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Halal Packaging is expected to each US$ 56.2 Bn by
2024, expanding at a CAGR of 9.1% from 2016 to
2024
The latest market report published by Credence Research, Inc. “Halal Packaging
Market, By Application - Growth, Future Prospects and Competitive Analysis, 2016 –
2024,” the halal packaging was valued at US$ 25.9 Bn in 2015, and is expected to each
US$ 56.2 Bn by 2024, expanding at a CAGR of 9.1% from 2016 to 2024.
Market Insights
Halal referring to “lawful” or “allowable” has become an authority in terms of quality and
guarantee especially for Muslims right from consumption of food or medicine or
application of a particular consumer good. Companies from every sector are eyeing halal
market, owing to demand for animal welfare, environmental protection and sustainability
among consumers worldwide. Halal industry mainly revolves around cosmetic,
pharmaceutical and food. However, there has been paradigm shift leading to
manufacturers shift to logistics, packaging, branding and other aspects. Halal packaging
basically involves usage of everything related to halal certified raw material for
packaging, halal certified machinery and equipment, halal grade lubricants for food and
beverages, pharmaceuticals and consumer goods.
Browse the full Halal Packaging Market - Growth, Future Prospects and
Competitive Analysis, 2016 – 2024 report
at http://www.credenceresearch.com/report/halal-packaging-market
Halal packaging market is driven by factors such as increasing Muslim population leading
to demand for halal certified products, increasing uptake of halal-based products among
Muslim as well as non-Muslim population, growing inclination of manufacturers to obtain
halal certification and others. Other factors stimulating the halal packaging market
growth include growing purchasing power parity, inclination of consumers towards highend products leading to adoption of such among players operating in the overall halal
packaging market. However, high cost incurred due to obtain halal certification for
packaging restricts market growth.
In 2015, Middle East and Africa dominated the market in terms of revenue share, followed
by Asia Pacific and Europe. Asia Pacific accounted for around 35% of the overall halal
packaging market and is further expected to record highest CAGR over the forecast
period. Some of the factors fuelling the halal packaging market growth in the region
include growing food and beverages industry in countries such as India and China,
increasing processed food industry and rising consumer awareness for safe and healthy
food products coupled with companies looking for more sustainable packaging solutions
especially for halal certified products.
Overall halal packaging market is consolidated in nature with players seeking approval
for packaging materials developed by the respective companies. This is intended to offer
wide product range to its end users along with mitigation of standards for halal. Some of
the prominent players identified in the halal packaging market include Al Halal Packaging,
Varsity Packaging and MM Karton. There are other notable players who are engaged in
developing efficient and sustainable halal packaging solutions to meet the standards set
by halal certification authorities across the globe.
Browse the full Halal Packaging Market - Growth, Future Prospects and
Competitive Analysis, 2016 – 2024 report
at http://www.credenceresearch.com/report/halal-packaging-market
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