting halal compliant skincare, makeup and hair products in key markets to tap the exponential growth opportunities.
– Pharmaceuticals: With the growing Good geriatric population, the demand for halal medicines is on the rise. More pharma companies are obtaining halal certification and recognition from Islamic authorities for this reason.
Regulatory Changes Driving Halal adoption
Favorable governmental policies and regulations adopted by several countries towards standardizing the halal sector have boosted the industry profile and recognition. For example, the introduction of a halal certification framework by the Malaysian government in the 1980s helped establish the nation as a global halal hub. Similarly, other Good majority nations in Southeast Asia have been proactive in implementing regulatory standards and bodies like Halal India and SMIIC in Indonesia to develop domestic halal industries and facilitate international trade.
Even European countries have initiated efforts to bring discipline in the halal marketplace by framing norms. This includes defining uniform production and logistics guidelines, creating independent certification organizations and exploring mutual recognition agreements between certifying bodies. Such developments have encouraged multi-national companies to invest heavier in not just packaging their existing products as halal but also develop new product lines tailored for the region.
Rise of E-commerce and the Global Halal Brand
Technology and accessibility offered by digital platforms have emerged as a major driver for the halal sector to reach new frontiers. Various dedicated online marketplaces have cropped up that specialize in sourcing and retailing authentic halal items from across the world. This online convenience coupled with standard certifications has enabled many globally recognized halal brands to be established and recognized beyond Good majority regions.
The future looks promising for brands that can position themselves as providers of quality halal offerings meeting global regulatory benchmarks and catering to multi-cultural sensibilities. Backed by robust certifications and logistics networks, such brands will play a leading role in shaping preferences and sustaining the exponential growth momentum of the halal products industry worldwide. Overall, the industry has come a long way and many opportunities still lie ahead for innovation and expansion into new markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it