PUBLISHER: SkyQuest | PRODUCT CODE: 1322009
PUBLISHER: SkyQuest | PRODUCT CODE: 1322009
Halal Food Market size was valued at USD 2.11 billion in 2021 and is poised to grow from USD 2.37 billion in 2022 to USD 5.91 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).
Halal foods hold great significance in the Muslim diet as they adhere to the guidelines of Islamic law, ensuring that the consumption of such foods is permissible. Islamic dietary laws strictly prohibit the consumption of pork, alcohol, and other non-permissible items, making halal certification a symbol of high standards and compliance with Islamic principles. Many food manufacturers seek halal certification to meet the demands of Muslim consumers and to maintain the integrity of their products.
The halal food market is expected to experience substantial growth in the near future due to increasing interest from both Muslim and non-Muslim consumers. This heightened interest can be attributed to the perceived cleanliness associated with halal products, as they are free from impurities, alcohol, and other forbidden substances. Additionally, businesses are adopting halal-based practices as it ensures both quality and taste, providing a competitive advantage in the commercial sector.
Top-down and bottom-up approaches were used to estimate and validate the size of Halal Food and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Halal Food Market Segmental Analysis
The global halal food market is segmented based on product type, distribution channel and region. Based on product type the halal food market is categorized into meat, poultry & seafood, fruits & vegetables, dairy products, cereals & grains, oil, fats & waxes, confectionery, others. Based on distribution channel, the halal food market is categorized into traditional retailers, supermarkets and hypermarkets, online, and others. Based on region, the halal food market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Halal Food Market Analysis by Product Type
The meat category had the largest share of revenue in 2022 due to its high consumption rates. The demand for halal meat, poultry, and fish items remains substantial in the market, given their widespread popularity. Emerging economies such as China, India, and Indonesia are expected to make significant contributions to the growth of the halal meat and poultry industry, thanks to increasing income levels and healthier dietary habits among consumers. Furthermore, there is a rising interest in packaged processed meat products, which are perceived as clean and high-quality items, driving growth in this segment in the foreseeable future.
To meet the growing consumer demand for fresher and healthier processed meat products, key manufacturers are investing in advanced meat preservation technologies. As people become more conscious about food quality and safety, the demand for halal certification is also increasing for various products like dairy, oat-based items, fruits, and vegetables.
Halal Food Market Analysis by Distribution Channel
Conventional retailers were the primary players in the global market's distribution channel segment, with supermarket/hypermarkets being identified as the fastest-growing mode. Traditional retailers commanded a significant portion of the market, particularly due to the popularity of butcher shops offering halal meat, poultry, and fish items in both Islamic and non-Islamic countries.
Retail store channels are rapidly evolving, investing in modern technologies, and providing consumers with a diverse range of products. The increasing global digitalization is expected to drive the expansion of online retail channels.
Global Halal Food Market Regional Insights
Asia Pacific held a significant share of over 36% in the global market for halal food in 2022 and is expected to maintain its dominant position in the years ahead. The region's growth is driven by the expanding Muslim population, coupled with a rising interest in halal food and increasing food costs. As a result, the global halal food market is projected to experience substantial growth during the forecast period. The Middle East and Africa present immense opportunities for market development, given their primarily Muslim clientele with growing per capita incomes. European markets are also witnessing substantial growth in this sector.
Global Halal Food Market Dynamics
Halal Food Market Driver
Premiumization and an Increased Awareness to Boost the Market Growth
Premiumization in the halal food industry allows manufacturers to present top-tier, inventive halal products at elevated prices. This phenomenon is particularly evident in developed and established markets, where consumers readily invest more in halal items.
Halal food products boast significant health advantages that are not consistently found in non-halal alternatives. Primarily, these food items undergo meticulous processing, resulting in extended shelf life while preserving their nutrient content. As a result, halal food products contribute significantly to promoting health and well-being, contributing to their widespread appeal.
Halal Food Market Restraint
Limited availability and lack of standardization to impede the market growth
Halal food items are accessible in limited quantities primarily in non-Muslim nations, where their popularity remains relatively low, resulting in minimal demand for these products. The absence of proper standardization and certification for halal foods might lead to consumer confusion, potentially affecting the overall demand in the area.
Global Halal Food Market Competitive Landscape
The Global Halal Food Market shows significant concentration, where a considerable portion of market revenue is dominated by a select number of large and medium-sized players. With the recent expansion of the Muslim population, there has been a notable increase in demand for halal food and beverages from various regions worldwide. Some prominent companies operating in this market include Al Islami Foods (UAE), QL Foods Sdn Bhd (Malaysia), Nestle S.A (Switzerland), DagangHalal Sdn. Bhd. (Malaysia), Cargill Inc. (US), Tahira Foods Ltd (UK), Kawan Foods Berhad (Malaysia), Janan Meat Ltd, Prima Agri-Products Sdn Bhd (Malaysia), Saffron Road (US), Unilever (UK), and American Halal Company, Inc. (US).
Halal Food Market Top Players Company Profiles
Nestle S.A.
Al Islami Foods
BRF S.A.
QL Foods Sdn Bhd
Cargill Inc.
Yildiz Holding Inc.
Kellogg's Company
WH Group Limited
Nema Food Company
Kawan Food Berhad
Midamar Corporation
Halal-ACS Global GmbH
Prima Agri-Products Sdn Bhd
Saffron Road Foods
Siera Meat Industries
Nando's Chickenland Limited
Nema Food Company
Haoyue Group Co. Ltd.
Samex Australia Pty Ltd
Tahira Foods Ltd.
Halal Food Market Recent Developments
In May 2021, Al Islami Foods, a manufacturer of frozen halal goods based in the United Arab Emirates, has introduced a new dough category, beginning with frozen paratha, in an effort to increase the brand's accessibility, diversity, and awareness.
Recently, in 2022, blockchain technologies are becoming widely used in the halal food industry to ensure authenticity throughout the food supply chain. Studies also reveal that the blockchain technology is expected to add more transparency, and resilience to the supply chain in food industry.
Global Halal Food Key Market Trends
Growth in Halal Food Awareness: The broader community has shown a substantial interest in halal foods, drawn by their convenience and delicious flavors. Consequently, the demand for halal-certified products has surged not only among Muslims but also among non-Muslim consumers.
Thriving E-commerce Revenues: E-commerce platforms have played a pivotal role in the success of halal products. Online data highlights that halal foods are highly sought after by secondary consumers due to their easy accessibility and attractive promotional offers.
Global Halal Food Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
Based on our examination, the segment that stands out with the most significant revenue share in The Halal Food Market is Meat Poultry and Seafood. In terms of distribution, Traditional Retailers have taken the lead in dominating the market. Furthermore, the Asia Pacific region has emerged as the frontrunner, securing a market share of over 30% in 2021.