Halal nutraceuticals and vaccines to be a US$ 82 mn market by 2026.
A majority of global consumers for halal products are concentrated in APEJ and the Middle East & Africa (MEA) regions, with some of the prominent Halal Certifying Agencies located in countries such as Malaysia, Indonesia, UAE and Saudi Arabia.
Acceptance of halal nutraceuticals & vaccines is expected to remain higher in APEJ and MEA regions, pertaining to the prevalent Muslim populations in their constituent countries. The global demand for halal nutraceuticals and vaccines will continue to be associated with acceptance of halal methods over other production methods. Regions such as North America, Latin America, Eastern Europe, and Western Europe are less likely to become lucrative markets for halal nutraceuticals and vaccines, considering the consumer preferences for alternative vaccines and nutraceuticals in these regions. In 2015, revenues amassed from sales of halal nutraceuticals & vaccines in APEJ as well as MEA region surpassed over US$ 30 billion.
According to research report compiled by Future Market Insights, the global halal nutraceuticals and vaccines market, which is currently valued at US$ 39,265 million, is projected to expand at a 7.7% CAGR and reach US$ 82,207 million over the forecast period, 2016-2026. More than 80% of global halal nutraceuticals and vaccines revenues will be accounted by the MEA and APEJ region collectively. Over the next decade, expanding the potential of global market beyond Muslim consumers will compel companies to urge multiple drug regulatory bodies and halal certifying agencies in the world for devising methods to produce halal nutraceuticals & vaccines for vegetarian consumers. Government initiatives for promotion of halal medications will also benefit the global halal nutraceuticals & vaccines market to a considerable extent.
Future Market Insights’ report, titled “Halal Nutraceuticals & Vaccines Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” also delivers key research findings that indicate factors which are likely to inhibit the growth of global halal nutraceuticals & vaccines market. While lack of universal acceptance to halal products restrains an overall growth in the global demand for halal nutraceuticals and vaccines, limited sources for obtaining halal complaint ingredients is also expected to a major growth deterrent. High production costs for halal compliance and increasing presence of halal ingredients substitutes are also projected curb the production of halal nutraceuticals and vaccines by global leaders in pharmaceuticals industry.
Leading Manufacturers of Halal Nutraceuticals & Vaccines
Production of nutraceuticals and vaccines in compliance with halal methods becomes an intricate task for manufacturers, compelling them to induce more technological advancements in their production techniques. Companies manufacturing halal nutraceuticals & vaccines are obligated to work in accordance to the production regulations set by halal certifying agencies such as European Institute of Halal Certification (Germany), Global Halal Certification (UK), Halal Industry Development Corporation (Malaysia), and Saudi Food & Drug Authority (Saudi Arabia), among others. Such an interdependency might restrict manufacturers from producing halal nutraceuticals & vaccines at reduced costs, or even coerce the halal certifying agencies for approving certain techniques mounted by multiple dominant market players.
Abbot Laboratories and Herbalife International of America, Inc. are two leading companies participating in the growth of global halal nutraceuticals & vaccines market. While Abbott Labs are expected to focus on producing halal nutraceuticals & vaccines for infants, women and specific therapeutic nutrition, Herbalife is directing its business measures more towards consumer awareness through promotional campaigns. Multinational F&B company like Nestlé S.A. and home care products conglomerate Amway are also increasing their presence in the global halal nutraceuticals & vaccines market. Chemical Company of Malaysia Berhad, PT Kalbe Farma Tbk, NoorVitamins, AJ Biologics Sdn Bhd., Agropur, Inc., and Kotra Pharma (M) Sdn Bhd, are also recognized as the leading companies in the global halal nutraceuticals & vaccines market.
Key Research Excerpts on Global Halal Nutraceuticals & Vaccines Market:
- Several global regulatory bodies such as the FDA are yet to approve commercialization of halal-certified vaccines, which is why vaccine products are less likely to enter the global market before 2018.
- Hospital pharmacies and retail pharmacies will remain the dominant distribution channels for halal nutraceuticals & vaccines through 2026, accounting for over US$ 50 billion in revenues towards the close of the forecast period.
- By 2026, global revenues generated from sales of halal nutraceuticals & vaccines for disease prevention applications will expand at the fastest CAGR – 9.2%.
(Source: PR Newswire)
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Filed Under: Drug Discovery