Halal Nutraceuticals and Vaccines Market: Overview with Detailed Analysis, Competitive landscape Forecast to 2025
Halal pharmaceuticals include the vaccines and nutraceuticals containing ingredients which are compliant with the Shariah (Islamic religious) law. Halal products are manufactured by adhering to the Good Manufacturing Practices (GMP) standards with approved halal raw materials. Halal nutraceuticals are derived from halal food sources that offer high nutritional value and health benefits. They can be classified into the functional food, dietary supplement, and processed food categories. Dietary supplements are defined as liquids or capsules containing nutrients found in foods such as minerals, vitamins, herbs, amino acids, and botanicals. They are consumed as a supplement to one;s regular diet. Halal vaccines do not contain alcohol or raw materials from porcine origin and are non-toxic. They are processed in separate manufacturing units to avoid any cross contamination.
Government initiatives to promote halal products and increasing demand for them among the Muslim population are major factors driving the halal nutraceuticals and vaccines market. These initiatives are witnessed in various countries with a vast Muslim population and include development of necessary infrastructure, administrative support, encouraging investments in halal products & services, adoption of uniform certification across the country, and special incentives. For instance, in Malaysia, the Ministry of International Trade & Industry (MITI) develops halal pharmaceutical products & services to make the country a halal hub. MITI’s initiatives include adopting a standardized logo, streamlining procedures & fees, providing special incentives, and intensifying promotional activities. In addition, halal pharmaceuticals are driven by the needs and preferences of the estimated 1.6 billion Muslims worldwide, expected to grow by 1.6% annually, accounting for 29% of the world population. However, factors such as challenges in terms of developing substitutes for halal ingredients in pharmaceutical products, huge capital investments in manufacturing facilities, and the lack of acceptable international standards are anticipated to hamper the halal nutraceuticals and vaccines market.
The market has been segmented by type of product into the following categories: halal dietary neutraceuticals and halal vaccines. Based on application, the halal nutraceuticals and vaccines market has been divided into the following groups: sports nutrition, general well-being, immune health, bone health, heart health, disease prevention, and weight loss. On the basis of distribution channel, the market has been divided into the following sections: hospital pharmacies, retail pharmacies, online sales, and super markets.
Geographically, the halal nutraceuticals and vaccines market is distributed over North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is a major market and projected to remain dominant over the forecast period, on account of the rising demand for halal-certified dietary supplements such as fish oil, calcium, and protein powder in the region. Middle East & Africa is also likely to be a lucrative market owing to the high demand from Saudi Arabia, the U.A.E., and Kuwait. Europe is the third leading region for halal nutraceuticals and vaccines. France represents a major market. Halal-certified dietary supplements which boost the immune system and strengthen mental health are the key products preferred by consumers in the country. However, the dearth of Muslim population and lack of awareness about halal products restrain the market in North America and Latin America. Nonetheless, the market in these regions is estimated to witness sluggish growth, propelled by the U.S., Canada, and Brazil. Mexico and Brazil are expected to exhibit considerable potential due to the increasing awareness about halal products in these countries.
Key players operating in this market include Abbott Laboratories, Amway, AJ Biologics Sdn Bhd., Agropur, Inc., Chemical Company of Malaysia Berhad, PT Kalbe Farma Tbk, Kotra Pharma (M) Sdn Bhd, and NoorVitamins.
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