Wednesday 19 December 2018

OIC imports of halal ingredients reached $33 billion
in 2015.

Halal ingredients market seen $245bn

DUBAI, June 22, 2016

Halal ingredients constitute a global market estimated at $245 billion, according to a report issued by Thomson Reuters in partnership with Salaam Gateway and DinarStandard.

The report focuses on Halal ingredients across the global food, pharmaceutical, and cosmetics industries. It identifies more than 300 Halal ingredients that are manufactured globally and consumed by high-growth Halal/ Muslim customer segment.

The report features ingredients that are most effected by Halal compliance processes, such as gelatin, pepsin (used commonly in cheese), and carmine (food colouring).

The report outlines the key players addressing the Halal ingredients opportunity in the food, pharmaceutical products and cosmetics industries, and also highlights the Organization of Islamic Countries’ (OIC) imports of halal ingredients which reached $33 billion in 2015.

Mustafa Adil, head of Islamic Finance, Thomson Reuters, said: “We are proud to provide an insightful perspective of the Islamic economy trends and opportunities. The topic of Halal ingredients is an important one given that sourcing these ingredients continues to be a key challenge for many food, cosmetics and pharmaceuticals companies that seek to address Muslim demand.”

The report outlines opportunities for prospective players in the Halal ingredients market, including companies, private equity investors, and e-commerce platforms.

Haroon Latif, director of Strategic Insights at DinarStandard and Lead Analyst, said: “There will be an upwards growth trajectory in the size of the Halal ingredients market – the status quo cannot continue. Muslim consumers will become more aware of what they are actually eating and eventually standards will become stringent and more widely applied.” – TradeArabia News Service

Tags: Thomson Reuters | Global market |

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