Halal Pharmaceuticals Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 501.95 Million |
| Market Size (2029) | USD 907.90 Million |
| CAGR (2024 - 2029) | 12.58 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Middle East and Africa |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Halal Pharmaceuticals Market Analysis
The Halal Pharmaceuticals Market size is estimated at USD 501.95 million in 2024, and is expected to reach USD 907.90 million by 2029, growing at a CAGR of 12.58% during the forecast period (2024-2029).
Pharmaceuticals are halal if the ingredients are safe and free from ethanol, blood, pork, parts of carnivorous and omnivorous animals, and human parts. Factors such as an increase in the Muslim population, a rise in demand for halal products, and a surge in the elderly population are likely to boost the market's growth during the forecast period. For instance, according to the July 2023 update by the Government of India, the estimated population of Muslims in India was expected to be 19.7 crore in 2023. Thus, the high Muslim population is expected to increase the adoption of more halal products, leading to the market's growth during the forecast period.
Furthermore, various research studies have been conducted to identify the trend in halal pharmaceuticals, which is likely to increase the market's growth during the forecast period. For instance, according to the article published in July 2023 in the Saudi Journal of Humanities and Social Sciences, as per the gross domestic product at purchase price parity, countries where Muslims are a minority, such as the United States, Russia, United Kingdom, France, and Germany, still have significant purchasing power for halal pharmaceutical products. Pharmaceutical companies, such as Novartis and GSK, are looking to the potential profits from the Muslim market by making vaccines halal.
Various requirements have been implemented to handle halal pharma products, making them more acceptable among Muslims. For instance, ingredients used must be safe for humans and should not be intoxicating, nor should they be prepared with equipment contaminated by impurities. Additionally, during its preparation, processing, handling, packaging, storage, and distribution, halal pharmaceutical products must be physically separated from other pharmaceutical products that do not meet the abovementioned requirements. Hence, the uniqueness among halal products is expected to increase acceptance, leading to the market's growth during the forecast period.
However, the high production cost is expected to hinder the market's growth during the forecast period.
Halal Pharmaceuticals Market Trends
The Tablet Segment is Expected to Witness Positive Growth During the Forecast Period
Various halal-certified tablets are manufactured under permitted Islamic law. Factors such as an increase in chronic disease among the Muslim population and the adoption of halal tablet products are expected to fuel the segment's growth during the forecast period. Furthermore, there are various halal multivitamins that are available in tablet forms, such as Vitamin C tablets from Zaytun Vitamins, Halal Vitamin D3 SunVit-D3, and halal multivitamins with minerals. The increase in chronic disease among the Muslim population is one of the major reasons for the adoption of halal tablets, leading to the segment growth during the forecast period. For instance, according to the article published in March 2022 in the PLOS One journal, Muslim and Christian elderly were more likely to have chronic diseases as compared to their Hindu counterparts.
Furthermore, an increase in halal tablet product launches and other strategic activities is expected to augment the segment growth during the forecast period. For instance, in August 2022, MD Pharmaceuticals, a Singapore-based healthcare distributor and marketer, manufactured a new halal vitamin D supplement with DSM, which has a faster acting for immune health. Furthermore, various government initiatives have been taken to improve the halal pharmaceutical field, which is expected to boost the market's growth during the forecast period. For instance, in November 2022, the Sarawak Islamic Council (Mais) introduced a strategy to empower halal management in the state, which would include a more efficient issuing process for halal certification and the development of the halal micro-industry. Hence, such government initiatives are expected to boost the demand for halal tablets, leading to the segment's growth during the forecast period.
Thus, owing to the rise in chronic disease among Muslims and the surge in strategic activities by the key players, the studied segment is expected to witness significant growth during the forecast period.
Asia-Pacific is Expected to Witness a Significant Growth During the Forecast Period
Asia-Pacific is expected to witness significant market growth owing to the increase in the prevalence of various chronic diseases among the Muslim population and the presence of key market players. Further, the high population of Muslims in Asian countries is also expected to bolster the market's growth during the forecast period. For instance, according to the World Population Review 2023 update, northern and central Africa, the Middle East, and Southeast Asia have a substantial Muslim population.
Furthermore, as per the same source, Indonesia has the highest Muslim population in the world; an estimated 231 million Muslims live in Indonesia. Thus, a high population of Muslims is expected to create a demand for halal pharmaceutical products, leading to the market's growth during the forecast period. Furthermore, the governments in Asian countries are continuously involved in modifying the halal requirements in pharma and normal supply chains. For instance, in March 2022, Indonesia introduced a new halal label, which comes with a purple color having a color code #670075 Pantone 2612C.
Furthermore, an increase in halal product launches, along with other strategic activities, is expected to fuel the market's growth. For instance, in February 2022, PT Paragon Technology and Innovation launched Wardah Crystal Secret, which comes with ingredients and benefits that are more effective in brightening the skin. The company offers halal products for skin, which is expected to bolster the market's growth during the forecast period.
Thus, owing to the increase in the launch of various halal pharmaceutical products and other strategic activities, the studied market is expected to witness notable growth during the forecast period.
Halal Pharmaceuticals Industry Overview
The market is consolidated, with a few key market players present globally and regionally. The key market players are notably involved in various strategic activities to increase their market presence across the world. Some of the key market players are Greenfield Nutritions, SunVit-D3, Vitabiotics Ltd, Zaytun, and Canvita.
Halal Pharmaceuticals Market Leaders
-
Greenfield Nutritions
-
SunVit-D3
-
Vitabiotics Ltd
-
Canvita
-
Zaytun
*Disclaimer: Major Players sorted in no particular order
Halal Pharmaceuticals Market News
- October 2023: The Indonesian Vice President and Chairperson of the National Committee of Sharia Economy and Finance (KNEKS) launched the Indonesian Halal Industry Master Plan (MPIHI) 2023–2029 during the 2023 Indonesia Sharia Economic Festival (ISEF).
- June 2023: The Public Investment Fund (PIF), Saudi Arabia's prominent global investment entity, unveiled its latest venture, Lifera. Lifera is a commercial-scale contract development and manufacturing organization (CDMO) that aims to catalyze the expansion of Saudi Arabia's bio/pharmaceutical sector. Lifera supports the manufacture of various halal pharmaceutical products.
Halal Pharmaceuticals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Muslim Population and Rise in Demand for Vegan Products
4.2.2 Surge in Elderly Population
4.3 Market Restraints
4.3.1 High Production Costs
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Dosage Form
5.1.1 Syrups
5.1.2 Capsules
5.1.3 Tablets
5.1.4 Other Dosage Forms (Powder, Gel, and Ointment)
5.2 By Drug Class
5.2.1 Analgesics
5.2.2 Anti-inflammatory Drugs
5.2.3 Respiratory Drugs
5.2.4 Cardiovascular drugs
5.2.5 Vaccines
5.2.6 Other Drug Classes
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Middle East and Africa
5.3.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 SMPNutra.com
6.1.2 Greenfield Nutritions
6.1.3 SunVit-D3
6.1.4 Vitabiotics Ltd
6.1.5 Zaytun
6.1.6 Canvita
6.1.7 ACG
6.1.8 Amanah Vitamins
6.1.9 NATURAL CAPSULES LIMITED
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Halal Pharmaceuticals Industry Segmentation
As per the scope of the report, halal pharmaceuticals involve drugs, medicinal ingredients, traditional medicines, and cosmetics that contain permitted ingredients and are produced according to Islamic rules and regulations.
The halal pharmaceuticals market is segmented by dosage form, drug class, and geography. By dosage form, the market is segmented into syrups, capsules, tablets, and other dosage forms. By drug class, the market is segmented into analgesics, anti-inflammatory drugs, respiratory drugs, cardiovascular drugs, vaccines, and other drug classes. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report offers the value (USD) for the above segments.
| By Dosage Form | |
| Syrups | |
| Capsules | |
| Tablets | |
| Other Dosage Forms (Powder, Gel, and Ointment) |
| By Drug Class | |
| Analgesics | |
| Anti-inflammatory Drugs | |
| Respiratory Drugs | |
| Cardiovascular drugs | |
| Vaccines | |
| Other Drug Classes |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle East and Africa | |
| South America |
Halal Pharmaceuticals Market Research FAQs
How big is the Halal Pharmaceuticals Market?
The Halal Pharmaceuticals Market size is expected to reach USD 501.95 million in 2024 and grow at a CAGR of 12.58% to reach USD 907.90 million by 2029.
What is the current Halal Pharmaceuticals Market size?
In 2024, the Halal Pharmaceuticals Market size is expected to reach USD 501.95 million.
Who are the key players in Halal Pharmaceuticals Market?
Greenfield Nutritions, SunVit-D3, Vitabiotics Ltd, Canvita and Zaytun are the major companies operating in the Halal Pharmaceuticals Market.
Which is the fastest growing region in Halal Pharmaceuticals Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Halal Pharmaceuticals Market?
In 2024, the Middle East and Africa accounts for the largest market share in Halal Pharmaceuticals Market.
What years does this Halal Pharmaceuticals Market cover, and what was the market size in 2023?
In 2023, the Halal Pharmaceuticals Market size was estimated at USD 438.80 million. The report covers the Halal Pharmaceuticals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Halal Pharmaceuticals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Halal Pharmaceuticals Industry Report
Statistics for the 2024 Halal Pharmaceuticals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Halal Pharmaceuticals analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
