Global Halal Food and Beverage Market Size, Share, Growth Analysis, By Type, By Product, By Distribution Channel - Industry Forecast 2024-2031

Global Halal Food and Beverage Market size was valued at USD 802.83 billion in 2022 and is poised to grow from USD 831.73 billion in 2023 to USD 1103.73 billion by 2031, growing at a CAGR of 3.6% during the forecast period (2024-2031).

A growing Muslim population worldwide and increased concerns about food safety, hygiene, and dependability are projected to propel the market throughout the forecast period. Globally, there are 1.8 billion Muslims, per a 2020 April Pew Research Center report. A wide range of value-added halal food items, including vegetables, pasta, juice, milk, yogurt, and cheese, have been released by producers in response to growing consumer demand. Furthermore, the manufacture of food with halal certification by industry leaders will increase brand recognition among consumers. Between 2022 and 2030, the market is expected to grow due to consumers' growing interest in vegan food and drink, as well as halal manufacturers' development of products for these ethical consumers. The big businesses in the market are responding to changing consumer sentiments about animal suffering and slaughter by launching vegan products. For example, in January 2021 the halal food giant AI Islamic Foods, based in the United Arab Emirates (UAE), unveiled a plant-based burger. The food is made from a blend of sunflower protein, fava beans, and peas from an organic, non-GMO farm. The move was launched in response to the growing demand for vegan food, and it will further integrate well with the trend of market development. The fastest-growing religion is Islam, especially in Asia and the Pacific, which will lead to a growth in the demand for halal products in those regions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Halal Food and Beverage Market 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 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 and Beverage Market Segmental Analysis

Global Halal Food and Beverage Market is segmented based on type, product, distribution channel and region. Based on type the market is segmented halal food, halal drinks and halal supplements. Based on product the market is segmented into meat & alternatives, milk & milk products, fruits & vegetables, grain products and others. Based on distribution channels the market is segmented into hypermarkets/supermarkets, convenience stores, and online channels. Based on region the global Halal Food and Beverage Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Halal Food and Beverage Market

Consumer knowledge of halal products and their advantages-such as being healthier and more moral-is expanding. Products with halal certification are becoming more and more in demand as a result.

Restraints in the Global Halal Food and Beverage Market

Demand for halal products may be constrained even if consumer knowledge of these items is rising and many customers are still unfamiliar with the idea of halal.

Market Trends of the Global Halal Food and Beverage Market

As customers grow increasingly conscious of the possibility of fraud and mislabelling in the halal food and beverage industry, there is an increasing emphasis on guaranteeing the authenticity of halal products.