Halal Ingredients Market is expected to grow at a CAGR of around 4% from 2022-2028.
According to a new report published by UnivDatos Markets Insights the Halal Ingredients Market is expected to grow at a CAGR of around 4% from 2022-2028. The analysis has been segmented into Ingredient Types (Ingredients For the Food & Beverage Industry, Ingredients For the Pharmaceutical Industry, Ingredients For the Cosmetic Industry); Application (Food & Beverage, Cosmetics, Pharmaceuticals); Region/Country.
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The halal ingredients market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the halal ingredients market. The halal ingredients market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the halal ingredients market at the global and regional levels.
Market Overview
The demand for the halal ingredient market is rising due to the growing number of halal cosmetics products around the globe. Various cosmetics products companies are using the halal ingredient as their base ingredient which is likely to aid the growth of the halal ingredient market. For instance, in August 2021, Kao Corporation, a Japanese manufacturer of halal-certified cosmetics, collaborated with Lion corporation, to develop recyclable packaging and minimize the plastic footprint on the planet. Lion Corporation is a manufacturer of detergent, soaps, medications, and oral hygiene products. Owing to these glaring statistics the demand for halal ingredients is anticipated to grow in the forthcoming years as they are safe for delicate facial skin. Moreover, rising expenditures across different sectors of food, and beverage products are fueling the demand for the halal ingredient market. Furthermore, the changing lifestyles also increasing the demand for on-go, convenient, and nutritionally enriched food in daily routine is expected to drive the market for halal ingredient market in the coming years.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. COVID-19 has caused significant supply chain disruptions around the world, most notably in 2020. Small-scale halal-certified cosmetics, food, and beverage producers in developing nations like Malaysia, India, and others face difficulties due to price volatility and other economic uncertainties brought on by the recent pandemic. The business operations of significant global players like Kao Corporation and Ivy Beauty Corporation Sdn Bhd are also being disrupted. Despite the COVID-19 pandemic's effects on its business operations, the company continues to grow its global sales by taking advantage of the advantages of online supply chains.
The global halal ingredients market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on the ingredient types, the halal ingredients market is segmented into ingredients for the food & beverage industry, ingredients for the pharmaceutical industry, and ingredients for the cosmetic industry. The ingredients for the food & beverage industry segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe owing to increased demand and consumption of halal food by Muslim as well as non-Muslim populations across the globe.
Based on application, the market is fragmented into food & beverage, cosmetics, and pharmaceuticals. The food & beverage segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The food companies are focusing on product innovations and providing halal products to cater to the growing demand among consumers.
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Halal Ingredients Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
· Middle East (Saudi Arabia, Qatar, Kuwait, UAE, Bahrain, Oman, Rest of Middle East)
For a better understanding of the market dynamics of the halal ingredients market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Middle East (Saudi Arabia, Qatar, Kuwait, UAE, Bahrain, Oman, Rest of Middle East) has been conducted. Geographically, the Middle East constitutes a major market for the halal ingredients industry owing to the favorable government regulations in GCC countries for halal food, the growing population in the Middle Eastern countries, and rapid economic growth.
The major players targeting the market include
· Koninklijke DSM N.V.
· Cargill Inc
· Barentz B.V.
· Archer-Daniels-Midland Co
· Kerry Group PLC
· Amara Beauty
· Symrise
· Nestle Private Limited
· BRF SA
· Del Monte Philippines Inc
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the halal ingredients market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the halal ingredients market?
• Which factors are influencing the halal ingredients market over the forecast period?
• What are the global challenges, threats, and risks in the halal ingredients market?
• Which factors are propelling and restraining the halal ingredients market?
• What are the demanding global regions of the halal ingredients market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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