Organization of Islamic Countries' imports of Halal ingredients recorded $33 billion in 2015
Halal ingredients a growing opportunity within the global ingredients market estimated at US $245 billion across the food, pharmaceutical, and cosmetics industries
Organization of Islamic Countries' imports of Halal ingredients recorded $33 billion in 2015
Halal ingredients a growing opportunity within the global ingredients market estimated at US $245 billion across the food, pharmaceutical, and cosmetics industries
DUBAI, UAE, June 22, 2016 - Thomson Reuters issued a report on the Halal ingredients across the global food, pharmaceutical, and cosmetics industries. The report, issued in partnership with Salaam Gateway and DinarStandard, identified more than 300 Halal ingredients that are manufactured globally and consumed by high-growth Halal/ Muslim customer segment.
The report features ingredients that are most effected by Halal compliance processes, such as gelatin, pepsin (used commonly in cheese), and carmine (food coloring). According to the report, Halal ingredients present a fast growing opportunity within the global ingredients market estimated at US $245 billion. The report outlines the key players addressing the Halal ingredients opportunity in the food, pharmaceutical products and cosmetics industries, and also highlights the Organization of Islamic Countries' (OIC) imports of ingredients which reached US$ 33 billion in 2015.
Mustafa Adil, Head of Islamic Finance, Thomson Reuters, said: "We are proud to provide an insightful perspective of the Islamic economy trends and opportunities. The topic of Halal ingredients is an important one given that sourcing these ingredients continues to be a key challenge for many food, cosmetics and pharmaceuticals companies that seek to address Muslim demand."
Furthermore, the report outlines opportunities for prospective players in the Halal ingredients market, including companies, private equity investors, and e-commerce platforms.
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Haroon Latif, Director of Strategic Insights at DinarStandard and Lead Analyst, said: "There will be an upwards growth trajectory in the size of the Halal ingredients market - the status quo cannot continue. Muslim consumers will become more aware of what they are actually eating and eventually standards will become stringent and more widely applied."
The full Report is publicly available for download from here.
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About Salaam Gateway
Salaam Gateway is the global reference for industry intelligence, news, information, and data needed by Islamic Economy professionals to advance their businesses and fuel their innovations. We are also the repository of an extensive database of Islamic Economy companies from across the globe. Our insights and intelligence are provided by Islamic Economy experts, analysts, and industry and thought leaders. Salaam Gateway is a joint effort between Dubai Islamic Economy Development Centre and Thomson Reuters.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com.
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Press Release 2016
