The Global Halal Pharmaceutical Market: Strengths, Challenges, and Prospects

The strength and success of the global Halal industry has been making waves worldwide and is now emerging as one of the most lucrative and prominent market arenas in the world with an industry worth of US$ 2.3 trillion. Recognizing this rising demand of Halal commodities, there are vast prospects for various businesses, investors, and suppliers to engage in innovations and develop strategies to appeal to Muslims, who happen to be one of the fastest growing faith-based consumer groups in the world. Contrary to popular perceptions, Halal is not merely about food and beverages. The Halal industry now encompasses various sectors such as pharmaceuticals, cosmetics, and various services such as Halal tourism, hospitality services, and logistics. Although the food sector dominates the Halal industry, pharmaceuticals are the second most important segment constituting 26% of the total global Halal market with an industry worth of US $ 500 billion.