July 13, 2024
Halal Food Market

Halal Food Market: Meat Products Are Fastest Growing Segment Fueling The Growth Of Halal Food Market

The global 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:

Halal food products refer to food items and beverages prepared and produced in accordance with Islamic dietary guidelines. Halal foods exclude pork and alcohol, and the animals slaughtered for meat production have to be handled in a process that includes a prayer before slaughtering.

Market key trends:

One of the major trends witnessed in the global Halal Food Market Size is the increasing demand for meat products among consumers. With improving economic standards and rising disposable incomes across developing regions, consumers are increasingly preferring meat products as part of their daily diets. This shift in consumption pattern is driven by the perception that meat products are rich sources of high biological value proteins and essential micronutrients. Hence, developing regions with large Muslim populations such as Asia Pacific and Middle East are witnessing rapid growth in demand for Halal certified meat products.

Segment Analysis

The global halal food market is segmented on the basis of product type, distribution channel, and region. Based on product type, the market is segmented into halal meat, poultry & seafood; halal prepared meals & frozen food; halal cereal & baby food; halal fruits & vegetables; halal oils, fats & waxes; halal beverages; halal snacks & desserts; and other halal products. The halal meat, poultry & seafood segment is dominating the market as it constitutes the largest share of a Muslim’s diet and is witnessing high demand.

Key Takeaways

The global halal food market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing acceptance of halal food standards among Muslims globally.

Regional Analysis

Asia Pacific dominates the global halal food market and is expected to continue its dominance over the forecast period as well. Countries like Malaysia, Indonesia, Pakistan, and Bangladesh have large Muslim populations and a strong focus on halal food production and trade.

Key Players

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., Saffron Road Food. Cargill Inc. and BRF S.A. are the global leaders in the halal food market known for their diverse product portfolio and worldwide distribution network.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it