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.
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.
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 high-end 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.
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