Latin America Halal Ingredients Market

Latin America Halal Ingredients Market Size (2024 to 2029)

The Latin America Halal Ingredients Market is expected to experience moderate growth to record a CAGR of 3.1% throughout the forecast period 2024 to 2029.

Current Scenario of the Latin America Hala Ingredients Market

Halal ingredients are products that are approved under Islamic law. It can be designated for food, drinks, and other matters of everyday life. The common halal ingredients are vegetables, plants, fish, and animal meat. However, the animal should be slaughtered according to Sharia rules and does not contain alcohol. Halal ingredients are used nowadays in various beauty products as there is a high demand for cosmetic products made with these components. Scientists carefully study objects like lipsticks, creams, and soaps to make sure that these products include halal ingredients. People around the world, including non-Muslims, prefer halal food and drinks as they are considered as highly safe and healthy.  

MARKET DRIVERS AND RESTRAINTS

The Latin America Halal Ingredients Market has undertaken a worldwide shift in demand and supply chains for halal food products. They are increasingly available in western-style supermarkets, including supermarkets and hypermarket chains, which is gaining a strong presence in Brazil, where its economy is emerging. In Latin America, supermarkets and food producers are beginning to reach Muslim and non-Muslim consumers by offering a more extensive selection of halal food products. The halal ingredients needs are continues to rise, with the growth in the Muslim population. Muslim consumers prefer all the products they consume in their lives to be halal. Due to this need and concern, the market for halal ingredients is growing at the same rate as the growth of Muslim populations. Therefore, the lack of commonly accepted standards for halal ingredients can hamper market growth during the forecast period. As the changing aspects of the Muslim world change and globalization fashions continue to shape the habits, tastes & drinking habits of buyers around the world, halal food and beverage approval are on the way to improve in the Latin America Halal Ingredients Market during the forecast period.

Impact of COVID-19 on the Latin America Halal Ingredients Market

The COVID-19 pandemic had an immense impact on the food & beverage industry due to the lockdown in several industries and the shutdown of manufacturing units across the world. This has also resulted in a decline in the sales of associated industries like halal ingredients. However, with the increasing consumer preference for healthy foods, the need for halal food ingredients is touted to increase in the coming years even after the situation becomes normal.

This research report on the Latin America Halal Ingredients market has been segmented and sub-segmented into the following categories.

Latin America Halal Ingredients Market By Type

• Ingredients for the Food & Beverages industry

• Ingredients for the pharmaceutical industry

• Ingredients for the cosmetic industry

Latin America Halal Ingredients Market By Application

• Pharmaceuticals

• Food & beverages

• Cosmetics

Latin America Halal Ingredients Market By Country

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

KEY MARKET PLAYERS

BASF SE, Cargill, Halagel Group of Companies, Solvay, Koninklijke DSM N.V, Archer Daniels Midland CompanyAmara Cosmetics, Del Monte Philippines Inc, Unilever Food Solutions, Tesco are some of the notable companies in the Latin America Halal Ingredients Market.

RECENT DEVELOPMENTS IN THE MARKET

• Archer Daniels Midland (ADM) launched high-quality organic flours that comprise all-purpose organic flour and premium organic bread flour. The products will be added to the complementary range of organic and cereal-based products.
• UAE beauty brand Al-Hur Beauty was launched in Malaysia, pledging to provide Muslim consumers with safe and reliable natural cosmetics that meet international halal certification standards. The brand was launched with great fanfare in Kuala Lumpur at KL Gateway. Al-Hur Beauty is currently available through five resellers, independent sellers, and its own in-house sales team.
• Impossible Foods, a leading provider of meat substitutes based in the United States, received halal certification from IFANCA (Islamic Food and Nutrition Council of America).
• In January 2017, BRF, the Brazilian meat packaging giant, launched OneFood in Dubai. One Food is the new BRF subsidiary that owns all of BRF's assets associated with halal meat production.
• Solvay confirmed about the development of its natural ingredient Rhovanil US NAT, made according to halal standards. These innovative products meet consumer demand for natural products and also comply with US regulations on natural flavors