(Entertainment-NewsWire.com, January 21, 2021 ) The halal ingredients market, in terms of value, is estimated to account for USD 45.7 billion in 2019 and is projected to grow at a CAGR of 6.0%, to reach USD 64.8 billion by 2025. The increasing disposable incomes, growing population, busy lifestyles, and shift in the focus toward highly convenient and instantly processed food products are some of the key trends influencing the growth of the halal ingredients market. Companies across food, pharmaceuticals products, and cosmetics value chain have various opportunities to access or increase their penetration of halal food and ingredients products, either organically or through acquisition.
With the halal ingredients market set for growth, stakeholders including companies, investors, regulators, and intermediaries, such as e-commerce platforms, education providers, and app developers are focusing on catering to the lucrative opportunities in the halal ingredients market. The use of halal ingredients is of critical importance for Muslim consumers, and these ingredients cannot be derived from pigs, alcohol, or other sources, and require careful detection and vigilance by the importing authorities in OIC countries, and ultimately the consumers.
Key players in the halal ingredients market include Koninklijke DSM N.V. (Netherlands), ADM (US), DowDupont (US), Kerry (Ireland), Solvay S.A. (Belgium), Barentz B.V. (Netherlands), Cargill (US), BASF (Germany), Symrise (Germany), Ashland (US), Purecircle Limited (Malaysia), and Halagel (Malaysia). Key market players, along with the other players, adopted various business strategies such as new product launches, expansions, and joint ventures & agreements, in the last few years, to meet the growing demand for halal ingredients.
By application, the halal ingredients market was dominated by the food & beverages segment, in terms of value. The food companies are focusing on product innovations and providing halal products to cater to the growing demand among consumers. In addition, companies are focusing on gaining consumer trust with several marketing campaigns and coming up with a wide variety of halal food products for consumers, which is positively stimulating the growth of the market. The health benefits and cleanliness associated with halal-certified foods is also driving the market in the food industry. The growing standardization in the halal certification sector is projected to offer growth opportunities to the halal ingredients manufacturers in the food and beverage industry.
By type, the flavors segment is estimated to account for a larger share in the halal ingredients market. Flavors are intense preparations added to food products to stimulate or impart a particular taste, maintain the flavor after processing, modify an already existing flavor, and masking an undesirable flavor. The demand for flavors is attributed to the changing consumer preferences toward convenience foods and rising demand for consumer products. The increasing popularity of new and innovative flavors in convenience and ready-to-eat food products among the young generation is also driving the demand for halal-based flavors in the markets. Majority of the flavor companies are inclined toward obtaining halal certification due to the growing demand, which is projected to create profitable opportunities for manufacturers in this market.
The Asia Pacific is estimated to account for the largest market share in the halal ingredients market. Rise in the Muslim population in the Asia Pacific countries and increasing consumption of convenience food in developing countries is projected to drive the halal ingredients market. The increasing awareness among consumers regarding halal cosmetics is attributed to the growth in this segment. The increasing disposable incomes, growing population, busy lifestyles, and shift in the focus toward highly convenient and instantly processed food are some of the key trends influencing the growth of the halal ingredients market in Asia Pacific.
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