- 2016 Size: USD 83 billion
- Average Year-Over-Year (2015-2016): 6%
- Projected Size in 2022: USD 132 billion
The halal pharmaceutical and beauty products market is expanding globally. In 2016, the industry was worth USD 83 billion—a 6% increase over 2015. This growth tracks with the rising purchasing power of Islamic countries due to the rapid growth and maturation of their economies, especially in the Middle East and Southeast Asia. Further, consumption of halal products among non-Muslim populations is also on the rise, which is another reason for expansion opportunities of halal pharmaceutical and cosmetics businesses. By 2022, these and other trends are expected to drive the industry’s value to USD 132 billion.
Halal pharmaceutical products represent a new frontier for the global halal economy. To date, the halal pharmaceutical industry has been standardised officially with the establishment of the Halal Pharmaceutical Standard MS2424:2012 Halal Pharmaceuticals – General Guidelines. As required by the Shariah, these guidelines create more avenues for consumers to make informed choices of safe, efficacious, high- quality and hygienic medicines.
Expected exhibitors: Representatives from the pharmaceutical and cosmetics industry, testing and certification organizations, logistics and transport companies, import/export specialists, individual entrepreneurs, investors