June 16, 2024
Halal Food Market

The Global Halal Food Market Growth Is Evolving To Meet Trends In Organic And Natural Ingredients

The Halal food market comprises various products that adhere to Islamic dietary guidelines and rulings. Halal foods include meat and poultry, fresh fruits and vegetables, grain products, and beverages. Advantages of Halal food include methods of processing and preparation that result in higher animal welfare standards, an absence of potentially harmful additives and chemicals, and ritual slaughter practices. The global Halal food supply chain also creates economic opportunities for Muslim and non-Muslim communities.

The Global Halal Food Market is estimated to be valued at US$ 1143.01 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.

The global Halal food industry is witnessing robust expansion, especially in Western countries to cater to theRequirements of growing Muslim minorities. Leading food companies are introducing a wide range of value-added and branded Halal food products to boost market share. Additionally, the export of Halal food including meat and cosmetic products from Organization of Islamic Cooperation (OIC) countries is steadily rising with trade agreements.

Market key Trends

One of the key trends gaining momentum in the Halal Food Market Demand is the rising popularity of organic and natural ingredients. More consumers are looking for Halal food products made from ingredients that are fresh, natural, chemical-free and additive-free. Hence, Halal food players are increasingly focusing on using organic ingredients, natural colors and flavors to develop healthy alternatives. This is expected to propel the demand for organically sourced Halal food over the forecast period.

Porter’s Analysis

Threat of new entrants: The halal food market requires large investments and certifications which pose barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes however differentiated products give buyers fewer alternatives.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of variety of raw material sources globally.

Threat of new substitutes: Substitutes like non-halal food pose minimal threat as halal food caters to religious restrictions of certain communities and regions.

Competitive rivalry: The market is growing exponentially due to rising Muslim populations attracting new players however established brands maintain stronghold through adherence to authenticity and trust.

Geographical Regions

The Middle East accounts for the largest share of the global halal food market in terms of value owing to high Muslim populations and strong religious adherence in countries like Saudi Arabia, UAE, Iran and Qatar.

Southeast Asia has been witnessed fastest growth for halal food market over the forecast period led by Indonesia, Malaysia and Singapore. Surging Muslim middle class populations with growing disposable incomes and exposure to global cuisine in these countries are primary factors augmenting market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it