Global Halal Food Market To Be Driven By The Increasing Muslim Population In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Halal Food Market Growth, Share, Price, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global halal food market, assessing the market based on its segments like products, distribution channels, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview 2018-2028
• Forecast CAGR (2023-2028): 17%
The global rise in the Muslim population is driving the demand for halal food. The increasing sales of premium packaged halal food products which include halal kebabs and halal burgers, among others, is further driving the market growth. Over the forecast period, the growing popularity of halal seafood products owing to the increasing awareness about the benefits of omega-3 fatty acids, is anticipated to bolster the market growth.
In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the high Muslim population base in India, Pakistan, and Bangladesh, among others. Moreover, rising demand for halal dairy products in these regions is likely to further aid the market growth in the coming years.
Halal Food Industry Definition and Major Segments
Halal food refers to a type of food which adheres to the Islamic law. Halal food is permissible only to those who follow Islam. The type of foods excluded from Halal are known to be forbidden foods, that means, they have not been prepared as per the Islamic laws. Some examples of Halal food are Halal meat, nuggets, and pizza, among others.
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On the basis of product, the market can be segmented into:
• Meat, Poultry, and Seafood
• Fruits and Vegetables
• Dairy Products
• Cereals and Grains
• Oil, Fats, and Waxes
The market can be broadly categorised on the basis of distribution channel into:
• Traditional Retailers
• Supermarkets and Hypermarkets
The significant end-uses of the halal food include:
• Food Service
The regional markets for halal food include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Halal Food Market Trends
The key trends in the halal food market include the robust development of specialised halal stores and the increasing sales of
halal meat across supermarkets and other distribution channels. For instance, in the United Kingdom, various supermarkets including Marks and Spencer and Tesco, among others, sell Halal lamb.
Over the forecast period, the thriving e-commerce industry is anticipated to be another key trend in the market, which is likely to boost the sales of halal food via online platforms. Furthermore, the market is anticipated to be driven by the increasing dine-out activities in the Islamic nations such as Libya, Bahrain, and Iran, among others.
Key Market Players
The major players in the global Halal Food Market report include:
• Al Islami Foods
• QL Foods Sdn Bhd
• Nestlé S.A
• DagangHalal Sdn. Bhd.
• Cargill Inc.
• Tahira Foods Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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