New York, Aug. 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Halal Ingredients Global Market Report 2023” – https://www.reportlinker.com/p06479834/?utm_source=GNW
A., Koninklijke DSM N.V., Cargill Incorporated, BASF SE, The Archer Daniels Midland, DuPont de Nemours Inc., Tesco Stores, Burger King Corporation, Ingredion Incorporated, Givaudan SA, Kingherbs Limited, Del Monte Phil’s. Inc., MAKE-UP ART COSMETICS, Beiersdorf AG, Amara Cosmetics, Shiseido Co. Ltd., and Lush Retail Ltd.
The global halal ingredients market is expected to grow from $320.81 billion in 2022 to $332.62 billion in 2023 at a compound annual growth rate (CAGR) of 3.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The halal ingredients market is expected to reach $379.06 billion in 2027 at a CAGR of 3.3%.
The halal ingredients market consists of sales of halal-certified ingredients such as starches, emulsifiers, sweeteners, hydrocolloids, and acidulants.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Halal ingredients refer to ingredients that are free from all components of the prohibited list of Muslims from consuming according to Islamic law. These ingredients are processed, produced, made, manufactured, and stored using utensils, equipment, and/or machinery that have been cleansed according to Islamic law.
Middle East was the largest region in the halal ingredients market in 2022.Middle East is expected to be the fastest-growing region in the forecast period.
The regions covered in the halal ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of halal ingredients are ingredients for food and beverage industry, ingredients for pharmaceutical industry, and ingredients for cosmetics industry.Halal ingredients used in the food and beverage industry are categorized into flavors, hydrocolloids, starches, sweeteners, acidulants, emulsifiers, and others.
Sugars, zein, beeswax, vegetable oils, and petroleum fractions are halal-suitable ingredients used in the food and beverages industry.Sodium ascorbate, sodium erythorbate, citric acid, and propylene glycol are halal suitable curing agents used in this industry.
These are sold online and offline and used by food and beverages, pharmaceuticals, and cosmetics sectors.
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.
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.
In May 2021, Agthia Group PJSC, a UAE-based food and beverages company, acquired Nabil Foods for an amount of $107.3 million (AED 394 million). Through this acquisition, Agthia enters into the processed protein industry in local and international markets expanding its overall category portfolio, adding processed protein to its existing dates, convenience food, bottled water flour, and animal feed businesses. Nabil Foods is a Jordan-based company that manufactures 100% halal-based frozen and chilled products.
The countries covered in the halal ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The halal ingredients market research report is one of a series of new reports that provides halal ingredients market statistics, including halal ingredients industry global market size, regional shares, competitors with a halal ingredients market share, detailed halal ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the halal ingredients industry. This halal ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479834/?utm_source=GNW
