Turkey – Market Research
Turkey
Market overview: The halal pharmaceutical industry in Turkey has significant potential due to the country’s large Muslim consumer market and the government’s efforts to promote halal standards across various sectors. The country is also strategically located at the crossroads of Europe and Asia, making it a significant player in the global halal industry.
Regulations: Although halal certification is still voluntary in Turkey, the country has a regulatory framework ready for halal pharmaceuticals, especially with Turkey being a leader in the harmonization of halal regulations among OIC countries.
Market Size: Turkey has a population of 86 million of which 99% are Muslim.
Market Potential: The halal pharmaceutical market in Turkey was estimated to be approximately 316 million USD in 2018. Although no recent statistics were found on the actual current market size, the demand for halal pharmaceutical products in Turkey has been steadily increasing due to the country’s Muslim population preference for halal-certified products.
Market Activity: Overall, the Turkish halal pharmaceutical market is a growing industry with increasing activity and support from the government and the private sector. The demand for halal-certified pharmaceutical products is expected to continue to grow, providing opportunities for Turkish pharmaceutical companies to expand their market share both domestically and internationally.
Important Activities in the Turkish Halal Pharmaceutical Market:
Turkey to Host World Halal Summit, OIC Halal Expo
The 9th OIC Halal Expo will feature 500 exhibitor from 40 different countries, and over 40,000 attendees.
Halavet Food Aims to Export $100 Million of Gelatin Collagen in 2022.
Halavet strives to double Turkey’s gelatin exports by expanding into the North American markets.
Turkey to produce Russia’s Sputnik V COVID-19 vaccine
Turkish pharmaceutical firm Viscoran İlaç is producing Russia’s Sputnik V COVID-19 vaccine.
Abdi Ibrahim Purchased OM Pharma’s Shares
he leading Turkish pharmaceutical company Abdi Ibrahim purchased 28.5 per cent of the shares of the Swiss biotech company OM Pharma for TL 4.2 billion (USD 530 million), making it the company’s second-largest shareholder.
