PUBLISHER: Grand View Research | PRODUCT CODE: 1301233
PUBLISHER: Grand View Research | PRODUCT CODE: 1301233
The global halal packaging market size is expected to reach USD 437.89 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.2% over the forecast period 2023 - 2030. This is attributed to the growing Muslim population and presence of several regulatory bodies contributing to the growth of halal-certified packaging market.
Halal packaging, which ensures products are free from ingredients and adhere to animal-cruelty free and specific ethical standards, contributes to the rising demand for halal packaging in the market. The presence of regulatory bodies such as the Saudi Food and Drug Authority (SFDA) and Islamic Religious Council of Singapore (MUIS) focusing on halal-certified packaging plays a crucial role in shaping the halal packaging market. These organizations establish guidelines and standards for halal certification, ensuring that packaging materials and processes meet the necessary requirements. By providing certification and oversight, these regulatory bodies instill confidence in consumers and enable manufacturers to cater to the growing demand for halal-certified packaging.
The industry players are adopting several strategies including partnerships, new product launch, expansions, mergers and acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in May 2023, Albea Services S.A.S. announced the launch of a refillable jar under the brand name Twirl to meet the growing consumer demand for halal cosmetic packaging solutions.