June 25, 2024
Halal Food Market

Halal Food Market is Estimated To Witness High Growth Owing

The Halal Food Market is estimated to be valued at US$ 879.6 Bn in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Halal Food Market comprises food and beverages that are permissible to consume according to Islamic dietary laws. The market includes various products such as meat, poultry, seafood, dairy products, grains, fruits, and vegetables, among others. Halal food is not only consumed by Muslims but also by non-Muslims who perceive it to be healthy, safe, and hygienic. With the increasing Muslim population globally and their growing disposable income, the demand for halal food is on the rise. Moreover, rising consumer awareness about halal certifications and the availability of a wide range of halal food products are further propelling market growth.

Market Dynamics:
The Halal Food Market is driven by two primary factors. Firstly, the increasing worldwide is a significant driver for market growth. With an increasing number of Muslims, the demand for halal food products has also been rising. Secondly, the growing consumer awareness regarding the importance of halal certifications and the availability of various halal food options in the market is boosting market growth. Consumers are becoming more conscious about the source and ingredients of their food, leading to a higher demand for halal food products. These factors are expected to drive the growth of the Halal Food Market over the forecast period.

Segment Analysis:

One segment of the Halal Food market is the meat and poultry segment. This segment is dominating the market due to the increasing demand for Halal meat and poultry products among the Muslim population worldwide. The dominating sub-segment within the meat and poultry segment is chicken. Chicken is the most widely consumed Halal meat globally due to its versatility, affordability, and low fat content. Additionally, the popularity of fast-food chains offering Halal chicken products has further contributed to the dominance of the chicken sub-segment in the Halal Food market. The increasing awareness regarding the sourcing and certification of Halal meat and poultry products has also fueled the demand for this segment.

PEST Analysis:

Political: The political factors influencing the Halal Food market include government regulations and policies regarding the certification and labeling of Halal products. Governments in Muslim-majority countries are playing a crucial role in ensuring the compliance of food manufacturers with Halal standards.

Economic: The economic factors affecting the market include the disposable income levels of the Muslim population and their willingness to spend on Halal food products. The increasing Muslim population, rising global urbanization, and growing middle-class population in emerging economies have positively impacted the demand for Halal Food.

Social: The social factors influencing the market include cultural and religious beliefs, dietary preferences, and lifestyle choices of the Muslim population. Halal Food is an integral part of Islamic dietary laws and is considered essential for practicing Muslims. The demand for Halal Food is also driven by non-Muslim consumers seeking high-quality, ethically sourced, and certified food products.

Technological: The technological factors affecting the market include advancements in food processing and production techniques, packaging innovations, and traceability systems. Technology plays a vital role in ensuring the integrity and transparency of Halal Food supply chains, including monitoring and certification processes.

Key Takeaways:

The global Halal Food Market Growth is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period (2023-2030). This growth can be attributed to several factors, including the increasing Muslim population, rising disposable income levels, and the growing awareness among consumers regarding the sourcing and certification of Halal Food. The meat and poultry segment, particularly the chicken sub-segment, dominates the market due to the popularity of Halal chicken products among the Muslim population and the rising number of fast-food chains offering Halal chicken.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the Halal Food market. The region has a significant Muslim population, especially in countries like Indonesia, Malaysia, and Pakistan. The Middle East and Africa also have a substantial market share due to their strong adherence to Halal dietary laws.

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 companies are actively

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