Halal Nutraceuticals and Vaccines Market is anticipated to grow at a double digit CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Halal Nutraceuticals and Vaccines Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Halal Nutraceuticals and Vaccines Market is estimated to be over US$ 40.0 Bn in 2018. It is anticipated to grow at a double digit CAGR from 2019 to 2030.
Nutraceuticals & vaccines that are manufactured using the Good Manufacturing Practice (GMP) Standards and that are complaint with the Shariah Law (Governs all aspects of Muslim life) are referred to as halal (lawful) products. To be qualified as halal, products must not contain any ingredients that include parts or products from non-halal animals, such as pigs and dogs. Also, they must not contain any parts or products from animals that are not slaughtered according to Sharia law.
The growth of the global halal nutraceuticals and vaccines market can be attributed to several factors which have led to wide scale adoption of halal products. Growing Muslim population is a primary driver contributing to the growth of this market. Furthermore, rising demand for halal products, and increased government initiatives to promote halal products are fueling to the growth of the global halal nutraceuticals and vaccines market between 2019 and 2030. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. In 2017, Pharmaniaga collaborated with Technology Depository Agency (TDA) and India-based Hilleman Laboratories, to produce halal vaccines for diphtheria and meningitis.
Growing Muslim population is a primary driver for halal biomedical products. According to Pew Research Center, in 2015, there are about 1.6 billion Muslims around the world, which accounts for 25% of the global population and marks them the second largest religious group in the world. The annual growth rate of the Muslim population has been estimated to be ~1.6%, which is higher than the growth rate of the world population (1.1% per annum).
With rising Muslim population, governments & regulators authority in the health care community are increasingly focusing on halal products. Moreover, more than 60% of Muslims live in Asia. In Malaysia, two-thirds of the population is Muslim. This region has been a pioneer in upgrading the processing and quality of halal pharmaceuticals. For instance, Saudi Arabia’s Aljomaih Group, through its subsidiary AJ Pharma Holding (Malaysia), has set up formulation and fill-finish facilities for halal vaccines for Muslim population. Hence, growing Muslim population will fuel the global halal nutraceuticals and vaccines market in the coming years.
Browse key industry insights spread across 230 pages with market data tables & figures & charts from the report, Halal Nutraceuticals and Vaccines Market is anticipated to grow at a double digit CAGR from 2019 to 2030. in detail along with the table of contents:https://www.marketindustryreports.com/halal-nutraceuticals-and-vaccines-market/116
Demand for halal products, especially pharmaceuticals products are gaining major focus globally, primarily due to these medicines are compliant with the Shariah Law. Moreover, these medicines are manufactured under GMP standards and certified before being released into the market.
In Indonesia, rejection to immunization on religious grounds is on rise, especially in more conservative provinces such as Aceh, Sulawesi, and the Riau Islands. In 2018, doubts over the halal status of the measles-rubella (MR) vaccine led to millions of Indonesian parents rejecting the immunization for their children. It has led to a declining rate for measles and rubella vaccination to as low as 6% in Aceh, compared to 60% in Bali. Owing to rejection of vaccine on religious grounds, Indonesian state-owned pharmaceutical company PT Bio Farma plans on working with Indonesian Ulama Council (MUI) to develop halal MR vaccine.
Moreover, Halal pharmaceutical has strong growth opportunities for its investors owing to the rising demand of halal vaccine from Muslim population, increasing prevalence of disease, and increased awareness of Sharia approvals for these products. In the last few years, several countries have become popular places for new investors of Halal drug manufacturing. For instance in Malaysia, Halal Industrial Parks in Penang have been set up for pharmaceutical investors to set up manufacturing plants. Moreover, Department of Islamic Development Malaysia (JAKIM) is a recognized Foreign Halal Certification Body (FHCB) that is responsible for the Islamic affairs including halal certification and assures Muslim population to seek for halal products as urged by Shariah in Malaysia.
The halal nutraceuticals and vaccines market growth is restricted due to, lack of suitable infrastructure to avoid cross-contamination between halal and non-halal production lines. Also lack of adequate halal advisory and certification agencies to approve medicinal products may restrain the growth of the market to certain extent.
Asia Pacific is estimated to witness the highest CAGR during the forecast period due to increasing Muslim population. Asia Pacific region is exhibiting development and uptake of halal medicines, particularly in countries such as Malaysia, Indonesia and Brunei. Moreover, R&D activities related to halal medicines are gaining traction in the European and North American regions.
The prominent players in the global halal nutraceuticals and vaccines market are Chemical Company of Malaysia Berhad, NoorVitamins, PT Kalbe Farma Tbk, AJ Biologics Sdn Bhd, Kotra Pharma (M) Sdn Bhd, Abbott Laboratories, Agropur, Inc., Amway, Sky Resources Group of Companies among others.
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