Halal ingredients constitute a global market estimated at $245 billion, Thomson Reuters said in a report issued in partnership with Salaam Gateway and DinarStandard. 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 Cooperation (OIC) imports of halal ingredients which reached $33 billion in 2015. The report identified more than 300 halal ingredients that are manufactured globally and consumed by high-growth halal 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). 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. Haroon Latif, Director of Strategic Insights at DinarStandard and lead analyst, said: "There will be an upward 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." — SG
