CDN Newswire
Global halal ingredients market is expected to reach USD 72.81 billion by 2028, at a CAGR of 5.42% from 2021 to 2028.
This growth is attributed to the increasing demand for halal-certified products, rising awareness about the benefits of halal ingredients, and the growing global Muslim population.
Halal ingredients are food ingredients that have been certified by an authorized Islamic body as being compliant with Islamic dietary laws. These ingredients are used in the production of various food products, including snacks, beverages, and desserts. Halal ingredients offer numerous benefits, including being free of alcohol, preservatives, and other harmful additives.
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The growing awareness about the benefits of halal ingredients has led to an increase in demand for halal-certified products. In addition, the rising Muslim population in countries such as Indonesia, Malaysia, and India, is also driving the growth of the halal ingredients market.
Furthermore, the increasing prevalence of food allergies and food-borne illnesses is also boosting the demand for halal ingredients. Halal ingredients are free of animal products, making them suitable for vegan and vegetarian diets.
The rising demand for convenience food products is also contributing to the growth of the market. Halal ingredients are increasingly being used in the production of ready-to-eat meals and snacks. The increasing prevalence of health-conscious consumers is also driving the growth of the market.
The market is also witnessing an increase in investments from major food and beverage companies. Companies such as Nestle, Unilever, and PepsiCo are investing in the production of halal-certified products.
Challenges of Halal Ingredients Market
1. Lack of standardization: The lack of standardization across the halal ingredients market is one of the biggest challenges. There is no single regulatory body that sets up a universal standard for halal ingredients, making it difficult to ensure the quality of the ingredients.
2. Regulatory Complexities: The regulations and requirements surrounding halal ingredients are often complex and vary from country to country. This can make it difficult for companies to navigate the market and understand the regulatory environment.
3. Consumer Education: The lack of consumer awareness around halal ingredients is another challenge. Many consumers are unaware of what halal ingredients are and how to identify them. This lack of awareness can lead to confusion and mistrust.
4. Demand for Traceability: Consumers are becoming increasingly concerned about the origin of their food and its ingredients. This has led to a demand for greater traceability and transparency in the halal ingredients market. Companies must be able to provide detailed information about their ingredients and the processes used to produce them.
Reistraints of Halal Ingredients Market
1. Lack of Awareness: Lack of awareness among consumers about the products available in the Halal ingredients market is one of the major restraints for the market. Consumers are not aware of the products and their benefits, due to which they are not willing to switch to the Halal ingredients.
2. High Price: Another major restraint in the Halal ingredients market is the high price of the products. Halal ingredients are usually more expensive than their non-halal counterparts, due to which many consumers are reluctant to buy them.
3. Poor Distribution: Poor distribution networks are also a major restraint in the Halal ingredients market. Many manufacturers do not have access to large retail chains and distribution networks, making it difficult for them to make their products available to the consumers.
4. Stringent Regulations: Stringent regulations imposed by various governments and religious institutions on the production and sale of Halal ingredients is another major restraint in the market. This has resulted in a lack of standardization and uniformity in the production and sale of Halal ingredients.
The market is highly competitive, with a number of major players operating in the market. Some of the key players in the market include Nestle, Unilever, PepsiCo, Cargill, Al Islami Foods, and HalalTrip.
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