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| Halal Food Market |
The halal food market involves products that adhere to Islamic dietary guidelines or Sharia law. This includes meats like chicken, beef and lamb that have been prepared according to halal methods of slaughter. It also covers snacks, desserts and beverages that do not contain any alcohol, pork or pork-derived ingredients. The growing Muslim population seeking halal-certified food items has driven the demand for halal offerings across restaurants, grocery stores and other retail channels. Halal food helps observant Muslims safely consume products while traveling or living abroad in non-Muslim majority countries.
The global halal food market is estimated to be valued at US$ 1143.01 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period
from 2024 to 2030.
Key Takeaways
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., Saffron
Road Food. Cargill Inc. is one of the largest players in the global food
industry with an extensive supply chain network and expertise in halal product
development.
Regarding key opportunities, there is high growth potential in non-OIC
countries with sizable Muslim minorities like India, China and western European
nations. Manufacturers can capture new demand by offering branded halal
convenience foods catering to busy lifestyles in urban areas. Halal
certification standards are also being standardized to simplify global compliance
and improve cross-border trade.
In terms of global expansion, companies are investing in manufacturing
facilities, distribution channels and brand promotion across Asia Pacific,
Middle East, Africa and western countries. Mergers and acquisitions allow established
players to quickly expand product portfolios and geographical footprints.
Market drivers: Rising population of Muslims worldwide along with higher
disposable income is driving the demand for hygienically processed branded
halal foods. Strict adherence to Sharia dietary law makes halal compliance
essential for observant consumers.
Market restraints: Lack of universal certification standards leads to confusion
regarding authenticity of some products. Rising raw material costs also put
pressure on margins for halal meat and poultry processors. Local governments
need to streamline regulations to facilitate international halal food trade.
Segment Analysis
The Halal
Food Market Demand can be
segmented based on type which includes halal meat, poultry and seafood
products, halal ready meals, halal fruits and vegetables, halal confectionery
products and halal beverages. Among these, the halal meat, poultry and seafood
segment dominates and accounts for over 30% share of the global halal food
market. This is because Muslims widely consume halal meat as a primary source
of protein in their diets. The halal ready meals segment is also growing
significantly owing to increasing demand for convenience food products among
Muslim consumers.
Global Analysis
The Asia Pacific region dominates the global halal food market and accounts for
more than 50% share. This is due to countries like Indonesia, Malaysia and
Pakistan having large Muslim populations and strong demand for halal certified
food products. The region is expected to continue its dominance with a
projected CAGR of over 7% during the forecast period. The MEA region follows
Asia Pacific in terms of market share and is anticipated to grow at a CAGR of
around 6.5% between 2024-2030. This can be attributed to increasing Muslim
consumer spending on halal food and ingredients across GCC countries and South
Africa.
For more insights, read- https://www.newsstatix.com/halal-food-market-trends-size-and-share-analysis-2/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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