Saudi Arabia – Market Research
Saudi Arabia
Market overview: The halal pharmaceutical sector in Saudi Arabia has been experiencing significant growth in recent years, and still has a way to go, driven by a combination of factors such as a growing Muslim population, increasing demand for halal-certified products, and to favorable government policies.
Regulations: Currently only food, meat and meat-based products require a mandatory halal certificate to enter the Saudi Arabian market, but the country is taking promising steps towards regulating halal pharmaceuticals.
Market Size: Saudi Arabia has a population of 37 million of which 97% are Muslim.
Market Potential: Saudi Arabia Ranks second in terms of Pharmaceuticals Muslim Consumer Market Size hitting $9 Bn in 2021 and is expected to grow at a compound annual growth rate (CAGR) of around 6% between 2021 and 2026. Within this market, the halal pharmaceutical sector is expected to grow at an even faster rate, driven by the increasing demand for halal-certified products and the country’s efforts to promote and develop the halal industry. Saudi Arabia is also the number one OIC Importer of Pharmaceuticals with $5.61 Bn in 2020
Market Activity: Overall, the halal pharmaceutical market activity in Saudi Arabia is expected to continue to grow in the coming years, with several local, and international pharmaceutical companies establishing operations in the country to produce halal medicines.
Important Activities in the Saudi Halal Pharmaceutical Market:
Unleashing Potential: The Rise of the Global Halal Market
Experience the exponential growth of the global halal market, projected to reach $7.7 trillion by 2025. This surge is driven by sectors such as Islamic finance, food and beverage, pharmaceuticals, and more. With consumer spending on halal products expected to hit $2.4 trillion in 2024, the halal industry presents a promising economic sector for investment. Join us in this journey as we explore the untapped potential of the halal market
Halal Horizons: A Global Convergence at the Makkah Halal Forum
The Makkah Halal Forum, organized by the Islamic Chamber Halal Services and Manafea, is a pioneering event aimed at revolutionizing the global Halal Market. The forum will host workshops, panels, and exhibitions to address critical issues in the Halal economy and meet the needs of Muslim consumers. This 3-day event promotes cross-sector collaborations and drives the growth of the Halal market globally.
Saudi Arabia, Singapore Ink Deal on Mutual Recognition of Halal Certificates
The agreement guarantees the acknowledgment of locally exported products by both parties and facilitates the sharing of expertise and knowledge in training, research, and laboratory analysis for halal products.
Saudi Awards Halal Certificates to More Than 219 Facilities
The certificates have been granted by the Halal Center of Health Sector Transformation Program, a key initiative under Saudi Arabia’s Vision 2030, affiliated with the Saudi Food and Drug Authority (SFDA).
BRICS expansion: What’s in store for the global halal industry?
The expansion is poised to have significant economic and geopolitical implications, particularly in the halal industry and global trade dynamics.
Celularity and CH Trading Group Announce Product Distribution Agreement with Tamer Group to be the Exclusive Distributor for the Kingdom of Saudi Arabia
Tamer Group will be the exclusive distributor of the Celularity branded biomaterial products in Saudi Arabia, opening access to Celularity’s Halal-Certified regenerative biomaterial, health and wellness products.
Saudi PIF Launches New Firm to Localize Halal Production Industry
he new company aims to promote the localization of the halal production industry in the Kingdom by leveraging local knowledge, technology, and innovation to develop halal products.
Merck to Support SaudiVax in Becoming First Developer and Manufacturer of Halal Vaccines and Biotherapeutics in Saudi Arabia
The project aims to support the localization of biologics and vaccine production in the region by developing a state-of-the-art manufacturing facility.
AJ Pharma Developing the World’s First Halal Vaccines
The company is currently developing the world’s first halal-certified meningococcal vaccine (MCV4), which began phase I in late 2016.
Saudi ‘World’s Largest’ Centre for Halal Food & Products
The halal center will focus on research and development to develop high-quality halal products, including food, cosmetics, and pharmaceuticals.
