The global Halal Food Market is estimated to be valued at US$ 992.19 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Halal food refers to food products and food ingredients that meet Islamic Sharia certification standards. Halal food includes meat products that are slaughtered according to Islamic dietary standards and exclude pork and alcohol. Halal food is gaining popularity globally due to increasing Muslim population and rising demand for ethically and healthily processed food among non-Muslims as well.
Market key trends:
One of the key trends in the Halal Food Market Size is growing health consciousness among population. Consumers are increasingly opting for healthy and nutritious food products which is driving the demand for Halal food. Halal food involves stringent manufacturing process standards which ensure quality and safety of food products. Various studies have shown that halal slaughter technique results in less pain and stress to animals compared to conventional method. This makes halal meat healthier and causing less harm to environment. Rising awareness about these health benefits is a major factor fueling the growth of global Halal food market.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the halal food market is moderate due to the large capital investments required for production facilities and certification from regulatory bodies.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players and availability of substitutes. Buyers can negotiate on price and demand high quality products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for halal food production such as meat, vegetable oils are commodities and available from numerous local suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for certified halal food which meets religious requirements of the target customer segment.
Competitive rivalry: The competitive rivalry in the market is high due to many global and local players competing for market share.
Key Takeaways
The global halal food market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing health consciousness among consumers. The Asia Pacific region dominates the global halal food market owing to the large Muslim population in countries like Indonesia, Malaysia, Pakistan.
Regional analysis
The Middle East & Africa region is projected to be the fastest growing market for halal food during the forecast period owing to growth in meat consumption in GCC countries and increasing focus on halal certification. Countries like Saudi Arabia, Turkey and Iran have emerged as major halal hubs and exports halal food globally.
Key players
Key players operating in the halal food market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. These players are focusing on capacity expansion in key markets to cater to the growing demand.
Read More: https://www.ukwebwire.com/halal-food-market-growth-trends-and-regional-outlook/
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