ALBANY, New York, November 11, 2016 /PRNewswire/ -- The global halal products market has expanded at a promising pace in the past few years and is expected to embark upon a path of exponential growth in the next few years as well. Rising global population of the Muslim community and rising disposable incomes across some of the world's prominent Islamic countries are expected to be the key drivers of the market. However, the market is expected to bear the brunt of the lack of transparency with respect to the use of ingredients for the pharmaceutical and personal care products and the absence of a globally uniform halal standard. Transparency Market Research estimates that the global halal products market, which was valued at US$2.70 trillion in 2015, will rise to US$10.51 trillion by 2024, exhibiting a CAGR of 16.2% from 2016 to 2024. Download Sample PDF Brochure for Professional & Technical Breakthroughs athttp://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=16643Rising Global Muslim Population Key to Market Growth Being the prime consumer of halal products, the rising population of the Muslim community across the globe is one of the most prominent drivers of the global market for halal products. Studies estimate that by 2030, nearly 26% of the world's population will be accounted by Muslims, which is a vast rise from the 19.9% in 1990. Moreover, the rising disposable income of Islamic countries, chiefly owing to the rapid growth of the Islamic economies in Middle East and South East Asia, is also expected to contribute to the market growth in the next few years. In addition to this, the consumption of halal products by other communities is also on the rise, which is expected to further fuel the global demand for halal products. The market is also embarking upon a promising growth path owing to rising urbanization and the resultant improvement seen in the retail sector in the past few years across many key markets. Earlier, the halal food market was highly unorganized. The present-day halal products market, on the other hand, features a highly organized retail structure with the presence of a large number of retail outlets selling a vast variety of halal products. Moreover, the high degree of globalization of the halal market and multilateral trade agreements have boosted the trade flow of halal products.