Halal vaccines are products in compliance with Shariah law and do not contain any raw materials from porcine origin, alcohol, and are non-toxic. Halal vaccines are processed in separate manufacturing units to avoid any cross contamination.
The global halal nutraceuticals & vaccines market is estimated to account for US$ 49,345.7 Mn in terms of value in 2019 and is expected to reach US$ 88,511.3 Mn by the end of 2027.
Global Halal Nutraceuticals & Vaccines Market: Drivers
Newly conceived concept of halalopathy, which combines religion and modern science, with a core emphasis on the purity — halal/tayyib — of the ingredients used in medicine and food to enhance a patient’s recovery in line with their beliefs, is expected to aid in growth of the market.
Global Halal Nutraceuticals & Vaccines Market: Opportunities
Establishment of e-commerce-based distribution channel is expected to offer lucrative growth opportunities for players in the market. E-commerce portals direct the users towards verified sellers and reduces the chances of misguidance from manufacturers, which claim to be halal certified. Moreover, users can verify a product as halal or non-halal by viewing the halal certificate from the websites issued by the certified halal agency.
Global Halal Nutraceuticals & Vaccines Market: Restraints
High capital investment required for dedicated production facilities is expected to hinder growth of the global halal nutraceuticals & vaccines market. During the manufacturing of halal pharmaceuticals, dedicated equipment must be used in order to avoid any exposure with non-halal products. Hygienic conditions must be maintained in the production facility, according to Shariah law.
The vaccines segment in the global halal nutraceuticals & vaccines market was valued at US$ 91.4 Mn in 2018 and is expected to reach US$ 1,069.3 Mn by 2027 at a CAGR of 31.5% during the forecast period. Increasing development of halal certified vaccines is expected to support growth of the segment over the forecast period. For instance, world’s first halal vaccines manufacturing plant started operations in 2018 in Malaysia.
The hospital pharmacies segment held dominant position in the global halal nutraceuticals & vaccines market in 2018, accounting for 37.9% share in terms of value, followed by retail pharmacies and online sales, respectively. Hospital pharmacies keep a stock of variety of dietary supplements, and other roduct which is expected to support growth of the segment over the forecast period.
Asia Pacific region held dominant position in the global halal nutraceuticals & vaccines market in 2018, accounting for 62.7% share in terms of value, followed by Middle East, and Africa. Large Muslim population coupled with increasing focus of manufacturers towards introduction of halal products in the region is expected to support growth of the segment over the forecast period.
Several manufacturers avoid marketing halal nutraceuticals & vaccines in order to cater to wider markets, especially non-Muslim markets. Moreover, manufacturers also avoid labelling halal products in Muslim-minority markets with the fear of losing customers who are not religious.
Limited range of products available has led some countries such as Indonesia to delay compulsory halal certification for pharmaceuticals products until 2024.
Middle East & Africa
Global Halal Nutraceuticals & Vaccines Market: Competitive Landscape
Major players operating in the global halal nutraceuticals & vaccines market include, Chemical Company of Malaysia Berhad, Abbott Laboratories, Nestlé, Amway, Herbalife International of America, Inc., AJ Biologics Sdn Bhd., Agropur, Inc. (Davisco Business Unit), PT Kalbe Farma Tbk, Kotra Pharma (M) Sdn Bhd, and NoorVitamins.
Global Halal Nutraceuticals & Vaccines Market: Key Developments
October 2019:Ashland signed a licensing agreement with Clasado BioSciences to expand health and wellness portfolio with Bimuno prebiotics
March 2018: BioCell Technology, LLC announced that its healthy aging ingredient BioCell collagen is available halal certified