Halal Food Market to Reach Valuation of USD 6044.5 Billion by 2030 – Increase in Muslim Population and Growing Availability of Halal Food Options Drives the Market

In terms of revenue, the Global Halal Food Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 13.5% from 2023 to 2030.

Food that complies with Islamic law's dietary regulations for the Muslim population is Halal Food. These food products are prepared, processed, and stored per Islamic regulations, using clean utensils and machinery. According to the World Health Organization's report, by 2030, it is predicted that the number of Muslims will have increased by twice as much as that of non-Muslims, accounting for a sizable share of the world's population. Furthermore, the WHO estimates that the global Muslim population will reach around 2.0 billion by 2023. Therefore, it is projected that the general public's growing acceptance and consumption of halal products will drive the global Halal Food market's growth in the upcoming years.

Furthermore, the decline in red meat consumption significantly impacted the halal meat industry, prompting companies to develop new products to regain customer interest. For example, Bilal Group introduced a new range of halal meat dishes called Cucina in 2020. The company grew its market presence and range of products with this new introduction. In addition, consumers' growing demand for organic and natural food products presents a lucrative market opportunity for Halal Food products. Halal Food is expected to become more widely available in Western-style grocery stores like supermarkets and hypermarket chains. Many supermarkets and food producers in various countries have started catering to Muslim consumers by offering more halal beverage options.

Key Highlights from the Report

• Based on the Product segment, the Meat, Poultry, and Seafood class dominates the Halal Food market owing to the growing consumer preference for bacteria-free meat due to health, hygiene, and safety concerns.
• Based on the segment of Distribution Channel, the market saw significant growth in 2022 in the Hypermarket & Supermarket category, which is attributed to the expansion of these establishments in different locations.
• Based on Region, Asia Pacific holds the significant market share within the Halal Food market in 2022 owing to the increasing Muslim population, rising disposable income, and government initiatives.

Market Dynamics

The global Halal Food market, which consists of 1.8 billion Muslims, has expanded beyond its traditional boundaries and now includes more than just food and food-related items. The halal industry has diversified into various sectors, including pharmaceuticals, cosmetics, health products, toiletries, medical devices, and services such as logistics, marketing, media, packaging, branding, and financing. In recent years, the halal industry has experienced significant growth due to the increasing wealth among Muslim populations. This growth now encompasses a range of lifestyle offerings, such as halal travel, hospitality services, and fashion. This market change reflects Muslim consumers' evolving preferences and aligns with global trends in ethical consumerism.

Furthermore, the increasing interest of consumers in vegan food and beverages, as well as the introduction of products by halal manufacturers to cater to these conscious consumers, is expected to experience potential growth in the coming years. Leading companies in the industry are launching vegan goods in response to shifting customer perceptions around the pain and killing of animals. An example of this is the launch of a plant-based burger by AI Islami Foods, a Halal Food giant based in the United Arab Emirates, which is made from a combination of sunflower protein sourced from an organic non-GMO farm, fava beans, and peas. This initiative was taken to meet the growing demand for vegan food and is expected to contribute to the market's growth trend.

Asia Pacific led the Halal Food market in 2022. The Asia Pacific is home to the largest Muslim population in the world, with countries like Indonesia, Pakistan, and India having sizable Muslim communities. As the Muslim population increases, the demand for Halal Food products also rises. For instance, Indonesia has the world's largest Muslim population and significantly contributes to the region's Halal Food market growth. The Indonesian government has taken steps to promote its halal industry, including establishing the Indonesian Halal Product Assurance Organization (BPJPH) to ensure the halal certification of products. The country has also hosted the annual Indonesia International Halal Expo and Forum, further boosting the industry's growth. 

The Global Halal Food Market is Segmented as follows

• Product
  • Meat, Poultry & Seafood
  • Fruits & Vegetables
  • Dairy Products
  • Cereals & Grains
  • Oil, Fats & Waxes
  • Confectionery
  • Other Products
• Distribution Channel
  • Traditional Retailers
  • Supermarkets & Hypermarkets
  • Online
  • Other Distribution Channels
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Halal Food Market is

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) 

The Global Halal Food Market Scope can be Tabulated as below