The global halal nutraceuticals and vaccines market is estimated to be valued at US$ 64.48 billion in 2023 and is expected to exhibit a CAGR of 7.35% during the forecast period (2023-2030).
Analysts’ Views on Global Halal Nutraceuticals And Vaccines Market Analysis:
Halal nutraceuticals are produced from food sources that provide high nutritional value and health benefits. They can be classified into dietary supplements and processed foods. Halal vaccines are non-toxic and are processed separately to avoid cross contamination. The Middle East & Africa and Asia Pacific excluding Japan (APEJ) regions are driving this growth Because of supporting government regulations, a growing Muslim population, and investments in halal product production.its vice versa everything depend on the population to market growth. However, market expansion may be hampered by high production costs, lack of acceptance, and substitute products, particularly in Europe. Vendor assessment plays a vital role in meeting market demand, and hospitals and retail pharmacies are expected to be key demand drivers.
Figure 1. Global Halal Nutraceuticals And Vaccines Market Share (%), by Product Type, 2023
Global Halal Nutraceuticals And Vaccines Market – Driver
Growing demand for halal nutraceuticals & vaccines among Muslim population
Growing demand for halal nutraceuticals & vaccines among Muslim population is expected to boost growth of the global halal nutraceuticals & vaccines market over the forecast period. For instance, according to the 2022/21 State of the Global Islamic Economy report, Muslims spent US$ 3.6 trillion in 2022 across the food, pharmaceutical and lifestyle sectors that are impacted by Islamic faith-inspired ethical consumption needs.
Figure 2. Global Halal Nutraceuticals And Vaccines Market Value (US$ Billion), by Region, 2023
Global Halal Nutraceuticals And Vaccines Market- Regional Analysis
Among regions, Asia Pacific is estimated to hold a dominant position in the global halal neutraceuticals and vaccines market over the forecast period. Asia Pacific is estimated to hold 51.1% of the market share, owing to increasing inorganic strategies by market players such as partnerships for halal nutraceuticals and vaccines. For instance, in July 2022, Pharmaniaga Berhad, a leading pharmaceutical company, entered into a Memorandum of Collaboration (MoC) with China's Suzhou Ronnsi Pharma Co., Ltd., a leading pharmaceutical company in China, to commercialize Halal ovine (sheep and goat) anti-coagulant (blood clot thinner) in Malaysia. This partnership will be a catalyst for Pharmaniaga and Ronnsi to trade routes of its pharmaceutical products, research & development (R&D), and subsequently to perform fill and finish manufacturing of ovine anti-coagulant at Pharmaniaga's high-tech EU-certified plant, Pharmaniaga LifeScience Sdn Bhd (Sendirian Berhad).
Global Halal Nutraceuticals And Vaccines Market –Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.
The halal industry to examine the most recent image of the market and trends concerning the influence of Covid-19 on each halal sector to identify difficulties and discover strategies to overcome them. As for regulators, it is to mitigate the impact of COVID-19, the government can mandate relevant ministries to develop the sharia sector in their respective fields, for example, the development of halal finance through the OJK and Bank Indonesia, or restructuring policies in Islamic banking, and government is also supportive implementation in the halal economy.
However, the COVID-19 pandemic peoples are now taking more care about their health so its have positive impact on the Halal market (with all its Halal aspects) is one of the fastest-growing global markets, with a very large size that is expected to grow. For example, the halal nutraceuticals and vaccines market (which is a main portion of the worldwide Halal market) is predicted to develop to be worth over US$ 2.5 trillion by 2030.
|Base Year:||2022||Market Size in 2023:||US$ 64.48 Bn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||7.35%||2030 Value Projection:||US$ 105.95 Bn|
Abbott Laboratories, Nestle, Amway, Herbalife International of America, AJ Biologics, Agropur, Halagel, Koninklijke DSM N.V., Purecircle Limited,cargil, Ashland, Barentz B.V. , Symrise , Kerry and PT Kalbe .
|Restraints & Challenges:||
Global Halal Nutraceuticals And Vaccines Market Segmentation:
The global halal nutraceuticals and vaccines market report is segmented into by product type, by distribution, by application, and region.
By Product Type, the market is segmented into vaccines and dietary supplements. Out of which, the Dietary supplements segment is expected to hold a dominant position in the global halal nutraceuticals and vaccines market during the forecast period and this is attributed due to increasing awareness among the population of the global market for halal nutraceuticals and vaccines.
By Application, the market is segmented into Sports Nutrition, General Well-Being, Immune & Digestive Health, Bone & Joint Health, Heart Health, Disease Prevention, and Weight loss. Out of which, the General Well-Being segment is expected to hold a dominant position in the global halal nutraceuticals and vaccines market during the forecast period due to Halal dietary supplements are gaining popularity among the general population as their ability to promote lean body mass, improve stamina, and reduce inflammation.some of the dilatory suppliments are also useful by muslim womens.
By Distribution Channel, the market is segmented into hospital pharmacies, retail pharmacies, online sales, and supermarkets. Out of which, the hospital pharmacies segment is expected to hold a dominant position in the vaccines market during the forecast period and this is attributed due to increasing awareness among the population of the global market for halal vaccines. For instance, in April 2021, Prime Healthcare is the health system in the U.S. operating 45 hospitals in 14 states, more than 300 outpatient. UAE’s Prime Healthcare wants to make a breakthrough into halal pharmaceuticals Prime signs up with Malaysia’s Pharmaniaga to sell halal-labelled medicines in UAE.
Global Halal Nutraceuticals And Vaccines Market Cross Sectional Analysis:
The Middle East & Africa and APEJ regions are expected to drive development in the halal nutraceuticals and vaccines market from 2022 to 2032, owing to increasing delivery of halal nutraceuticals. For instance, in October 2020 Ashland concluded is a premier specialty materials company with a conscious and proactive mindset for sustainability. its licencing agreement with Clasado BioSciences to add Bimuno prebiotics to its health and wellbeing portfolio.
Global Halal nutraceuticals and vaccines Market: Key Developments
For instance, in September 2019, Herbalife Nutrition, is a global multi-level marketing corporation that develops and sells dietary supplements partnered with Tencent, a China-based internet and technology company, to help independent distributors more effectively sell products online. People directly buy on online basis its usefull for the growth of halal market.
Global Halal nutraceuticals and vaccines Market: Key Trends
Significant industry participants are extending their product portfolios by releasing new items, and significant growth tactics include mergers and acquisitions, partnerships, new product innovation, and regional expansion. For instance, in March 2022, The National Halal Certification Committee (NHCC) of Ghana had issued Halal Compliance Certificate to NEWREST Ghana Limited, a company that provides inflight catering services to international and domestic airlines in Ghana and abroad. The issuance of the Halal Compliance Certificate to NEWREST Ghana Limited means that NEWREST Ghana produces food and beverages that conform to the Islamically accepted standards and food safety protocols that must be adhered to before consumption.
Global Halal nutraceuticals and vaccines Market: Restraint
Increased campaign announcements against halal products are likely to serve as a restraining factor for the global halal nutraceuticals and vaccines market. For instance, in October 2022, Hindu organizations in Karnataka launched a campaign urging people to boycott halal-certified products during the festive season of Diwali, leaving the authorities concerned. But now a days government is taking initiative to use the halal neutraceuticals and vaccines.
Global Halal nutraceuticals and vaccines Market - Key Players
Some of the Market players in the Global Halal Nutraceuticals And Vaccines Market include Abbott Laboratories, Nestle, Amway, Herbalife International of America, AJ Biologics, Agropur, Halagel, Koninklijke DSM N.V., Purecircle Limited,cargil, Ashland, Barentz B.V. , Symrise , Kerry and PT Kalbe.
Halal stands for lawful or permissible in the Arabic language. The recent past has witnessed a rampant rise in demand for halal-certified products. Halal nutraceuticals are products that are derived from halal food sources and contain nutritional value and provide health benefits. Nutraceuticals can be categorized into dietary supplements, functional foods, and processed foods. Foods and food products like dietary supplements are generally halal if they are free from anything specifically prohibited by Islamic law and if they are made, handled, manufactured, and stored using equipment that has been cleaned according to Islamic law.
The rising Muslim population, and investments in halal product manufacturing. Vendor assessment is important in this market, as hospitals and retail pharmacies are expected to be key demand drivers. Key players in the industry are expanding their product portfolios by launching new products. Their key growth strategies are mergers and acquisitions, collaborations, new product innovation, and geographical expansion. Despite the projected growth, potential limitations to market expansion include regulatory issues and cultural sensitivities. For instance, in 2020, Simpor Pharma Sdn Bhd, is contract manufacturer in compliance with the worldwide current GMP standard for pharmaceutical plant in Brunei, launched its initial range of halal health supplements at opening of the Third ASEAN Consumer Fair (ACF). Simpor Pharma said the plant was established by Viva Canada as a base for expanding its product range into Muslim countries.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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