Halal Food Market Is Estimated To Witness High Growth Owing To Rising Muslim Population Globally
Market Overview:
The halal food market involves products that adhere to Islamic dietary guidelines. This includes meat products like beef, chicken and lamb being sourced from animals slaughtered according to Islamic method. It also includes other products like beverages, bakery goods, snacks, ready meals etc. that do not contain any ingredient prohibited under Islamic law. With rising Muslim population globally, demand for certified halal foods is on the rise.
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 Dynamics:
The growth of the halal food market is ascribed to rising Muslim population globally and the willingness of non-Muslim population to consume halal foods due to perceived health benefits. It is estimated that global Muslim population will reach about 2.8 billion by 2060. This growing population base demands for certified halal food products. In addition, non-Muslims are also inclined towards halal foodss as they believe that the Islamic method of slaughtering animals is more humane as animals do not exsperience pain and stress. This has further boosted demand for halal food products globally. Furthermore, increasing influence of global halal standards and regulations has improved consumer confidence in halal foods, thereby fueling growth of the market.
SWOT Analysis
Strength: Halal food has strong appeal to the large Muslim population globally. Rising muslim population presents huge untapped opportunities. Halal certified products reassure religious requirements and ethics. Strict guidelines ensure quality and purity aligned with Islamic principles.
Weakness: Lack of unified global halal standard leads to confusion. Complicated certification processes increase production costs. Smaller companies have limited resources for certification. Dependence on livestock and commodity prices makes costs volatile.
Opportunity: Growing health-conscious trend increases demand for nutritious halal meat and food products. Non-muslim population also prefers ethically sourced halal food. E-commerce growth helps expand reach in developing nations.
Threats: Negative publicity over animal welfare and environmental issues may impact perceptions. Economic slowdowns can reduce disposable incomes and spending on food products. Protectionist policies pose threats to international halal food trade.
Key Takeaways
The global Halal Food Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing health consciousness among global population. With strict guidelines regarding ingredients and manufacturing processes, halal food offers nutritious and ethically sourced options.
Regional analysis: Asia Pacific dominates the global halal food market, accounting for around 50% share in 2023. Rising Muslim population along with economic growth in Indonesia, Malaysia and Middle Eastern countries drives the region's market. Southeast Asian nations are fastest growing markets due to increasing cross-border halal food trade and tourism activities.
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. Companies are expanding globally through acquisitions, partnerships and building local production bases to capture larger market shares.
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