The global Halal Food Market Growth Accelerated by increasing demand for Halal certified food products
Halal food refers to food products permitted under Islamic dietary law. Halal certified food products help consumers adhere to religious beliefs related to food consumption. Halal certified food items include meat, poultry, seafood, baked goods, snacks, confectionery, beverages, and other food products. Rising Muslim population worldwide coupled with increasing preference for religion-guided dietary practices is driving demand for Halal certified food products.
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:
The growing demand for Halal certified food is accelerating innovation and product development activities in the halal food industry. Food manufacturers are introducing various new Halal food product lines catering to dietary preferences of Muslim consumers. For instance, snack food companies are launching new ranges of Halal certified potato chips, nuts, dried fruits and other snack items. Beverage companies are also innovating with new lines of Halal certified carbonated drinks, fruit juices, and energy drinks. These product innovations are helping food companies penetrate untapped markets and increase market share. The rising prominence of certifying bodies is further boosting consumer trust in Halal certified products, thereby augmenting the overall demand.
Segment Analysis
The global halal food market is segmented by product type into meat & alternatives, dairy products, cereal & grain products, fruits and vegetables, and others. The meat & alternatives segment dominates the market and is expected to continue its dominance over the forecast period. This is owing to increasing consumption of halal meat products such as poultry, mutton, and beef among the Muslim population worldwide.
Key Takeaways
The Global Halal Food Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Regional analysis indicates that the Middle East region currently dominates the market owing to high population of Muslims and stringent regulations regarding halal food production and consumption in the region. Countries such as Saudi Arabia, UAE, and Qatar are major markets in the Middle East region.
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. have strong presence worldwide for halal meat and poultry products. Al Islami Foods and QL Resources Sdn Bhd dominate the market in Southeast Asia region. The market is expected to provide lucrative opportunities for halal food producers and suppliers to expand in Middle East, Southeast Asia and other Muslim majority regions. Standardization of halal certification and increasing health consciousness among global Muslim population will further boost demand for halal food over the forecast period.
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