Overview
Halal vaccines are non-toxic and comply with Shariah law. They do not contain any porcine-derived raw materials or alcohol. To prevent cross contamination, halal vaccines are manufactured in different processing units.
In terms of revenue, the global halal nutraceuticals and vaccines market is forecast to hit US$ 49,345.7 million in 2019 and US$ 88,511.3 million by the end of 2027.
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Drivers
The global halal nutraceuticals and vaccines market is set to augment due to the newly developed concept of halalopathy, which blends religion and modern science with a focus on the purity (halal/tayyib) of the ingredients used in medication and food to help a patient’s healing in accordance with their beliefs.
Opportunities
For market leaders, the establishment of an e-commerce-based distribution system is projected to provide attractive growth opportunities. E-commerce websites guide consumers to confirmed retailers, reducing the risk of being misled by vendors claiming to be halal accredited. Furthermore, consumers can check whether a commodity is halal or not by looking at the halal certificate on the website of a licenced halal organisation.
Restraints
The global halal nutraceuticals and vaccines market is expected to be hampered by the high capital investment needed for dedicated production facilities. To prevent cross-contamination with non-halal drugs, dedicated machines must be used during the manufacture of halal pharmaceuticals. As per the Shariah law, sanitary conditions in the production facility must be maintained.
Key Takeaways
The vaccines segment of the global halal nutraceuticals & vaccines market was worth US$ 91.4 million in 2018, and is projected to grow at a CAGR of 31.5 percent to US$ 1,069.3 million by 2027. During the forecast period, the segment’s growth is expected to be aided by increased production of halal approved vaccines. In Malaysia, the world’s first halal vaccine manufacturing plant began operations in 2018.
In terms of size, the hospital pharmacy segment dominated the global halal nutraceuticals & vaccinations market in 2018, contributing about 37.9% of the market share, led by specialty pharmacies and online sales. Hospital pharmacy include a wide range of nutritional supplements and other products, which is expected to help the segment expand over the projected period.
In terms of value, the Asia Pacific region dominated the global halal nutraceuticals & vaccines market in 2018, contributing towards 62.7 percent of the market, followed by the Middle East and Africa. During the forecast period, the segment is expected to expand due to the region’s large Muslim population and manufacturers’ increased emphasis on introducing halal goods.
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Market Trends
Several companies stop selling halal nutraceuticals and vaccines in order to appeal to a wider audience, including non-Muslims. Furthermore, retailers stop labelling halal goods in Muslim-minority markets for fear of losing non-religious consumers.
Due to the limited number of drugs available, some countries, such as Indonesia, have decided to postpone mandatory halal certification for pharmaceuticals until 2024.
Regulations
Middle East & Africa
- UAE: Emirates Global Centre for Accreditation is an initiative to accredit halal products and services according to national & international standards
- Following are the national bodies of countries that regulate halal nutraceuticals & vaccines
- UAE–Dubai Islamic Economy Development Centre
- South Africa- National Independent Halal Trust (NIHT), South African National Halal Authority (SANHA), South Africa- National Independent Halal Trust (NIHT), Muslim Judicial Council Halal Trust (MJCHT), and The Islamic Council of South Africa
- Kenya- Kenya Bureau of Halal Certification
Reasons to Purchase this Report
• Current and future of global Halal Nutraceuticals & Vaccines market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players
Competitive Landscape
Key companies contributing in the global halal nutraceuticals & vaccines market are Herbalife International of America, Inc., Amway, Nestlé, Chemical Company of Malaysia Berhad, NoorVitamins, Abbott Laboratories, Kotra Pharma (M) Sdn Bhd, PT Kalbe Farma Tbk, Agropur, Inc. (Davisco Business Unit), and AJ Biologics Sdn Bhd.
Key Developments
Ashland concluded a licencing agreement with Clasado BioSciences in October 2019 to add Bimuno prebiotics to its health and wellbeing portfolio.
BioCell Technology, LLC reported in March 2018 that its anti-aging component BioCell collagen is now halal approved.
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