by Halal food products are food items or meals that are prepared based on Islamic dietary guidelines. Consuming Halal food is an important religious practice for Muslims. The global Halal food market includes a wide variety of meat, frozen food, bakery & confectionery items, snacks and others. With a significant Muslim population present across the globe and factors like growing awareness of Halal certification and ethical food consumption driving demand, the Halal food industry is witnessing rapid growth in both Muslim majority as well as non-Muslim countries.
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 Muslim population worldwide is driving the demand for Halal food products significantly. According to statistical data, the global Muslim population is expected to increase by about 35% in the next 20 years. Region-wise, Southeast Asia, Middle East, North Africa and certain western countries are witnessing rising Muslim populations contributing to the market growth. With rising disposable incomes and purchasing power, Muslims consumers are increasingly opting for branded and certified Halal food products offering convenience and quality assurance. Manufacturers are innovating new product varieties, flavors and packaging formats to attract this consumer segment. The trend of ethical and sustainability-driven sourcing and manufacturing practices in the food industry is also benefitting the Halal food producers.
SWOT Analysis
Strength: Halal food has growing demand among Muslim population globally due to religious obligations. This offers a consistent customer base.
Weakness: Lack of standardization and certification processes leads to confusion among consumers regarding truly halal products. Complexities increase production and distribution costs.
Opportunity: Emerging markets with large Muslim populations like India and China provide huge untapped opportunities for halal food manufacturers. Growing health-conscious trends also boost demand for nutritious halal meat and dairy.
Threats: Negative publicity from mislabeling incidents can damage brand trust. Economic slowdowns can reduce disposable incomes and lower demand.
Key Takeaways
The Global Halal Food Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 992.19 Mn by 2024, expanding at a CAGR of around 6.9% during the forecast period.
Regional analysis – Southeast Asian countries dominate the halal food market currently due to their large Muslim populations. Indonesia has the world’s largest Muslim population and is the biggest producer and exporter of halal foods. Other countries like Malaysia and Pakistan also have sizeable halal food industries. Meanwhile, the Middle Eastern market is growing rapidly to cater to domestic demand as well as tap into the large halal food export industries.
Key players – Key players operating in the halal food market include Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, and Kawan Food Berhad. These companies have a widespread manufacturing and distribution presence across major halal food consuming regions. Cargill Inc. is one of the largest privately held corporations in the US and a global leader in halal food and meat production. Other major halal food firms like BRF S.A. are also expanding their geographic reach and product portfolios. Upcoming players are focusing on innovative new products and branding to boost market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
