Halal Food is Estimated to Witness High Growth Owing to Rising Muslim Population Globally
Halal food refers to food products that meet Islamic dietary standards—the specific foods permitted for Muslims to eat according to the Sharia (Islamic law). Halal meat, for example, comes from animals slaughtered in accordance with Sharia, must be verbally blessed, and the animal’s carotid arteries must be severed to allow blood to drain completely from the carcass. Many countries around the world have been working to establish universal symbols to help consumers identify foods meeting halal standards.
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 Dynamics:
One of the key drivers for the growth of the halal food market is the rising Muslim population globally. According to projections, the global Muslim population is expected reach around 2.76 billion by 2030, up from 1.8 billion in 2015. Muslim consumers seek halal-certified products to ensure food items meet Islamic dietary laws. As their disposable incomes rise, demand for convenience and processed halal foods is also witnessing strong growth.
Rising Muslim population and their affluence are fueling demand for a variety of halal foods ranging from fresh and frozen meat to snacks, beverages, and ready-to-eat meals. Leading food corporations have actively responded by offering halal-certified product lines and expanding into new markets to tap demand from Muslim consumers around the world. Strict oversight and universal certification standards have also helped build confidence among customers regarding authenticity of halal claims.
SWOT Analysis
Strength:
- Halal foods meets dietary and religious requirements of over 1.8 billion Muslim consumers globally. This ensures a large target customer base.
- Strict regulations and certification processes ensure high quality and safety standards in halal foods. This boosts consumer trust and loyalty.
Weakness:
- Lack of universal certification standards and processes across countries leads to confusion among consumers.
- Additional costs associated with maintaining halal standards through supply chain can decrease profit margins.
Opportunity:
- Growing Muslim population and urbanization in Asia Pacific and Middle Eastern countries is increasing demand for convenient and certified halal foods.
- Non-Muslim consumers are also increasingly interested in healthy, ethically sourced food options, providing opportunities to expand customer base.
Threats:
- Economic slowdowns and income uncertainties in key markets like the Middle East can negatively impact sales.
- Rising food safety scandals and concerns threaten to undermine consumer confidence in certifying authorities.
Key Takeaways
The Global Halal Food Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to reach US$ 992.19 Mn indicating strong growth prospects.
Regional analysis: Asia Pacific dominates the global halal food market with countries like Malaysia, Indonesia and Pakistan emerging as major producers and consumers. This is attributed to the large Muslim population in the region accounting for over 60% of the global Muslim population. Rapid urbanization coupled with rising incomes is further expected to boost demand.
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. These players are focusing on capacity expansions, new product launches and partnerships to strengthen their market presence and cater to the growing needs of Muslim consumers globally.
Get more insights on this topic: https://www.ukwebwire.com/halal-food-market-growth-demand-and-overview/
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