Over the past two years, plant-based food consumption has grown by 49% across the EU, reaching a total sales volume of €3.6 billion.
More and more Korean pharmaceutical companies are entering the halal market
2025-05-15
The global halal market reached $1.89 trillion in 2015 and is projected to reach $3 trillion within four years. The global halal pharmaceutical market, which accounted for 6.7% of the global pharmaceutical market two years ago, is projected to reach $370 billion by 2021, growing at an average annual rate of 9.3%.
In 2014, East Asia Sheng established a strategic partnership with Indonesian pharmaceutical company Combiphar. On August 22nd of this year, it also entered into a strategic partnership with Rooyan Darou for its biopharmaceutical product, Growtropin. Under the agreement, the Iranian pharmaceutical company will establish a biopharmaceutical production facility in Iran and, starting in 2019, produce and distribute East Asia Sheng's products. East Asia Sheng will receive royalties based on sales.
Iran's pharmaceutical market, with a population of approximately 7.91 million, is one of the largest in the Middle East. The market is projected to grow from $1.93 billion to $3.59 billion between 2015 and 2025. The Iranian government is aiming to increase the proportion of domestically produced biopharmaceuticals to at least 75% within five years.
IIdong Pharmaceutical's digestive aid Biovita received the first halal certificate in the Korean pharmaceutical industry from the Korea Muslim Federation (KMF). Last April, IIdong Pharmaceutical signed a commercial agreement with MS Pharmaceuticals, a Jordan-based pharmaceutical company, to supply antibiotics and hyaluronic acid-based antacid products nationwide.
Daewoong Pharmaceutical established a branch in Jakarta in 2005 and PT Daewoong Infion in 2012, a joint venture producing biopharmaceutical products. Its anemia drug, Epodio, recently received approval in December of last year and began sales in Indonesia in January of this year. "Epodion is produced and supplied directly in Indonesia, and the Indonesian government is paying close attention to this project," the company explained, adding, "After achieving sales of 10 billion won this year, it is highly likely to capture a 90% market share within three years."
Of course, some halal-related projects have not panned out. YuYu Pharmaceutical planned to establish a branch in Malaysia and obtained halal certification in 2014, but the project has yet to be implemented. IIdong Pharmaceutical signed a commercial agreement with SPC, a Saudi Arabian company, to build a cancer drug factory, but the deal fell through at the final stage.