July 21, 2024
Halal Food Market

The Global Halal Food Market is Estimated to driven by increasing Muslim population globally

Halal food refers to food products and beverages that adhere to Islamic law, known as Sharia. Halal foods include meat from plants and animals slaughtered in accordance with Islamic method. Meat from animals killed by strangulation, by a violent blow, by a headlong fall, or by being gored to death is considered haram. Halal meat should not contain blood and the animal should be alive and healthy at the time of slaughter. Halal foods also exclude pork and pork by-products, carnivorous animals and birds of prey, and alcohol. The needs and preferences of the Muslim population have led to the growth of the halal food industry. With increasing number of Muslims, especially in developing regions of Asia and Africa, demand for halal certified food products is growing substantially.

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 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the halal food market is expansion of product offerings. Food manufacturers are launching a wide variety of halal food products to cater to the evolving taste and preferences of Muslim consumers. For instance, popular snack food companies such as PepsiCo and Kellogg’s have launched halal certified snacks and breakfast foods. Similarly, dairy companies have introduced various halal dairy products including milk, yogurt, cheese and frozen desserts. This rising availability of diverse halal options is boosting the growth of the market. Another trend is increasing focus of food companies on halal certification. Major players are striving to obtain halal certifications from recognized certifying bodies to expand into new markets and gain customer trust. Certification assures Muslim consumers that a product has been manufactured and supplied according to Islamic law.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the halal food market requires significant investment in infrastructure and certification. However, opportunities exist in growing demand.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of numerous suppliers in the market. Switching costs are low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of suppliers and availability of substitutes.
Threat of new substitutes: Threat of substitute products is low as there are limited substitutes for certified halal food that meet religious guidelines.
Competitive rivalry: The competition in the market is high among the major brands and private labels.

Key Takeaways
The Global Halal Food Market Demand is expected to witness high 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 6.9% over the forecast period 2023 to 2030.

Regional analysis: The Middle East region currently dominates the global halal food market due to the high Muslim population. However, the Asia Pacific region is expected to grow at the fastest pace during the forecast period due to the increasing Muslim population in countries such as Indonesia, Malaysia, and India.

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. is one of the largest providers of halal food globally with offerings across protein, grains, oils, and more. Al Islami Foods is a major player in the Asia Pacific region.

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