Halal pharmaceuticals include the
vaccines and nutraceuticals containing ingredients which are compliant
with the Shariah (Islamic religious) law. Halal products are
manufactured by adhering to the Good Manufacturing Practices (GMP)
standards with approved halal raw materials. Halal nutraceuticals are
derived from halal food sources that offer high nutritional value and
health benefits. They can be classified into the functional food,
dietary supplement, and processed food categories. Dietary supplements
are defined as liquids or capsules containing nutrients found in foods
such as minerals, vitamins, herbs, amino acids, and botanicals. They are
consumed as a supplement to one;s regular diet. Halal vaccines do not
contain alcohol or raw materials from porcine origin and are non-toxic.
They are processed in separate manufacturing units to avoid any cross
contamination.
Report Overview @ https://www.transparencymarketresearch.com/halal-nutraceuticals-vaccines-market.html
Government initiatives to promote halal
products and increasing demand for them among the Muslim population are
major factors driving the halal nutraceuticals and vaccines market.
These initiatives are witnessed in various countries with a vast Muslim
population and include development of necessary infrastructure,
administrative support, encouraging investments in halal products &
services, adoption of uniform certification across the country, and
special incentives. For instance, in Malaysia, the Ministry of
International Trade & Industry (MITI) develops halal pharmaceutical
products & services to make the country a halal hub. MITI’s
initiatives include adopting a standardized logo, streamlining
procedures & fees, providing special incentives, and intensifying
promotional activities. In addition, halal pharmaceuticals are driven by
the needs and preferences of the estimated 1.6 billion Muslims
worldwide, expected to grow by 1.6% annually, accounting for 29% of the
world population. However, factors such as challenges in terms of
developing substitutes for halal ingredients in pharmaceutical products,
huge capital investments in manufacturing facilities, and the lack of
acceptable international standards are anticipated to hamper the halal
nutraceuticals and vaccines market.
The market has been segmented by type of
product into the following categories: halal dietary neutraceuticals and
halal vaccines. Based on application, the halal nutraceuticals and
vaccines market has been divided into the following groups: sports
nutrition, general well-being, immune health, bone health, heart health,
disease prevention, and weight loss. On the basis of distribution
channel, the market has been divided into the following sections:
hospital pharmacies, retail pharmacies, online sales, and super markets.
Geographically, the halal nutraceuticals
and vaccines market is distributed over North America, Latin America,
Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is a
major market and projected to remain dominant over the forecast period,
on account of the rising demand for halal-certified dietary supplements
such as fish oil, calcium, and protein powder in the region. Middle East
& Africa is also likely to be a lucrative market owing to the high
demand from Saudi Arabia, the U.A.E., and Kuwait. Europe is the third
leading region for halal nutraceuticals and vaccines. France represents a
major market. Halal-certified dietary supplements which boost the
immune system and strengthen mental health are the key products
preferred by consumers in the country. However, the dearth of Muslim
population and lack of awareness about halal products restrain the
market in North America and Latin America. Nonetheless, the market in
these regions is estimated to witness sluggish growth, propelled by the
U.S., Canada, and Brazil. Mexico and Brazil are expected to exhibit
considerable potential due to the increasing awareness about halal
products in these countries.
Key players operating in this market
include Abbott Laboratories, Amway, AJ Biologics Sdn Bhd., Agropur,
Inc., Chemical Company of Malaysia Berhad, PT Kalbe Farma Tbk, Kotra
Pharma (M) Sdn Bhd, and NoorVitamins.
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