The global halal nutraceuticals and vaccines market sales are estimated to clock a valuation of USD 1,37,390.9 million by 2033. Our food and beverage industry experts opine that halal nutraceuticals and vaccine suppliers can expect a CAGR of 7.6% through 2033, with the present valuation of USD 66,266.9 million in 2023.
Key Highlights of the Halal Nutraceuticals and Vaccines Market
| Attributes | Details |
|---|---|
| Halal Nutraceuticals and Vaccines Market Size, 2022 | USD 62,510.6 million |
| Halal Nutraceuticals and Vaccines Market Size, 2023 | USD 66,266.9 million |
| Halal Nutraceuticals and Vaccines Market Size, 2033 | USD 1,37,390.9 million |
| Value CAGR (2023 to 2033) | 7.6% |
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In 2018, the halal industry was already witnessing notable investment activity. Established players were expanding their reach, and multinational corporations were strategically investing in Muslim-majority markets. Sovereign wealth funds and Private Equity firms were actively participating, underscoring the industry's attractiveness as an investment destination. The incorporation of the International Halal Accreditation Forum in 2016 further bolstered the global recognition of Halal standards.
| Attributes | Details |
|---|---|
| Halal Nutraceuticals and Vaccines Market Size (2018) | USD 51,624.01 million |
| Halal Nutraceuticals and Vaccines Market Size (2022) | USD 62,510.6 million |
| Halal Nutraceuticals and Vaccines Market (CAGR 2018 to 2022) | 4.9% |
Fast forward to 2022, and the contrast is striking. Investment opportunities within the halal industry have surged significantly. The growth in Muslim expenditure on food and beverages, nearly double the global average, has created a fertile ground for the emergence and expansion of global halal food brands.
With a projected spending estimate of USD 1.93 trillion by 2022, the industry has become a compelling investment prospect. This remarkable growth suggests sustained demand and consumer confidence in halal products, attracting both traditional players and newcomers to the market.
Within the realm of halal pharmaceuticals, there have been substantial advancements from 2018 to 2022. Nutraceuticals, initially identified as the primary growth segment in 2018, have likely continued to gain momentum. The expanding market share of nutraceuticals reflects consumer preferences for health and wellness products that align with their religious and ethical values.
Concurrently, pharmaceuticals, including prescription drugs, have adapted to meet the halal certification criteria. This adaptability underscores the industry's responsiveness to evolving consumer demands and commitment to serving a broader market.
One of the most notable transformations has occurred in vaccine development. In 2018, the industry was already witnessing innovation, with AJ Pharma leading efforts to develop animal-free vaccines. The announcement of a Halal polio vaccine set for release by the end of 2017 and a vaccine for Meningococcal meningitis in 2018 indicated a promising shift in vaccine production methods.
By 2022, these advancements are likely to have progressed even further. The potential availability of more animal-free vaccines not only addresses the needs of Muslim-majority markets but also caters to health-conscious consumers globally. This shift toward halal vaccine development methods is not only a testament to the industry's adaptability but also highlights its commitment to innovation and public health.
Hospital pharmacies are expected to account for an attractive market share. As per the estimates arrived by the FMI analysts, the segment is expected to record a value share of about 39.1% in 2023. Key players are striving for research and development to develop halal dietary supplements.
| Top Segment | Hospital Pharmacies |
|---|---|
| Market Share (2023) | 39.1% |
Medical tourism is emerging as a key trend, contributing to the revenue generation of hospital pharmacies. Medical tourism generates significant opportunities for halal pharmaceuticals, travel companies, and hospitals.
The general well-being segment is assessed to capture around 25.2% value share in 2023. Key sources of growth in this segment include increasing application of halal vaccines and nutraceuticals.
| Top Segment | General Well-Being |
|---|---|
| Market Share (2023) | 25.2% |
As consumers are becoming familiar with halal functional foods and dietary supplements, the demand for these products is seeing an uptick.
Marketing initiatives promoting the advantages of halal nutraceuticals and vaccines are also expected to be responsible for the segment growth. The surge in demand for halal healthcare products can also be credited to the pandemic, which made people serious about their overall well-being. Its impact is still lingering in the market, as consumers buy more health-promoting products than pre-pandemic.
Principal Consultant
| Countries | Forecast CAGR (2023 to 2033) |
|---|---|
| The United States | 2.8% |
| The United Kingdom | 7.8% |
| China | 4.1% |
| Australia | 3% |
| India | 5% |
Europe is emerging as a prominent market for halal nutraceuticals and vaccines, as per FMI researchers. The regional market is estimated to occupy a value share of more than 7.9% in 2023. Manufacturers are responding well to the budding demand for halal nutraceuticals and vaccines as Muslim-minority countries observe an increase in affluent Muslim communities.
Simultaneously, the soaring demand for quality food products like organic or sustainably sourced food by non-Muslim customers in Europe is also adding to the robust market movement. Manufacturers are embarking on these latest trends as they roll out organic as well as religiously permissible food products. Discernment and prompt action on these trends have been and still are the recipe for success in the European markets.
The United Kingdom, in particular, is a prominent market in Europe. The country has been estimated to account for 7.8% CAGR through 2033. Vaccine manufacturers in the country that deliver large volumes of vaccines, the majority of which operate throughout the entire value chain, are focusing on providing high-quality products at a cost-effective rate.
The halal nutraceuticals and vaccines industry in India holds a significant market share. Through 2033, the market is projected to expand at a CAGR of 5% on grounds of the surging Muslim population in the country. Key players are entrenching their market presence by investing in halal product manufacturing.
To contribute to the vaccine market's growth in India, private and public players are anticipated to make concerted efforts, along with significant government interventions. For the next ten years, the government and key players are expected to team together to introduce new vaccines in the India market.
With serious implementation steps, Universal Immunization Program (UIP) vaccines are expected to reach higher penetration in the country. Since the large Indian population comes under the lower-income groups, increasing governmental concerns for their immunization is expected to drive higher vaccine penetration.
Pharmaceutical companies and the Indian government can boost the circulation of vaccines in the country by widening the radius of the prescriber base, minimizing the complexity of the UIP process, investing in supply and delivery, and enhancing marketing and sales.
As per the new estimates, the China market is expected to record a CAGR growth of 4.1% over the next ten years. Even though the Muslim population is in the minority in China, accounting for a mere 1.6% of the adult population in China, they are in a solid figure of 18 million, according to the Pew Research Center analysis. This calls for a significant market potential for halal-certified nutraceuticals and vaccines in the country.
MNCs are investing significantly in the country to capture the burgeoning demand for halal products. Key players are introducing halal nutraceuticals like processed foods, functional foods, and dietary supplements to appeal to the Muslim population in the country. Online retailers are propelling the popularity of these products. The online sales potential is realized by eCommerce sites joining hands with other partners for extended reach.
A cluster of factors impelling market growth includes growing concerns over food consumption, increasing spending on food and wellness, and inflating discretionary incomes. On the back of these reasons, numerous companies, regardless of their religious status, are delivering Halal-certified nutraceuticals that are weaned off animal sources and incorporate only the best available ingredients.
North America accounts for 3.6% market share, out of which the United States market shares 2.8%. Since the United States offers high education prospects and an elevated way of living, the country witnesses a significant figure of foreign inhabitants. Interestingly, the country is also active on social media for halal products.
Since the halal pharmaceutical industry is rapidly expanding to leave behind its niche status, firms are venturing out into the market and enhancing their visibility on online channels as well as retail shelves. MNCs are fathoming the segment’s potential and taking initiatives to capitalize on the upward market motion. Halal pharmaceuticals are enjoying increasing popularity, particularly nutraceuticals and biologics.
Since Muslims’ expenditure on pharmaceuticals is expected to reach a whopping USD 132 billion by 2022, as per The State of the Global Islamic Economy Report 2017/18, the growth of halal nutraceuticals and vaccines is set for a significant high.
Key players are diving deep into the halal nutraceuticals and vaccines segment as prospects for high growth become tangible. To generate high revenues, key players are focusing on making patient and strategic investments. Corporate and financial entities are also involved in robust marketing to capture a higher market share.
Creating new products backed by vigorous primary research is vital for halal pharmaceuticals to develop a practical business model. The dynamic primary research is expected to help key players market products to a wider range of consumers in non-OIC countries.
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The market is expected to register a value of USD 66,266.9 million in 2023.
Surging opportunities in Muslim-majority countries and surging discretionary incomes.
Hospital pharmacies are expected to hold a significant market share.
Europe is a significant market, with a market share of 7.9% in 2023.
The chief market players are Abbott Laboratories, Nestlé, Amway, and Herbalife International of America, Inc..
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Halal Dietary Supplements 5.2. Halal Vaccines 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 6.1. Hospital Pharmacies 6.2. Retail Pharmacies 6.3. Online Sales 6.4. Super Markets 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Sports Nutrition 7.2. General Wellbeing 7.3. Immune & Digestive Health 7.4. Bone & Joint Health 7.5. Heart Health 7.6. Disease Prevention 7.7. Weight Loss 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Abbott Laboratories 18.2. Nestlé 18.3. Amway 18.4. Herbalife International of America, Inc. 18.5. AJ Biologics Sdn Bhd. 18.6. Agropur, Inc. 18.7. NoorVitamins 18.8. Kotra Pharma (M) Sdn Bhd 18.9. PT Kalbe Farma Tbk 18.10. Chemical Company of Malaysia Berhad 19. Assumptions & Acronyms Used 20. Research Methodology
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Halal Nutraceuticals and Vaccines Market
