Halal Food Market is expected to grow at CAGR 7.2% during the forecast period, 2019-2025
Published Date | 2019 March 9
According to BlueWeave Consulting, The global halal food market size worth over USD 700 billion in 2018, anticipated to reach USD 1,060 billion during 2019-2025 at a CAGR of 7.2%.The global halal food market has witnessed a rampant rise in demand for halal-certified products in a fast few years. The increasing population of Muslims across the globe with the increase in disposable income to utilize these products & services is expected to further augment the growth of the market over the coming years. With a large, diverse, and educated consumer base of young Muslims, the Islamic economy can be considered as one of the fastest-growing sects globally, where the Islamic economy is creating vast opportunities for economic growth. These factors are anticipated to be crucial factors backing the halal foods industry growth.
Moreover, with the growing awareness of halal food and it’s positioning as hygienic and healthy food among both Muslim and non-Muslim community increased the consumption and acceptance of halal food among which is expected to drive the demand over the forecast period. However, the primary concern for the manufacturers is to determine the specific standard. Hence, the manufacturers have to constantly update various certifications as leading organizations for halal standardization and accreditation have been taking steps to harmonize the standards. Furthermore, manufacturers have been trying to drive change in the entire value chain of this market, including raw material, product development to finished product packaging, marketing. They are also spreading the benefits of consuming these products along with the creative advertisement that is fueling the halal food market over the forecast period.
Meat & Alternative of Halal Food Market is projected to be the leading segment of the overall market during the forecast period.
In terms of product types, the global Halal Food market is segmented into as Meat & Alternatives, Milk & Milk Products, Fruits & Vegetables, Cereals & Grains, and Other Food & Beverage Products. Halal meat & alternative segment has always been a remarkable growth owing to the formation of Organization of Islamic Cooperation (OIC) to take the initiative of setting an international standard for these food items. The industry participants have been successful to a great extent in building consumer trust and pushing penetration of the product category to even higher levels. Additionally, the halal-certified food assures that the food is clean and safe for consumption and is made in a hygienic manner. Furthermore, Rising living standards and improved lifestyles have also increased the market.
Processed Food & Beverages Industry is projected to lead the industry for utilizing applications of the Halal Food during the forecast period.
In terms of application, the segment of processed food and beverages accounted for the largest share in the global halal products market in past years. Rising global demand for processed food; the segment is expected to maintain its steady growth rate during the forecast period as well. The processed food & beverage segment was followed by bakery products segments. Beverages such as carbonated drinks, packaged juice, and sweeteners with halal certification are expected to witness significant demand over the forecast period. Muslims have also spent a huge amount in halal tourism globally, among the top destinations of halal tourism, Malaysia is at the top, followed by the UAE, and Turkey. Hence, the opportunities are enormous in the sector of halal tourism for both Muslim and Non-Muslim countries.
Halal Products Market in the Asia Pacific Is Projected To Have the Dominant Share
Global Halal Food Market based on regional analysis is segmented as North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. The Asia Pacific has the highest market share in terms of revenue and is projected to maintain its dominance in the market over the forecast period followed by the Middle East and Africa, Europe, North America, and Latin America. As the dynamics within the Muslim world change with the continuous trend of globalization to shape consumers’ tastes, habit, and spending patterns across the world will have increasingly influential the share in the established markets of the Middle East and Asia, particularly by influencing global corporate halal strategies.
Key Developments in the Global Halal Food Market
Arlene Dickinson and One World Foods partners to bring authentic Halal food experience to Canadians.
District Ventures Capital has closely tied up an equity investment with OneWorld Foods (“OneWorld”), a Canadian producer of authentic ethnic and Halal foods.
Browse Detailed Analysis with TOC, “Global Halal Food Market, By Product Type (Meat & Alternatives, Milk & Milk Products, Fruits & Vegetables, Cereals & Grains, Other Food & Beverage Products), By Application (Processed Food & Beverages, Cosmetics, Pharmaceuticals, Tourism), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Channel, Others), By Region (North America, Latin America, Asia Pacific (APAC), Europe, Middle East & Africa), Size and Forecast, 2015-2025”
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of Global Halal Food Market size & forecast. The report promises to provide state-of-the-art technology of Halal Food production and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.