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Halal Pharmaceuticals Market Growth Factors, Competitive Landscape and Revenue Forecast till 2023

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Viraj Patil

07th July 2020 - The global Halal Pharmaceuticals Market is projected to grow at a steady rate during the forecast period. Halal pharmaceutical products adhere to Shariah law that prohibits the use of animal parts or any other raw materials that violates the ‘haram’ under this law.

The halal pharmaceuticals market is driven by increasing Islamic population and growing awareness related to food purity standards. Furthermore, a general skepticism towards Western medication is helping the growth of the halal vaccination industry. Also, the industry is attracting more investments attributed to the advent of virtual reality (VR), artificial intelligence (AI), and the internet of things (IoT).

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A collaboration between the Indian Ministry of Finance’s (TDA) Technology Depository Agency and Hilleman Laboratories in 2017 marked a worldwide attempt to manufacture vaccines for diphtheria and meningitis. The arrival of the anti-vaccination trend Muslim communities are promising steady pharmaceutical and drug industry growth. Pharmaceutical companies like AJ Pharma and Pharmaniaga are fronting some of the key innovations by investing substantial amounts into R&D at their Halal pharmaceutical center.

Malaysia plans to build the world’s first halal vaccine center to produce pharmaceutical products in accordance with halal standards and will be commercialized within 5 years. The global Islamic economy report stated that even though Malaysia topped the worldwide Islamic Economy Indicator, but UAE marked their spearhead in Halal pharmaceutical, food, media, and recreation sectors.

Key Players Analysis covered in these report 

  • CCM Pharmaceuticals
  • Pharmaniaga
  • Rosemont Pharmaceuticals
  • Simpor Pharma
  • Bosch Pharmaceuticals
  • NOOR VITAMINS

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Market split by Sales Channel, can be divided into:

  • Direct Channel
  • Distribution Channel

Market segment by Region/Country including:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, UK, France, Italy, Russia and Spain etc.)
  • Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
  • South America Brazil, Argentina, Colombia and Chile etc.)
  • Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)

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