Halal Market Scenario & Consumer Demand Analysis 2020-2028 | Al Salam Bank-Bahrain, Al Rajhi Bank, INAYAH, MMA Bio Lab Sdn Bhd, Pharmaniaga, Midamar, Nema Food Co., Ivy Beauty Corporation Sdn Bhd

The global halal market size is expected to reach USD 11.2 trillion by 2028. With the debut of a few events in Asia Pacific and the Middle East & African area, which are the top two regions contributing to the growth of the global market, global efforts have been witnessed growing in recent years. The partnership between Abu Dhabi and South Korea, which helped South Korea to obtain greater access to the global halal food market, is one key bilateral endeavor worth mentioning.

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Growing Muslim consumers coupled with the increasing offering of halal-certified products is expected to drive the global halal market over the projected period. Developed Islamic economic ecosystem coupled with investments in the halal industry by Philippines, China, and Thailand is expected to increase market concentration over the coming years. Technological advancement in the global halal industry to offer halal certified products has gained consumer attraction over the past few years. For instance, evolving blockchain technology to confirm halal compliance during each stage of the production has eliminated fraud and increased product quality.

Operating in the global halal food industry are offering halal certified ingredients in their product by virtue of growing consumer demand. Multinationals are grabbing opportunity by expanding their facilities. For instance, in 2018, Haribo, a gummy manufacturer opened a halal candy store in the UK. Moreover, growing halal consumption all over the world has encouraged multinationals to enter the market. For instance, in 2018, Japan’s Mitsubishi Corporation invested in Al Islami Foods, a UAE-based halal manufacturer. This strategic initiative will not only increase production of Al Islami Foods but also accommodate the demand for halal products domestically and globally.

In 2017, halal media & recreation industry accounted for more than 4% of the global market share. Halal media & recreation is gaining pace from big screen to Netflix for Muslims. Increasing demand for Arabic content coupled with developing local series by Netflix is expected to develop the global halal media industry over the projected period. Moreover, increased high-end production of TV series such as Ertugrul (Ottoman version of Game of Thrones) and development of spiritual apps and websites is gaining audience over the past few years. Furthermore, UK held the Muslim cultural and literature festival, this in turn, is expected to prompt the halal media & recreation industry.

Halal pharmaceutical and halal cosmetics together accounted for nearly 4% of the overall market share in 2017. Over the past few years, halal pharmaceutical and halal cosmetic products market is gaining leaps as more products are manufactured with halal standards. The increasing popularity of halal nutraceuticals followed by technological development in the pharmaceutical industry such as halalopathy is expected to drive the market over the coming years.

Al Salam Bank-Bahrain, Al Rajhi Bank, INAYAH, MMA Bio Lab Sdn Bhd, Pharmaniaga, Midamar, Nema Food Co., Ivy Beauty Corporation Sdn Bhd, CLARA INTERNATIONAL BEAUTY GROUP, and Crescent Foods are the leading players present within the global halal market. Manufacturers operating in this industry are adopting merger & acquisitions and new product development to increased market competitiveness. For instance, in 2015, Beijing Xiauxun Agriculture acquired Linxia Qinheyuan Halal Food Co.

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