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
Comments
0 comment