February 24, 2024

Halal Food Market Growth Accelerated by Rising Muslim Population and Increasing Demand for Healthier Lifestyle

Halal food refers to food products and ingredients that adhere to Islamic law, known as sharia. Halal food excludes products that are considered as haram, meaning prohibited or unlawful according to Islamic teachings. They include foods with no traces of pork or any ingredients derived from pork slaughtering, as well as foods from animals that are improperly slaughtered.

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:

According to reports, the global Muslim population will increase by about 35% in 2030 and their spending power will touch nearly USD 3 trillion annually. Moreover, halal food offers numerous nutritional and health benefits as animals are slaughtered according to Islamic guidelines which ensure humane treatment of animals. Rising health awareness among global population has further boosted the demand for certified halal food products in recent years. The key players in the market are focusing on R&D activities to develop innovative food products and distribute their offerings to a larger consumer base through online and offline stores, which is anticipated to drive the halal food market growth over the forecast period.

Segment Analysis
The global halal food market is dominated by the meat, poultry and alternatives segment. This segment accounts for over 30% of the total market share owing to increasing demand for shariah-compliant meals among Muslim consumers globally. Processed food such as frozen meals and snacks are the fastest growing segment due to rising desire for ready-to-eat options among busy lifestyles.

Key Takeaways
The Global Halal Food Market Size is expected to witness high growth over the forecast period.

Regional analysis: The Asia Pacific region is the fastest growing as well as the dominating region in the global halal food market. Indonesia has emerged as the largest halal food exporter globally with Malaysia closely following due to their majority Muslim population and focus of governments to promote certified halal brands internationally.

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. is the global leader with wide variety of halal certified meat, poultry and frozen food offerings. Al Islami Foods dominates the Southeast Asian region. QL Resources and Haoyue Group have a strong presence in the Asia Pacific halal snacks and frozen food segments.

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