Halal products refer to foods, beverages, food ingredients, personal care products, and pharmaceuticals that meet Islamic dietary and hygiene standards. Halal foods include meat from animals slaughtered as per Islamic laws, cereals, vegetables and fruits. The global halal market is growing rapidly due to increased halal consumerism mainly driven by rising Muslim population worldwide. The global Halal Products Market is estimated to be valued at US$ 2843.03 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend propelling the growth of the Global Halal Products Market Size is increased halal consumerism. There has been rising demand for halal certified food products among non-Muslim consumers as well due to various factors such as food quality, food safety, and animal welfare. Various organizations promoting halal products are educating non-Muslim consumers about the advantages of halal foods through digital and social media platforms. This is expected to boost the global demand for halal products during the forecast period.
Human: Here is the SWOT Analysis and Key Takeaways for the given Halal Products Market details without mentioning any market size, CAGR or conclusion:
SWOT Analysis
Strength: Halal products cater to an enormous and rapidly growing Muslim population globally. Growing Muslim population and their income levels are driving the growth of the halal products market.
Weakness: Lack of common globally accepted standards and certification for halal products. Different countries have different halal certification authorities resulting in confusion among consumers and manufacturers.
Opportunity: Untapped potential in non-Muslim countries. Growing awareness and interest in halal products among non-Muslim population especially in the West provides new market opportunities.
Threats: Political instability and conflicts in Middle East countries negatively impact the halal products trade. Strict laws and animal welfare policies in the West pose challenges.
Key Takeaways
The global Halal Products market is expected to witness high growth. Food & beverages dominate the halal products consumption followed by pharmaceuticals, cosmetics & personal care.
Western Europe, Middle East & Africa, and Asia Pacific are the dominant and fastest growing regional markets for halal products respectively.
Key players operating in the Halal Products market are Stryker, KARL STORZ, Carl Zeiss Meditec, Leica Microsystems, Olympus Corporation, PerkinElmer, and LI-COR. Strategic partnerships, new product innovations, government policies and initiatives are instrumental in penetrating new markets and segments. Standardization and certification aligned with global norms will help address regulatory challenges faced by manufacturers and promote trade across geographies. Uptake in non-Muslim nations stems from lifestyle changes, dietary preferences and addressable untapped potential.
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