The Global Halal Food Market Is Driven By Rising Muslim Population

The Global Halal Food Market Is Driven By Rising Muslim Population

 Halal food products refer to food items and beverages that meet Islamic dietary standards. Some of the major categories of halal food products include meat and poultry, fresh and processed food, halal dietary ingredients, grain products, milk and dairy, confectionery etc. There is a growing demand for highly nutritious, healthy and clean label halal food alternatives across the world owing to rising Muslim population that prefers eating Sharia-compliant halal foodstuff. The global halal food industry has evolved into a multi-billion dollar business over the years and offers significant opportunities for growth.

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 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: 

Plant-based meat or meat analogs made from vegetarian ingredients like soy, wheat and pea protein are gaining traction among Muslim consumers worldwide as they mimic the taste and texture of conventional meat but are considered ethical and compassionate alternatives to animal products. In recent times, several leading food companies have launched innovative vegan versions of halal meat products like chicken nuggets, patties, sausages etc. to capitalize on the surging demand for sustainable halal meat alternatives. The introduction of novel halal vegan options is expected to expand the portfolio of plant-based halal products and further boost market revenue over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the halal food market is low. Established brands have strong brand recognition and distribution networks that make it difficult for new players to enter and gain market share.
Bargaining power of buyers: The bargaining power of buyers in the halal food market is high. Buyers have numerous options and brand loyalty is relatively low as products are quite substitutable. Buyers can exert pressure on prices.
Bargaining power of suppliers: The bargaining power of suppliers in the halal food market is low to medium. While suppliers of raw materials have some bargaining power, they are easy to substitute.
Threat of new substitutes: The threat of substitutes is medium. While non-halal food and meat options pose a threat, religious beliefs limit strong substitute options.
Competitive rivalry: Competition in the halal food market is high as the market is fragmented with many regional and private label brands vying for market share.

Key Takeaways

The Global Halal Food Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: The Middle East region currently dominates the global halal food market due to the large Muslim population in the region. However, Southeast Asian countries like Malaysia and Indonesia are expected to witness the fastest growth in demand for halal foods over the forecast period.

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. Cargill Inc. and BRF S.A. are the largest players in the global halal meat and poultry market, while QL Resources Sdn Bhd and Haoyue Group are prominent players in the Southeast Asian market.

For more Insights, Read –

https://www.marketwebjournal.com/halal-food-market-trends-size-and-share-analysis/