Press release
Halal Products Market:Recent Developments and Industry Overview by 2024
Asia Pacific to Lead the Market over the Period of Forecast
The world market for halal products has been regionally segmented into the geographies of Latin America, North America, Asia Pacific, Middle East and Africa, and Europe. Due to the presence of a large number of certified manufacturers and large base of Muslim population, the world market for halal products in Asia Pacific is projected to have a substantial positive impact on the overall development of the world halal products market in the near future.
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From a country-wise outlook, the US, Brazil, and India are some of the most important exporters of halal products. The market for halal products in Middle East and Africa and Asia Pacific regions cumulatively accounted for more than 80% of the said global market in the 2015. The halal products market is also anticipated to experience strong growth in Europe over the period of forecast period, basically driven by the growing Muslim population the Western European nations such as the U.K., France, and Germany. The halal market demand is also forecasted to be augmented by the large Muslim population based in Russia and CIS countries.
Development of Islamic Countries to Bolster Market Demand
The rising population in Muslim nations has been prognosticated to be a standout factor substantially bolstering the demand for halal products. Muslims have always been a main shoppers group for halal products. The developing populace of Muslims worldwide is estimated to be a promising variable for the advancement of the market in the years to come.
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The fast development of Islamic countries in the Middle East and Southeast Asia owing to the increasing discretionary cash flow could serve as an additional factor speeding up the development of the global halal products market. The interest for halal products could be further pushed across the globe due their inclusion in varieties of food products. Apart from food and beverages, halal products have been envisioned to find applications in various other sectors such as pharmaceuticals, nutraceuticals, food supplements, personal care products, and bakery.
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