Data Bridge Market research has recently released expansive research titled "Indonesia Halal Market" guarantees you will remain better informed than your competition. This study provides the broader perspective of the market place with its comprehensive market insights and analysis which eases surviving and succeeding in the market. Indonesia Halal market research report is composed of myriad of factors that have an influence on the market and include industry insight and critical success factors (CSFs), market segmentation and value chain analysis, industry dynamics, market drivers, market restraints, key opportunities, technology and application outlook, country-level and regional analysis, competitive landscape, company market share analysis and key company profiles. In addition, businesses can gain insights into profit growth and sustainability programme with this report. Business intelligence is an essential aspect when it comes to accomplish thorough and wide-ranging market insights and the same is applied for producing Indonesia Halal market report.

High Muslim population in Indonesia and increasing consumer disposable income are some of the drivers expected to boost the halal demand in the market. Data Bridge Market Research analyses that the halal market is expected to reach the value of USD 619.47 billion by the year 2029, at a CAGR of 14.2% during the forecast period. "Food & Beverages" accounts for the most prominent type segment in the respective market owing to rise in the demand for halal processed food & beverages. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

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Market Definition

Halal is an Arabic term which means permissible or lawful in Islam. In reference to food, it is the Islamic dietary standard, as prescribed in the Shari’ah (Islamic Law). From the name itself, it is clear that all halal items are the products that are prepared by strictly adhering to the Islamic dietary law. Halal products are clean, safe, and highly nutritional. Blood, pork, and by-products of blood and pork are not considered as halal. The halal items are packaged and stored in utensils, which have been cleaned as per the prescribed guidelines.

Regulatory Framework

The GR 39/2021 revokes the government’s previous regulation (GR31/2019) on Halal certification. Both Government Regulation 31/2019 and 39/2021 were enacted as part of Indonesia's mandatory halal product certification scheme, covering a broad range of halal-related matters, including food, beverages, drugs, cosmetics, chemical and biological products, and other products. The Government Regulation 39/2021 provides key provisions for halal product certification and registration obligations and procedures, labeling, non-halal information, and the implementation of halal certification. In comparison to Government Regulation 31/2019, the new 2021 regulation has revised and largely expanded the scope of regulatory requirements regarding halal product assurance while still maintaining similar mandates regarding the roles of the authorized government bodies. The Halal Product Guarantee Agency (BPJPH - Badan Penanggulangan Jaminan Produk Halal i.e. Halal Product Assurance Organizing Agency) was established as the main body to oversee halal products in Indonesia.

Market Dynamics of the Halal Market Include:

Drivers/Opportunities in the Halal Market

• High Muslim population in Indonesia

Indonesia has the largest Muslim population compared to all the countries in the world. The current number of Muslim inhabitants in Indonesia is estimated to be around 207 million individuals, most of whom adhere to Sunni Islam. This huge number implies that approximately 13 percent of the world’s Muslims live in Indonesia. Thus, it indicates that Indonesia has a clear Muslim majority population. Nearly nine-tenths of the Indonesian population professes Islam which means nine out of ten people are Muslim in Indonesia.

• Increase in consumer disposable income

There is increased consumer disposable income in Indonesia owing to the substantial population entering into the middle-class category from being poor. This development has resulted in lifestyle change and increased spending on good quality products which helps to drive the Indonesia halal market.

• Surging awareness with regards to health benefits of halal products

The Halal certified product guarantees that products and services provided to the Muslim population meet the requirements of Islamic law and therefore are suitable for consumption in both Muslim-majority countries as well as Western countries where there are significant population groups who practice Islam (France, Germany, United Kingdom, Spain). Halal certification is a process that ensures the features and quality of the products according to the rules established by the Islamic Council that allow the use of mark Halal. A halal mark is a symbol that is printed on the product packaging which indicates that the product is halal certified. Halal certification is mainly applied to meat products and other food products such as milk, canned food, and additives.

• Rising demand from non-Muslim consumers

Over the past few years, halal food products have become popular amongst both Muslim and non-Muslim consumers as these products have evolved from just being an identification mark of religious observation to assurance of food safety, hygiene and reliability. As slaughtered halal animals undergo two healthcare checks, as compared to the single inspection performed on the other conventional animals. In addition, several Islamic and non-Islamic countries are implementing the stringent regulatory frameworks, which provide accepted standards and thus attract novel entrants in the market.

Restraints/Challenges faced by the Halal Market

• Stringent regulations and laws imposed by the government

GR 39/2021 has streamlined the processing time for Halal certification with the cost for each certificate ranging from 300,000 rupiah (US$21) to 5 million rupiah (US$351). The costs are governed under Minister of Finance Regulation 57 of 2021 and include the Halal certification process, renewal of Halal certificates, the registration of foreign Halal certificates, and the addition of new products or services.

• Fluctuations in the prices of raw materials

The major raw materials that are required for to make halal products are fresh meat, food seasoning, packing materials and other additives. Fluctuations in the price of the upstream halal product will impact on the production cost of halal food, and hence impact the price of halal food. The production cost of halal food is also a major factor which could impact the price of halal food. The halal food manufacturers in Indonesia are trying to reduce production cost by developing production method.

Recent Developments

• In March 2022, PT INDOFOOD SUKSES MAKMUR Tbk launched the Indomie Soto Banjar Limau Kuit. The savoury taste of this aromatic soup, blends with the freshness of South Kalimantan kaffir lime. It has indulgent toppings and the flavor of Indomie Soto Banjar Limau Kuit is quite delicious. This development will attract new customers.
• In February 2022, PT Paragon Technology and Innovation launched Wardah Crystal Secret which comes with ingredients and benefits that are more effective to brighten our skin. It contains twice Edelweiss flower extract which effectively makes the skin radiant and glowing. This development is expected to attract customers who are always in search of skin brightening products. 

Key Market Players mentioned in this report: Nestlé, Unilever Food Solutions (A Subsidiary of Unilever), Cargill Incorporated, PT Kalbe Farma Tbk, PT INDOFOOD SUKSES MAKMUR Tbk, Pharmaniaga Berhad, PT. Sreeya Sewu Indonesia Tbk, PT Paragon Technology and Innovation, Duopharma Biotech Berhad, PT Darya-Varia Laboratoria Tbk, Bio Farma, PT. HOKKAN INDONESIA, CLARA INTERNATIONAL BEAUTY GROUP, Simpor Pharma Sendirian Berhad, INDFRAG BIOSCIENCES

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Indonesia Halal Market, By Region:

The halal market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Indonesia presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the Indonesia halal market.

Reasons to Consider This Report:

• Save the time and resources required for entry level research by getting an insight into the leading players and segments of Indonesia Halal market.
• The report highlights key business priorities which will help companies to reform their business strategies and establish themselves in the market.
• The key findings and recommendations given in the report emphasize on crucial progressive industry trends in the Indonesia Halal Market thereby enabling players to develop effective long term strategies in order to garner their market revenue.
• Gain crucial insights into market trends and outlook and the factors driving and hindering market growth.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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Queries Resolved In This Report:

• Which will be the specialties at which Market players profiling with intensive designs, financials, and furthermore, ongoing headways should set a nearness?
• Which will be the foreseen development rates for your own economy out and out and furthermore for each portion inside?
• Which will be the application and sorts and estimate joined intently by makers?
• What will be the dangers that will attack growth?
• The length of the market opportunity?
• How does Market share advance vacillations their value from various assembling brands?

Table of Contents: Indonesia Halal Market

Introduction

Market Segmentation

Executive Summary

Premium Insight

Market Overview

Covid-19 Impact on Indonesia Halalin Healthcare Industry

 Indonesia Halal Market, by Product Type

Indonesia Halal Market, by Modality

Indonesia Halal Market, by Type

Indonesia Halal Market, by Mode

Indonesia Halal Market, by End User

Indonesia Halal Market, by Geography

Indonesia Halal Market, Company Landscape

Swot Analysis

Company Profiles

Questionnaire

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Check Complete Table of Contents with List of Table and Figures @ https://www.databridgemarketresearch.com/toc/?dbmr=indonesia-halal-market

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