The Halal Ingredients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Halal Ingredients Global Market Report 2024, The halal ingredients market size has grown steadily in recent years. It will grow from $332.62 billion in 2023 to $344.52 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to extreme weather conditions, stringent emission regulations, infrastructure development, consumer focus on energy efficiency, fluctuations in crude oil prices, renewable energy integration.
The halal ingredients market size is expected to see steady growth in the next few years. It will grow to $395.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to rising demand for biofuels, focus on reducing carbon footprint, smart heating systems, government regulations on fuel quality, growth in residential construction. Major trends in the forecast period include emissions reduction technologies, anti-gelling and cold-flow improvements, technological advancements in additive formulations, integration of artificial intelligence, partnerships and collaborations.
The rise in demand for halal processed food and beverages is expected to propel the growth of the halal ingredients market going forward. The food and beverage industry is a group of companies involved in transforming raw agricultural goods into consumer food products, ranging from packaging to preparing, transporting, and serving food or beverages. The use of halal ingredients in the food and beverages industry ensures health benefits, cleanliness, purity, and safety guaranteeing superior quality products, resulting in a rise in demand for halal ingredients. For instance, according to a nationwide (US) consumer insights survey conducted in September 2022 among 1,000 nationally representative U.S. adults by IFANCA, a US-based non-profit organization dedicated to halal certification and to promoting halal, 44% of respondents believed that halal-certified food products are more humane, 42% believed to be fresher and 41% believed to be healthier than non-halal-certified foods. Therefore, the rise in demand for halal processed food and beverages is driving the growth of the halal ingredients market.
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The halal ingredients market covered in this report is segmented –
1) By Type: Ingredients For Food And Beverage Industry, Ingredients For Pharmaceutical Industry, Ingredients For Cosmetics Industry
2) By Distribution Channel: Online, Offline
3) By Application: Food And beverages, Pharmaceuticals, Cosmetics
Product innovations are a key trend gaining popularity in the halal ingredients Market. Major companies operating in the halal ingredients market are focused on developing new solutions to sustain their position in the market. In July 2022, KTC Edibles Ltd., a UK-based company that manufactures and distributes edible oils, launched the first-ever halal certified Beef Dripping in the United Kingdom. KTC Beef Dripping is suitable for all kinds of frying and roasting and a good choice for Fish and Chip shops looking to advance their inclusivity and cater to the Halal market.
The halal ingredients market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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