by Market Overview:
Halal food products are food items permitted under Islamic Sharia law. They include meat, beverages, processed foods, and more. The products satisfy the dietary requirements of Muslim consumers on a global level.
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 12.% 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 the growing preference for certification and authentication. Most Muslim consumers are inclined towards halal foods that are certified by credible certifying bodies. This is because certification provides assurance regarding the compliance of products with Sharia laws. Prominent certification bodies like JAKIM (Malaysia Halal Certification Body) review entire supply chains and manufacturing processes to ensure products are halal-compliant. This growing certification trend has prompted food companies to adhere to globally recognized standards in order to expand into Muslim markets more effectively.
SWOT Analysis
Strength: The Halal food market has strong growth potential due to the large Muslim population base globally. There is increasing demand for certified halal foods among Muslim consumers.
Weakness: Lack of unified halal certification and standardization limits the scope of international trade of halal foods. Inconsistency in halal certification process by different organizations creates confusion among buyers.
Opportunity: Growing Muslim consumer spending power and inclination towards packaged, processed, and ready-to-eat halal foods offer new opportunities for food businesses. Emerging markets like Asia Pacific provide vast untapped opportunities.
Threats: Mislabeling and contamination issues can damage brand reputation and trust. Vulnerability to geopolitical changes and economic/political instability in Middle Eastern countries.
Key Takeaways
The global Halal Food Market Demand is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing health awareness and changing lifestyle and food consumption patterns among Muslim populations.
Regional analysis: The Asia Pacific region dominates the global halal food market, accounting for more than 50% share due to large Muslim populations in countries such as Indonesia, Malaysia and Pakistan. The Middle East and Africa are also important Halal food markets due to Islamic religious beliefs followed across the regions.
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. These companies enjoy a leading position in the market owing to strong brand names, global presence and robust distribution networks. New products launches, strategic acquisitions and expansions are some of the strategies adopted by the players to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
