Global Halal Nutraceuticals and Vaccines Market, by Product Type (Vaccines And Dietary Supplements), By Application (Sports Nutrition, General Well-Being, Immune & Digestive Health, Bone & Joint Health, Heart Health, Disease Prevention, Weight loss), by Distribution channel (Hospital Pharmacies, Retail Pharmacies, Online Sales and Super Markets) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 64.48 Billion in 2023 and is expected to exhibit a CAGR of 7.35% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights
Halal nutraceuticals are defined as products, which are manufactured using Shariah law and contain ingredients that are compliant by Islamic religious law. Halal products are produced from Good Manufacturing Practices (GMP) standards with approved halal raw materials. The Islamic way of life is a system of divine principles and a code of ethics to be applied in the daily life of every person. Every deed is a form of worship and eating is one of them and it has to be based on Islamic laws.
Halal nutraceuticals are products, which are derived from halal food sources and contain nutritional value, and provide health benefits. Thus, key market players are focused on adopting growth strategies such as partnerships, which will drive the global halal neutraceuticals and vaccines market. Nutraceuticals can be categorized into dietary supplements, functional food, and processed food. Dietary supplements are defined as liquids or capsules, which contain nutrients found in foods. They are consumed as a supplement in addition to the diet. For instance, in October 2021, Nigeria: Nigeria Export Processing Zones Authority (NEPZA) is the major driver of Government's initiative to diversify the Nigerian economy.seeks the establishment of a Halal marketing center to enhance local producers’ access to trade in halal products.
Global Halal Nutraceuticals and Vaccines Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global halal nutraceuticals and vaccines market. For COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.
However, the COVID-19 pandemic had a positive impact on the Halal market (with all its Halal aspects) Halal applies not only to the slaughter of animals for consumption but also to the process of manufacturing products so as to make them compatible with Islamic beliefs,that’s why in the asia pacific is very large size that is expected to grow.
Global Halal Neutraceuticles and vaccines Market: Key Developments
Major players in the market are focused on enhancing their distribution channels. For instance, in April 2022, Halal India is India's leading provider of Halal Certifications, which is recognized in 120 countries. Become certified to prove your products/services The new funds will be used to consolidate the company's market share in Bangladesh and India through acquisitions, as well as to expand its Company.
Browse 34 Market Data Tables and 25 Figures spread through 170 Pages and in-depth TOC on “Global Halal Neutraceuticals And Vaccines Market”- Forecast to 2030, Global Halal Nutraceuticals and vaccines, by Product Type (Vaccines And Dietary Supplements), By Application (Sports Nutrition, General Well-Being, Immune & Digestive Health, Bone & Joint Health, Heart Health, Disease Prevention, Weight loss), by Distribution channel (Hospital Pharmacies, Retail Pharmacies, Online Sales and Super Markets) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/halal-nutraceuticals-and-vaccines-market-3475
Key Takeaways of the Global Halal Neutraceuticles and vaccines Market:
- The global halal neutraceuticals and vaccines market is expected to exhibit a CAGR of 7.35% during the forecast period owing to Increasing launches of products. In December 2020, BLUE ANGEL FARM is a Halal Health company based in United Arab Emirates, announced the launch of the world’s first Emirates Authority for Standardization and Metrology (ESMA) approved halal multi-vitamin and mineral named Essentials, which is primarily manufactured to address unmet vitamin and mineral needs of Muslim women.
- Among application, Immune and digestive health is expected to grow in the global halal neutraceuticals and vaccines market over the forecast period. For instance, in March 2021, Swisse Wellness PTY LTD is Australia based company which offer a wide range of premium quality vitamins and supplements , launched the halal-certified Swisse Ultivite E-Senital multivitamins in Singapore. With this new launch, company aims at expanding its portfolio of halal certified products and increasing footprint in the markets with a Muslim majority.
- Among region, Asia Pacific is expected to be the dominant region in the global halal neutraceuticals and vaccines market, owing to the key players operating in the market focusin on inorganic growth strategies such as partnership to expand their halal products. For instance, in April 2021, Atacama Bio Natural Products S.A. is a private, Chilean, biotechnology corporation and Nexus Wise Sdn Bhd is a South East Asia’s leading distributor specialized in supplying a diversified portfolio of Nutraceutical / Functional Food / Health, announced an exclusive distribution partnership to commercialize NatAxtin branded Astaxanthin products in Malaysia and Singapore. NatAxtin Halal and Kosher approved sourced from Haematococcus pluvialisis. It combines the benefits of an optimal microbial source and ideal production conditions, resulting in an ingredient that meets or exceeds the high standards demanded by conscientious dietary supplement manufacturers.
- Major players operating in the global halal neutraceuticals and vaccines market include Abbott Laboratories, Nestle, Amway, Herbalife International of America, AJ Biologics, Agropur, Halagel, Koninklijke DSM N.V., Purecircle Limited,cargil, Ashland, Barentz B.V. , Symrise , Kerry and PT Kalbes.
