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Author: kalofarmako   |   Latest post: Tue, 31 Dec 2019, 9:25 AM

 

Halal Pharmaceuticals Market to Hit US$174.59bil by 2025

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The global halal pharmaceuticals market is projected to hit US$174.59bil by 2025 with a compound annual growth rate (CAGR) of 9.4%. Strong support from Islamic demography and significant increase in Muslim consumer spending will also help propel the halal pharmaceuticals market.

Asia-Pacific was the largest market for halal pharmaceuticals in 2018, with the revenue of USD39.9bil, followed by Europe.

These socio-economic trends coupled with increasing number of halal certifications worldwide are likely to boost the market growth of halal pharmaceuticals by the end of 2025.

Additionally, the global Islamic economy has recently undergone developments pertaining to trade technologies and finance.

Players are implementing block chain technology for payments in order to ensure compliance with halal certifications and to keep track of pharmaceuticals, food, and cosmetics at every step of the logistics chain from manufacturing operations to retail.

In terms of geography, Asia Pacific is likely to remain the largest region comprising high Muslim populace followed by Middle East, Africa, Europe and lastly Americas. 

Among major players in the halal pharmaceutical industry are Pharmaniaga Bhd, Duopharma Biotech and Chemical Company of Malaysia.

These companies are using various strategies such as new product launches, expansions, partnerships, agreements, acquisitions, joint ventures, and others to increase their footprints in this market.

Pharmaniaga also invest significant amounts into the research and development of Halal vaccines. 

 

Sources: Linked Azlan Abu Bakar

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DickyMe Better to consume traditional medicine and maintain a healthy lifestyle.
14/12/2019 11:34 AM


 

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