Halal Nutraceuticals And Vaccines Market To Rise At A Steady Growth Rate In The Coming Years
Nutraceuticals & vaccines that are manufactured using the Good Manufacturing Practice (GMP) Standards and that are complaint with the Shariah Law (Islamic Law) are referred to as halal products. Halal nutraceuticals are produced from food sources that provide high nutritional value and health benefits. They can be classified into dietary supplements and processed foods. Halal vaccines are non-toxic and are processed separately to avoid cross contamination. Furthermore, these vaccines do not contain alcohol or materials that are derived from pig fat.
Rising demand for halal products from the Muslim population and government initiatives in promoting halal certified products are key factors driving the halal nutraceuticals and vaccines market. Moreover, grants from the government in the form of special incentives, help in administration and increasing investment in halal products & services are also major factors driving growth of the global halal nutraceuticals and vaccines market.
However, lack of substitutes for manufacturing halal certified pharmaceuticals and absence of an international halal certification standard are expected to be the major restraints for growth of the global nutraceuticals and vaccines market. Moreover, improving awareness about halal certified nutraceuticals and vaccines among the general public and high initial investments are also major restraints for growth of the global halal nutraceuticals and vaccines market.
Rising demand for halal certified dietary supplements in Asia Pacific and increasing adoption of halal certified pharmaceuticals in markets in Saudi Arabia, UAE, and Kuwait is expected to create high potential opportunities for major players in these markets.
The global halal nutraceuticals and vaccines market report has been segmented on the basis of product type, distribution channel, and region.
Due to its high Muslim consumer base and rising acceptance of halal certified products, the market in Asia Pacific demand for halal certified products in Asia Pacific is significantly high currently, and is expected to further increase over the forecast period. The market in Middle East & Africa accounts for second-largest market share owing to rise in demand from UAE, Saudi Arabia, and Kuwait, followed by the markets in Europe, and North America.
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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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