Insights Into The Halal Ingredients Market’s Growth Potential 2024-2033
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What Growth Rate is Forecasted for the Halal Ingredients Market over the 2024-2033 Period?
There has been consistent growth in the market size of halal ingredients in recent times. The market is projected to expand from $332.62 billion in 2023, reaching to $344.52 billion in 2024, with a compound annual growth rate (CAGR) of 3.6%. Factors contributing to this growth during the historical period include extreme weather events, strict emission rules, infrastructure growth, consumer emphasis on energy efficiency, volatility in crude oil prices, along with the integration of renewable energy.
In the coming years, we anticipate a consistent expansion in the halal ingredients market. The market is projected to reach a value of $395.16 billion, progressing at a compound annual growth rate (CAGR) of 3.5% by 2028. This growth can be credited to factors such as increasing biofuels demand, emphasis on carbon footprint reduction, implementation of smart heating systems, and governmental fuel quality directives, in addition to residential construction increases. We can expect to see significant trends in the forecast period. These consist of emissions reduction technology, advancements targeting anti-gelling and cold-flow improvements, the rapid evolution of additive formulation technology, and the introduction of artificial intelligence. Partnerships and collaborations will also play a crucial role.
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Which Factors Are Stimulating Growth in the halal ingredients Market?
The growing preference for halal processed food and beverages is anticipated to stimulate the expansion of the halal ingredients market in the future. The food and beverage sector, which encompasses a range of businesses engaged in converting raw agricultural commodities into consumable food items, including packaging, preparation, transportation, and food or beverage service. The inclusion of halal ingredients in this sector provides assurances of health benefits, cleanliness, purity, and safety, assuring superior product quality, and thus leading to a surge in demand for halal ingredients. For example, a survey of 1,000 nationally representative U.S. adults conducted in September 2022 by IFANCA, a non-profit organization in the US committed to halal certification and promotion, revealed that 44% of participants consider halal-certified food products to be more humane, 42% believe them to be fresher, and 41% consider them healthier than foods not certified as halal. Hence, the escalating demand for halal processed food and beverages is key to the growth of the halal ingredients market.
What Are the Main Segments of the Halal Ingredients Market?
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
What Innovative Trends Are Redefining the Halal Ingredients Landscape?
The introduction of fresh, inventive products is a prevailing trend making waves within the halal ingredients market. To solidify their market presence, major firms in this sector are centered on crafting novel solutions. In July 2022, a leading edible oils manufacturer and supplier from the UK, KTC Edibles Ltd., debuted the first halal-certified Beef Dripping in the United Kingdom. KTC Beef Dripping suits all frying and roasting needs, and is an excellent option for Fish and Chip outlets aiming to broaden their inclusivity and serve the Halal market.
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Which Regions Are Key Players in the Growth of the Halal Ingredients Market?
Middle East was the largest region in the halal ingredients market in 2023. Middle East is expected to be the fastest-growing region in the global halal ingredients market during 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, Africa
The Halal Ingredients Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the halal ingredients market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Halal Ingredients Market Include
1. Halal Ingredients Market Executive Summary
2. Halal Ingredients Market Segments
3. Halal Ingredients Market Size And Template Market Growth Rate
4. Key Halal Ingredients Market Trends
5. Major Halal Ingredients Market Drivers
……
25. Key Mergers And Acquisitions In The Halal Ingredients Market
26. Top Halal Ingredients Companies
27. Halal Ingredients Market Opportunities And Strategies
28. Halal Ingredients Market, Conclusions And Recommendations
29. Appendix
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