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Halal: Boom market held back by significant challenges

  • October 2014
  • -
  • MarketLine
  • -
  • 27 pages

Introduction

The global halal market, which includes a variety of products and services that comply with Islamic laws and regulations, was valued at $1.7tn in 2012, and is growing faster than other consumer markets. The market has consequently received special attention worldwide as one of the most potential-rich markets to be explored and developed.

Features and benefits

* Explains the concept of halal products and services.
* Analyzes factors driving the halal market growth globally.
* Looks at limitations to further expansion of halal market.
* Reviews halal business opportunities globally.

Highlights

A rapidly growing Muslim population, coupled with rising consumer affluence and increasing halal awareness is making consumers pay a premium for products that meet their ethical and religious beliefs.
The approach to explain and promote halal in much the same way as organic products, focusing on wholesomeness, safety for consumption and use, and higher quality of ingredients is attracting shoppers from more diverse ethnic backgrounds and religious beliefs
The lack of halal certification, lack of support for halal companies in financial and investment services, as well as a negative political climate associated with Muslims, pose significant challenges for the further development of the halal market.

Your key questions answered

* What is halal?
* What is the size and what are the main segments of global halal market?
* What are the factors driving the halal market's growth?
* What are the main challenges to the halal market's growth?
* Which geographical regions present most halal business opportunities?

Table Of Contents

Halal: Boom market held back by significant challenges
OVERVIEW
Catalyst
Summary
OPPORTUNITIES IN THE GLOBAL HALAL MARKET
What is halal?
Global halal market worth $1.7tn in 2012
Halal food and beverage segment is worth over $1tn
Halal cosmetics sales grow 15% annually
Pharma is emerging growth sector of halal market
REASONS BEHIND HALAL MARKET GROWTH
Rapidly growing Muslim population expected to make up 26.4% of global headcount in 2030
Rising disposable income creates increased demand for halal products
Halal becomes the new organic, attracting non-Muslim buyers
Innovation boosts demand for halal products
Large multinational players control 90% of growing halal market globally
LIMITATIONS TO MARKET GROWTH
Halal is difficult to control and guarantee
Lack of certification challenging growth of halal market
Emergence of halal accreditation agencies
Integrity of halal regulatory framework
Halal companies are struggling to find support in financing and investment
Negative climate associated with Muslims causes bans on halal products
Limited possibilities of sourcing and substitution of raw materials
Halal-consciousness remains low in non-food segments
Quality work force is vital to manage market risks
GEOGRAPHICAL OPPORTUNITIES
Halal market sees growth globally
Majority Muslim population makes Africa ready market for halal products
Asia and Middle East drive the halal market forward
North America remains unexplored due to low halal products availability
High purchasing power and substantial Muslim communities create opportunities in Europe
CONCLUSIONS
Booming halal market held back by significant challenges
APPENDIX
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ref:plp2014

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