Global Halal Food Market Is Estimated To Witness High Growth Owing To Increasing Demand for Halal Products and Growing Muslim Population

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Global Halal Food Market Is Estimated To Witness
High Growth Owing To Increasing Muslim Population
Growing Demand for Ethically Produced Food
The global 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
2023 to 2030, as highlighted in a new report
published by Coherent Market Insights.
A) Market Overview Halal food refers to any food
or beverage that meets the Islamic dietary
guidelines as prescribed in the Quran. The
demand for halal food has been steadily
increasing due to the rise in the global Muslim
population and the growing awareness and
preference for ethically produced food. The
market offers a wide range of halal food
products, including meat, poultry, seafood, dairy
products, and processed foods, among others.
B) Market Dynamics The market dynamics of the
Halal Food industry can be attributed to two main
drivers. Firstly, the increasing Muslim
population around the world is a key driver for
the growth of the halal food market. As the
global Muslim population continues to grow, there
is a rising demand for food products that comply
with Islamic dietary laws. This has led to a
surge in halal food production and consumption
in both Muslim-majority countries and
non-Muslim-majority regions with a significant
Muslim population.
Secondly, there is a growing demand for ethically
produced food among consumers globally.
Halal food is perceived as being produced through
humane and ethical practices, including proper
animal welfare during slaughtering, which aligns
with the preferences of conscious consumers. This
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consumer preference for ethically produced food
has further boosted the demand for halal
food products.
C) Market Key Trends One key trend observed in
the Halal Food Market is the increasing
availability of halal-certified
products in mainstream retail and e-commerce
platforms. With the growing consumer demand
for halal food, major retailers and online
marketplaces are expanding their halal food
offerings. This trend allows consumers easy
access to a wide range of halal-certified
products, thereby facilitating the growth of the
halal food market.
An example of this trend is the partnership
between Saffron Road Food and major
supermarket chains in the United States, where
Saffron Road's halal-certified products are
stocked on shelves alongside conventional food
products. This not only caters to the Muslim
consumer base but also appeals to a broader
customer segment looking for ethically produced
food options.
D) SWOT Analysis Strengths 1. Growing Muslim
population 2. Increasing awareness and demand for
ethically produced food
Weaknesses 1. Limited availability of
halal-certified products in certain regions 2.
Stringent regulations and certification processes
for halal food production
Opportunities 1. Expansion of halal food market
in non-Muslim-majority regions 2. Introduction of
innovative and convenient packaging for halal
food products
Threats 1. Intense competition from non-halal
food products 2. Adherence to strict halal
certification requirements impacting production
costs
E) Key Takeaways - The global Halal Food market
is expected to witness high growth, exhibiting a
CAGR of 12.80 over the forecast period, due to
increasing Muslim population and growing demand
for ethically produced food. - In terms of
regional analysis, the Middle East and North
Africa (MENA) region is expected to be the
fastest-growing and dominating region in the
Halal Food market. This can be attributed to its
large Muslim population and the strong presence
of halal food producers and suppliers in the
region. - Key players operating in the global
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.
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These key players are actively involved in
product innovation, partnerships, and
geographical expansion strategies to gain a
competitive edge in the market.