Global Halal Food Market Is Estimated To Witness High Growth Owing...

Global Halal Food Market Is Estimated To Witness High Growth Owing To Increasing Demand for Halal Products and Growing Muslim Population

Posted 2023-08-18 10:52:33

A) Market Overview:

Halal food refers to food and beverages that are permissible according to Islamic law. These products are produced, processed, and manufactured following strict halal guidelines. The market for halal food is experiencing significant growth due to the increasing demand for halal products from the Muslim population worldwide. Halal food includes a wide range of products such as meat, poultry, dairy, beverages, and bakery items. Consumers opt for halal food to ensure compliance with their religious beliefs and to have confidence in the quality and safety of the products they consume.

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

B) Market Dynamics:

Two major drivers fueling the growth of the global Halal Food Market are the increasing demand for halal products and the growing Muslim population.

1. Increasing Demand for Halal Products: The demand for halal food is rising due to the increasing awareness and preference for halal-certified products among Muslim consumers. The halal certification assures consumers that the products they consume meet the strict guidelines set by Islamic law. Additionally, non-Muslim consumers are also embracing halal food due to its perceived quality and safety standards.

2. Growing Muslim Population: The global Muslim population is expanding, resulting in an increased demand for halal food. According to the Pew Research Center, the Muslim population is projected to grow by approximately 70% by 2060. This significant increase in the Muslim population creates a large consumer base for halal food products, driving market growth.

C) Segment Analysis:

The Halal Food Market can be segmented based on product type, distribution channel, and region. Among the various product types, the meat and alternatives segment is expected to dominate the market. Halal meat, including beef, lamb, and poultry, is the most consumed halal food product globally, driven by the dietary preferences of the Muslim population.

D) PEST Analysis:

- Political: Governments worldwide are implementing regulations and guidelines to ensure the authenticity and proper labeling of halal food products, thereby creating a conducive environment for market growth.

- Economic: The rising disposable income of the Muslim population, especially in developing countries, is positively impacting the demand for premium halal food products.

- Social: The increasing preference for halal food among non-Muslim consumers due to its perceived quality, safety, and ethical standards is widening the market opportunities.

- Technological: Advances in technology, such as digital platforms and e-commerce, facilitate the distribution and accessibility of halal food products to a broader consumer base

E) Key Takeaways

- The global Halal Food Market is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period, due to increasing demand for halal products and the growing Muslim population.

- The fastest-growing and dominating region in the halal food market is expected to be the Middle East and Africa due to the large Muslim population and the presence of key players in the region.

- Key players operating in the global 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 companies have a strong market presence and are actively investing in halal food products to cater to the growing demand from consumers.