by The Halal Food Market is estimated to be valued at US$ 879.6 Bn in 2023 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.
Market Overview:
Halal food refers to products that are permissible according to Islamic law, as defined in the Quran. These products include various food items, such as meat, poultry, seafood, dairy products, and processed food. The market for halal food is driven by the growing Muslim population worldwide, as well as the rising awareness about the consumption of halal products among non-Muslims. The demand for halal food is also fueled by the increasing urbanization, globalization, and the growth of the middle-class population in emerging economies.
The Market Dynamics:
The growth of the halal food market can be attributed to two main drivers. Firstly, the growing Muslim population globally is creating a higher demand for halal food products. The Muslim population is projected to reach 2.8 billion by 2030, according to the Pew Research Center. Secondly, the rising awareness among non-Muslim consumers about the benefits and quality assurance associated with halal food is further driving market growth. Many non-Muslim consumers perceive halal food to be healthier, safer, and of superior quality. As a result, there is a growing trend of non-Muslims opting for halal food products.
Overall, the Halal Food Market is anticipated to witness significant growth in the coming years, fueled by the growing Muslim population and the rising awareness about halal products among non-Muslims.
Segment Analysis:
One segment of the Halal Food Market is the meat and poultry segment. This segment dominates the market due to the increasing demand for high-quality halal meat and poultry products. The growing Muslim population across the world, especially in countries such as Indonesia, India, Pakistan, and Bangladesh, is driving the demand for halal meat and poultry. Additionally, the rising awareness among consumers about the importance of halal certification and the desire to consume ethically sourced and sustainable food products further contributes to the dominance of this segment in the market.
PEST Analysis:
Political: The political factors influencing the Halal Food Market include government regulations and policies regarding halal certification and labeling. Governments around the world are taking measures to ensure the authenticity and transparency of halal food products to protect consumer interests and maintain the integrity of the halal industry.
Economic: The economic factors impacting the market include the increasing disposable incomes of consumers, especially in emerging economies. As the purchasing power of consumers improves, they are willing to spend more on premium halal food products, driving market growth.
Social: Social factors influencing the market include the growing Muslim population and their religious beliefs and dietary preferences. The increasing awareness about halal food among non-Muslim consumers, who perceive it as a healthy and ethical choice, also contributes to market growth.
Technological: Technological advancements in the food industry, such as improved packaging techniques, traceability systems, and manufacturing processes, are positively impacting the Halal Food Market. These advancements ensure the safety and quality of halal food products, instilling confidence in consumers.
Key Takeaways:
The Global Halal Food Market Size is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period (2023-2030). This growth can be attributed to increasing consumer awareness and preference for halal food products, driven by religious beliefs, dietary restrictions, and the perception of halal food as healthier and ethically sourced.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the Halal Food Market. The region has a large Muslim population and a rising middle class with increasing disposable incomes. Countries like Indonesia and Malaysia are major contributors to market growth in this region, owing to their strict halal certifications and strong demand for halal food products.
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 key players play a significant role in driving market growth through their diverse product portfolios, strong distribution networks, and strategic partnerships to expand their market presence.
