Research Nester has released a report titled “Halal Food Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the halal food market in terms of market segmentation by product type, by distribution channel, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The halal food market is segmented by product type into diary, meat, grain, vegan and others, out of which, meat segment is anticipated to hold largest market share on account of growing consumption of meat and meat products worldwide. In the statistics provided by Organisation for Economic Co-operation and Development (OECD), total varieties of meat consumption around the globe reached 206753 thousand tonnes from 179145 thousand tonnes in-between 2010-18.
The halal food market is anticipated to record a CAGR of around 10.9% throughout the forecast period. Increasing Muslim population around the globe, improvements in supply chain in the retail sector, coupled with influential benefits associated with the consumption of halal foods and growing demand amongst consumers for halal food products, all of these factors are estimated to promote the demand for halal food market throughout the forecast period. In the statistics by Pew Research Center, Muslim population is projected to reach around 2.19 billion in 2030 amongst 232 countries around the globe.
Regionally, the halal food market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia-Pacific and Middle East is expected to hold largest market share on the back of rising Muslim population in the region, added with growing awareness for halal food products amongst consumers of the area. Additionally, development of halal standards and certification agencies in the region, owing to multi-cultural diversity and complexion, coupled with the presence of Muslim and Jewish community nations, all of these notable factors are expected to fuel the growth of the market in the region.
Similarities Between Halal Foods And Kosher Foods
Kosher foods and halal foods find similarities in many aspects, such as the nature of food products, processing of food products and others. Although both food types are being preferred by the Jewish and Muslim communities around the globe, unavailability of halal foods in many Jewish nations is raising the demand for halal foods. In a statistical report by the Jewish Virtual Library, the Jewish population recorded growth of 14,606,000 numbers from 12,079,000 numbers in-between 1960 and 2018. The growing Jewish population is further estimated to propel the growth of halal food market owing to similarities in taste preferences, and minimal differences in both the food pattern types.
Additionally, growing demand for halal food raw materials and ingredients by commercial food service establishments, owing to rising food-away-from-home expenditures is further anticipated to raise the demand for halal food products during the forecast period.
However, lack of global regulatory body for halal food certification, which might affect in maintaining the quality standards in various nations across globe, coupled with rising frauds in regards to halal quality standards is expected to operate as a key restraint to the growth of the halal food market throughout the forecast period.
This report also provides the existing competitive scenario of some of the key players of the halal food market, which includes company profiling of Al Islami Foods, BRF S.A. (BVMF: BRFS3), Nestle (Malaysia) Berhad (KLSE: NESTLE), QL Foods Sdn Bhd, Saffron Road, DagangHalal, Janan Meat, Kawan Food Berhad (KLSE: KAWAN), Cargill, Incorporated, and Prima Agro Products Ltd. (BOM: 519262). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the halal food market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.