Halal Nutraceuticals and Vaccines Market – Global Outlook & Forecast 2021-2031

Halal Nutraceuticals and Vaccines Market by Type [Dietary Nutraceutical and Vaccines], Application [General Well-Being, Immune & Digestive Health, Heart Health, Bone & Joint Health, Weight Loss and Sports Nutrition] – Global Analysis & Forecast 2021-2031

Clairvoyance Research conducted an in-depth market analysis study of the global halal nutraceuticals and vaccines market. According to the study, the market was valued at ~US$ 46.6 billion in 2020. The market is expected to witness a CAGR of ~8.0% from 2021 to 2031. 

Rising Muslim population coupled with their demand for halal products, growing awareness for the healthy lifestyle and increasing initiatives to promote halal products development are some of the pivotal factors propelling the growth of the halal nutraceuticals and vaccines market. However, lack of universally acceptable international standards for halal products is likely to hamper the growth of the market to a certain extent.

With an aim to fast-track the development of halal nutraceuticals & vaccines and to meet the needs of the Muslim population, several initiatives such as investments, providing necessary grants, permissions, clearances & approvals have been instigated by various organizations and government agencies across the world. For instance, in Dec 2017, Malaysian healthcare company Pharmaniaga planned to spend 100 million ringgit ($24.6 million) over three years to establish a plant to manufacture halal vaccines.

According to population forecasts by the Pew Research Center’s Forum on Religion & Public Life in 2017, the world’s Muslim population is predicted to increase by 70%, rising from 1.8 billion in 2015 to 3 billion by 2060. With the rise in the global Muslim population especially in Middle East and Asia-Pacific region, the demand for halal product that meet the manufacturing standards of Islamic law is constantly increasing. This in turn is expected to boost the growth of the market.

Demand for nutraceuticals and sports supplements are increasing day by day owing to increase in health awareness. New formulations are constantly being developed to meet increasing demand of consumers. Gelatin is a widely used key ingredient in capsules for prescription drugs and vitamin supplements. Globally, gelatin is derived mostly from bovine and pork. About 44% of global gelatin is derived from pork. Porcine nature of gelatin is a major concern to Muslim consumers. This in turn necessitates the demand for production of halal gelatin. Halal gelatin is produced from the bones & hides of halal slaughtered animals (cattle) and is becoming increasingly important in the pharmaceutical sector in the emerging markets of the Asia-Pacific region that have a large Muslim population. Therefore, increase in demand for halal certified health supplements is expected to boost the market.

However, lack of universally acceptable international standards for halal products may hamper the growth of market to a certain extent. Halal certification is a necessary step to address Muslim needs, but remains a challenging, complex process. Globally, there are more than 300 officially recognized halal certifiers. The lack of commonly accepted standards among global certification bodies has resulted in duplicated certification costs and added complexity.

The Rest of the World (ROW) region is expected to be the fastest growing halal nutraceuticals and vaccines market. About 25%-27% of the world’s total Muslims, resides in this region, making it the 2nd largest Muslim population-based region, which plays an important role in adoption of halal nutraceuticals and vaccines products in this region.

The halal nutraceuticals and vaccines market is marked by presence of prominent players such as Chemical Company of Malaysia Bhd., Abbott, Amway Corp, Agropur, NoorVitamins, Evonik, PT Kalbe Farma Tbk., Pharmaniaga Berhad, Divi's Nutraceuticals and Nutraleya. Other players operating in the market are AJ Biologics Sdn Bhd, Hak Cipta, Kotra Pharma (M) Sdn Bhd, Sky Resources Sdn. Bhd., Herbalife International of America, Inc., among others.

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