Halal Food Market

The global Halal Food Market is valued at USD 2194.8 Billion in 2022 and is projected to reach a value of USD 6044.5 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 13.5% between 2023 and 2030.

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One major factor propelling the global Halal Food market is the growing demand for Halal Food. The Pew Research Center reported that by 2060, there will be a 70% increase in the Muslim population, increasing the need for halal goods. The food business is being significantly impacted by this demographic shift, which is opening up a profitable market. The Halal Food sector is estimated to be worth $2.5 trillion a year, and strong expansion is predicted in the upcoming years. Numerous elements support the development of the Halal Food industry. First off, the clientele has grown as non-Muslim consumers become more conscious of halal eating habits. Additionally, halal items are now more widely available due to rising urbanization and globalization. Consumer confidence is also increased by the government's certifications and regulations, which are essential in guaranteeing the quality and authenticity of Halal Food products. The market for Halal Food is expected to rise steadily due to changes in consumer behavior and awareness, as well as growing customer confidence in halal goods.

• The increasing Muslim population worldwide and a growing awareness and demand for halal-certified food products among consumers of various faiths are driving the global Halal Food market during the projection period from 2023 to 2030.
• The Meat, Poultry, and Seafood section will continue to assert its dominance by product, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, the Middle East & Africa exhibited its market prowess, achieving the highest revenue share of over 45%.
• The Asia Pacific region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. The rise of plant-based halal goods is one notable trend in the Halal Food industry. Companies are starting to offer plant-based substitutes for traditional meat-based halal products in response to consumer demand for healthier and more environmentally friendly food options. This trend appeals to a wider range of customers, including vegans and vegetarians, and is in line with the growing interest in plant-based diets throughout the world.
2. The Halal Food market has benefited immensely from the growth of e-commerce and food delivery services. Nowadays, a large selection of halal meals and items are easily accessible to consumers online. The COVID-19 epidemic has expedited this tendency, with more people turning to internet buying to meet their halal dietary needs, hence broadening the market's appeal.
3. Gourmet and high-end Halal Food products are becoming more and more popular. High-quality halal products, such as those that are artisanal, organic, or ethically sourced, might command a higher price from customers. This trend presents chances for restaurants and specialist producers as it represents a desire for sophisticated culinary experiences within the framework of halal dietary regulations.
4. Muslim tourists looking for genuine halal culinary experiences are the main drivers of the growing Halal Food tourism industry. Halal dining alternatives are becoming more and more available at popular tourist spots in response to this demand. This tendency is a major force behind the Halal Food market because it not only strengthens local economies but also promotes cross-cultural culinary exchanges.
5. Customers are becoming more critical of halal product authenticity. As a result, halal certification and label transparency are becoming increasingly important. Businesses that can give consumers clear and reliable information about the halal status of their products will have an advantage over competitors, as consumers will look for halal integrity when making decisions. This pattern emphasizes how crucial market transparency and certification are.

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Economic Insights

Analysis of the Halal Food market's economics reveals a complicated scene that the COVID-19 outbreak has greatly impacted. The pandemic first hurt the business because it disrupted the supply chain and placed limitations on food service facilities, which decreased revenues. Despite the epidemic, consumers seeking clean and reliable solutions led to a significant increase in demand for Halal Food products, demonstrating the market's resiliency. Sales of Halal Food increased by 10% in 2020, according to data from the Islamic Food and Nutrition Council of America (IFANCA). This was explained by the belief among customers that Halal Food is more reliable and safer in erratic times. Furthermore, the pandemic hastened the Halal Food industry's transition to e-commerce, which has fueled the expansion of online sales platforms. The long-term future for the Halal Food business is promising, with continuous growth anticipated as consumer awareness and demand for halal products remain strong despite the challenging immediate economic effects of COVID-19.

Market Segmentation

The Global Halal Food Market is segregated into the segments as mentioned below:

The global Halal Food market can be categorized into Product, Distribution Channel, Region. The Halal Food market can be categorized into Meat, Poultry & Seafood, Fruits & Vegetables, Dairy Products, Cereals & Grains, Oil, Fats & Waxes, Confectionery, Other Products based on Product. The Halal Food market can be categorized into Traditional Retailers, Supermarkets & Hypermarkets, Online, Other Distribution Channels based on Distribution Channel. The Halal Food market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product

Meat, Poultry, and Fish to Account for the Largest Market Share Owing to the Increasing Popularity of Muslim Cuisine

In 2022, the Halal Food industry placed a premium on meat, poultry, and fish, mostly because of dietary preferences based on culture and religion. Heart plays a major role in many Muslim cuisines and is an essential part of traditional recipes, especially when it comes from animals slain in accordance with Islamic teachings. Furthermore, the emphasis on foods high in protein is in line with Islamic dietary guidelines. The rising number of Muslims worldwide and the increased interest of non-Muslim consumers in halal cuisine have resulted in a boom in the demand for halal meat products. The wide range of meat, poultry, and fish dishes found in many different culinary traditions serves to highlight this dominance even more, making it a crucial and indispensable category in the Halal Food market.

Based on the Distribution Channel

Supermarkets & Hypermarkets to Sell a Majority of the Products Owing to Increasing Frequency & a Larger Selection of Halal Food Groups

In 2022, supermarkets and hypermarkets are the most often utilized distribution channels in the Halal Food industry. Numerous factors contribute to this supremacy. First off, customers who enjoy one-stop shopping will find convenience in the large selection of Halal Food goods that supermarkets and hypermarkets offer all under one roof. Second, to accommodate a wide range of customer tastes, these massive retail chains frequently stock both mainstream and specialty halal brands. Thirdly, they have the resources and ability to guarantee the reliability and quality of halal products, which builds customer confidence. Finally, as supermarket chains have spread throughout the world, Halal Food is now more widely available to a wider range of people, including non-Muslim shoppers who value the high standards of quality and safety that these stores uphold. Supermarkets and hypermarkets, therefore, are essential to the general acceptance and use of Halal Food items.

Based on Region

The Asia Pacific Regions to Maximize Revenue Owing to the Presence of a Sizeable Muslim Population

The Halal Food sector had the largest share and is expected to witness highest CAGR during the forecast period. The sheer number of Muslims living there, along with growing urbanization and halal product knowledge among consumers, are the main drivers of this expansion. The governments of nations like Indonesia and Malaysia are also aggressively pushing their own national halal certification programs, which is helping to accelerate the industry's growth throughout the Asia Pacific area.

The Halal Food market's highest sales are thought to occur in the Middle East and Africa over the coming years. The main cause of this domination is the sizable Muslim community in the area, who follow halal eating habits. In addition, there is a long-standing custom in the Middle East of preparing and enjoying Halal Food because of its rich culinary legacy. The increased demand for Halal Food items is partly a result of the region's tourism and economic prosperity.

Competitive Landscape

Many companies are fighting for market share in the dynamic and diverse Halal Food industry. To capitalize on this expanding market, well-known international food giants like Nestlé and Tyson Foods have increased the variety of halal products they provide. In addition, authentic and niche halal options are supplied by small-scale producers and regional players. Giants in e-commerce, like Amazon and Alibaba, have also joined the sector, offering online marketplaces for the distribution of halal goods. Government rules and accreditations are essential for guaranteeing adherence to the law and fostering customer confidence. Global consumer demand for halal options is driving severe competition overall.

The key players in the global Halal Food market include - QL Foods Sdn Bhd (Malaysia), Al Islami Foods Co. (UAE), DagangHalal Group (Malaysia), Saffron Road (U.S.), Kawan Foods Berhad (Malaysia), Janan Meat Ltd. (UK), Prima Agri-Products Sdn Bhd (Malaysia), Cargill Inc. (U.S.), BRF S.A. (Brazil), Nestle S.A. (Switzerland), Tahira Foods Ltd. (UK) among others.

Recent Market Developments

• July 2022 saw the introduction of Crescent Foods' new hand-cut halal service through a turnkey food service program with several American colleges and universities. Crescent Foods is a pioneering American brand that offers halal meat and poultry products.
• Italy launched deenary.com, an online marketplace for halal products, in 2020. This was the first forum of its sort available to Muslims in Europe.
• Koita, a milk firm based in the United Arab Emirates, was able to grow in the Asian market in 2020 when the World Halal Authority (WHA) certified all of its products as halal.

Segmentation of the Global Halal Food Market