by Market Overview:
Halal food refers to food products that are prepared in accordance with Islamic dietary guidelines. It includes meat products such as poultry, beef, and lamb. It also includes plant-based products such as dates, fruits, grains, legumes, nuts, herbs, vegetables, and dairy products. Key products in the halal food market include halal meat, poultry and meat products, halal dry food, halal fruits and vegetables, halal dairy products, halal sauces, seasonings, halal baked goods, confectioneries, and halal snacks. With rising Muslim population worldwide, halal food market continues to witness significant growth.
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 Dynamics:
Rising muslim population: According to Pew Research Center, the global Muslim population is expected to grow at an annual rate of about 1.5% per year, exceeding the world’s total population growth of less than 1% per year. This rapid population increase is expected to drive demand for halal certified food products.
Emergence of e-commerce platforms: Growing internet and smartphone penetration is fueling the emergence of various e-commerce platforms dedicated to halal food sales. These platforms provide consumers with variety and convenience of ordering halal groceries from homes fueling market growth. Key players like Amazon and Alibaba have dedicated sections for halal certified food to cater to rising demand.
Segment Analysis
The Halal food market is dominated by the packaged food segment. This segment contributes around 60% of the overall market share owing to increasing household incomes and changing consumer lifestyles that demand convenient packaged food options without compromising on religious beliefs. The segment is expected to continue dominating due to easy availability and affordability of packaged food products.
PEST Analysis
Political: Stringent regulations around Halal certification and labelling help build trust among consumers. Many countries also support the growth of Halal industries.
Economic: Rapid economic growth in Muslim-majority nations is driving greater demand for Halal food. Rising incomes allow for increased consumption of premium and processed Halal items.
Social: Large and growing Muslim population worldwide needs food conforming to Islamic dietary requirements. Youth are more inclined towards branded and innovatively packaged Halal foods.
Technological: Advancements in food processing and packaging allow for extended shelf-life and convenient consumption of Halal food products. Online platforms further boost accessibility.
Key Takeaways
The global Halal Food Market Demand was valued at US$ 992.19 Mn in 2023 and is expected to reach over US$ 1,800 Mn by 2030, expanding at a CAGR of 12.% during the forecast period. The market is driven by factors such as the increasing population of Muslims worldwide along with rising disposable incomes and economic development of Muslim nations.
Southeast Asian countries account for around 30% of the global Halal food market share due to large Muslim populations in Indonesia, Malaysia and other ASEAN countries. Rapid economic growth and increasing expenditure on premium Halal food items is fueling market growth in the region.
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. These players focus on product innovation, expansions and certifications to consolidate their market position. For instance, Cargill launched halal-certified whey protein powder to expand its portfolio of certified and traceable ingredients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
