The Halal Food market is estimated to be valued at US$ 992.19 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The halal food market comprises of food products that are prepared under Islamic dietary guidelines. The halal food industry deals with meat items like beef, chicken and lamb along with other perishable and non-perishable food items. Key products in the market include frozen cooked meals, fresh processed meat and poultry, bakery products and ready-to-eat dishes. Halal food is widely consumed by a large Muslim population globally and is also considered safe for consumption by non-Muslims.
Market Dynamics:
The global halal food market is primarily driven by the growing Muslim population worldwide coupled with rising Islamic food consumption. According to the Pew Research Center, the global Muslim population is expected to increase by about 73% to reach 2.76 billion by 2050. Another major driver is the increasing preference for healthy and natural food options without preservatives or contaminants among global consumers. This is augmenting the demand for certified halal food products. Additionally, rising western influences and urbanization is propelling the growth of packaged and ready-to-eat halal food products. However, the lack of standardized regulations for halal certification across regions acts as a major challenge for the market.
SWOT Analysis
Strength: The halal food market witnesses increasing demand from Muslim consumers globally due to religious beliefs. Several players offer a wide range of product categories compliant with halal certification to cater to this demand. Many countries have implemented favorable regulations to standardize and promote halal food products.
Weakness: Maintaining supply chain integrity and ensuring halal certification for raw materials and finished goods is a complex task for manufacturers. High compliance costs associated with certification processes can reduce profit margins for small players.
Opportunity: Emerging economies with large Muslim populations such as Indonesia, Pakistan, and Malaysia present significant untapped opportunities. Rising health conscious consumer base increases demand for organic and natural halal food products.
Threats: Stricter interpretation of halal guidelines in certain regions poses challenges. Incidents of mislabeling and adulteration damage brand trust and consumer confidence in the market.
Key Takeaways:
The global Halal Food Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing health consciousness among Muslim consumers. Multiple players focus on offering organic, naturally sourced, and convenient halal food options to gain market share.
Regional analysis: The Asia Pacific dominates the global halal food market, accounting for around 45% share in 2023. Indonesia, Malaysia, Pakistan, and Bangladesh have emerged as major halal hubs backed by large Muslim populations and supportive regulations. China also presents substantial growth prospects with growing Muslim community and trade collaborations with Islamic countries.
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., and Saffron Road Food. Large players focus on global geographic expansion and new product development. Smaller regional vendors leverage customized offerings to specific local tastes and convenience trends.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
