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| Halal Food Market |
The global Halal Food Market is estimated to be valued at US$ 879.6 Bn in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Halal food refers to food products and beverages that are prepared and
processed according to Islamic dietary laws. These laws specify what is
permissible (halal) and what is forbidden (haram) for Muslims to consume. The
demand for halal food products is increasing due to the growing Muslim
population globally and their preference for certified halal products. Halal
food products provide assurance to the consumers about the quality, safety, and
reliability of the food they consume. They also cater to the dietary
restrictions and cultural preferences of the Muslim community.
Market Key Trends:
One key trend driving the growth of the halal food market is the rising
consumer awareness and demand for halal-certified products. With increasing
globalization and migration, there is a growing number of Muslims living in
non-Muslim majority countries. These consumers are seeking halal food options
that meet their religious dietary requirements. As a result, food manufacturers
and retailers are expanding their halal product offerings to cater to this
growing consumer segment.
Moreover, governments across various countries are implementing regulations and
standards to ensure the authenticity and integrity of halal food products. This
is further driving the demand for halal-certified products as consumers are
becoming more conscious about the halal credentials of the food they purchase.
The availability of halal certifications and logos on products adds credibility
and trust among Muslim consumers, leading to increased sales of halal food
products.
In conclusion, the halal food market is experiencing significant growth due to
factors such as the increasing Muslim population, rising consumer awareness,
and demand for halal-certified products. The market is
PEST Analysis:
Political: The political factors affecting the halal food market include
regulatory policies and trade agreements related to the import and export of
halal products. Governments play a significant role in establishing guidelines
and standards for halal certification, which can impact the market. For
example, the increasing number of countries adopting halal standards and regulations
may create more opportunities for halal food market growth.
Economic: Economic factors influencing the halal food market include consumer
purchasing power, GDP growth, and disposable income. The rise in middle-class
population and increasing income levels in emerging markets are driving the
demand for halal food products. Additionally, government initiatives such as
providing subsidies for halal products can also impact the market positively.
Social: Social factors play a crucial role in the growth of the halal food
market. The increasing Muslim population globally, coupled with a rise in
awareness about halal food, has led to a growing demand for halal-certified
products. Changing consumer preferences, especially among the younger
generation, towards ethical and sustainable food choices also contribute to
market growth.
Technological: Technological advancements in the halal food market include
improvements in halal certification processes, traceability systems, and
logistics. Utilization of technology such as blockchain and DNA testing can
help ensure the authenticity and traceability of halal products, which is
important for halal-conscious consumers. Digital platforms and e-commerce have
also facilitated the accessibility and availability of halal food products to a
wider consumer base.
Key Takeaways:
The global Halal
Food Market Growth is expected to witness high growth, exhibiting a
CAGR of 12.80% over the forecast period from 2023 to 2030. This growth can be
attributed to several factors. Firstly, the increasing Muslim population
globally, especially in countries such as Indonesia and Malaysia, is driving
the demand for halal food products. Secondly, rising disposable income and
urbanization are resulting in changing consumer preferences towards halal-certified
and healthier food options. Lastly, government initiatives to promote halal
food, such as the establishment of halal industrial parks, are further boosting
market growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing
and dominating region in the halal food market. This is primarily due to the
presence of a large Muslim population and the increasing adoption of halal
standards and regulations in countries like Indonesia, Malaysia, and Pakistan.
Additionally, the Middle East and Africa region, particularly Saudi Arabia and
UAE, are significant markets for halal food due to the religious significance
of halal products in these countries.
Key players operating in the halal food market include Cargill Inc., Al Islami
Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and
Saffron Road Food. These key players have been actively involved in product
launches, partnerships, and expansions to gain a competitive edge in the
market. They focus on developing a diverse range of halal food products
Read More,
https://www.newsstatix.com/halal-food-market-trends-size-and-share-analysis/
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