Global Halal Food Market Is Estimated To Witness High Growth Owing To The Growing Muslim Population And Increasing Awareness About Halal Certification
The 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 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Halal food refers to food and beverages that are prepared and produced according to Islamic dietary laws. These laws specify the type of food allowed for consumption and the preparation methods that need to be followed. The market for halal food is driven by the increasing Muslim population worldwide and the growing awareness about halal certification among consumers. The market offers a wide range of halal products, including meat, poultry, seafood, dairy products, canned food, and processed food. Halal food products are not only consumed by Muslim communities but are also gaining popularity among non-Muslim consumers who are looking for safe and quality food products.
Market Dynamics:
The growth of the halal food market is driven by two main factors: the increasing Muslim population and the rising awareness about halal certification. The global Muslim population is growing at a significant rate, which is fuelling the demand for halal food products. In addition, the increasing awareness about halal certification among consumers, both Muslims and non-Muslims, is driving the demand for halal food products. Halal certification provides assurance to consumers that the food products they consume comply with Islamic dietary laws. Furthermore, the growing adoption of e-commerce platforms and the expansion of organized retail formats are also contributing to the market growth, as they provide convenient access to a wide range of halal food products.
SWOT Analysis:
Strengths:
- Increasing demand for halal food products due to growing Muslim population.
- Rising awareness about halal certifications and preferences among non-Muslim consumers.
- Strong global supply chain network for halal food products.
Weaknesses:
- Limited availability of halal food options in certain regions and countries.
- Lack of standardization and certification processes for halal products.
Opportunities:
- Expansion of halal food market in emerging economies with a significant Muslim population.
- Increasing investment in research and development to develop innovative halal food products.
Threats:
- Stringent government regulations and oversight regarding halal certifications.
- Competition from conventional food products that may not have halal certifications.
Key Takeaways:
The Global Halal Food Market Size is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period, 2022-2030, due to increasing demand from the growing Muslim population and rising awareness among non-Muslim consumers. The market size for 2022 is estimated to be US$ 879.6 billion.
In terms of regional analysis, Asia Pacific is expected to be the fastest growing and dominating region in the halal food market. The region has a large Muslim population, and countries like Indonesia and Malaysia have implemented strict halal regulations, contributing to the growth of the market in the region.
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., and Saffron Road Food. These companies have a strong presence in the market and are actively involved in product development and expanding their distribution networks to cater to the growing demand for halal food products.
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