by Market Overview:
Halal products refer to food and non-food items prepared under Islamic dietary guidelines. Halal products include meat, foods and beverages, pharmaceuticals, cosmetics, and logistics. The rising Muslim population and increasing preference for branded hygienic halal food have created huge demand for halal certified products globally.
The global Halal Products Market is estimated to be valued at US$ 2,467.9 Bn in 2023 and is expected to exhibit a CAGR of 9.7% 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 driving the growth in the Halal Products Market is the growing awareness among Muslim consumers regarding the significance of consuming halal products. The consumers are now more informed and want to ensure that the food and cosmetic products they consume are truly halal-compliant. This has prompted various enforcement agencies worldwide to impose stringent regulations for halal certification. Manufacturers are extensively innovating new halal certified products and also advertising them prominently to attract Muslim consumers globally. However, the lack of uniformity in halal standards across regions poses a challenge for international halal trade.
SWOT Analysis
Strength: Halal products adhere to the religious beliefs of Muslims which constitute over 25% of the global population. This ensures a ready customer base for halal-certified food products.
Weakness: Lack of a globally recognized halal certification body leads to confusion among consumers regarding authentic halal claims. Smaller players find it difficult to obtain halal certification due to high costs involved.
Opportunity: Growing Muslim population worldwide especially in Asia Pacific and Middle Eastern countries presents lucrative opportunities. Non-muslim population is also increasingly adopting halal food due to perceived health benefits.
Threats: Economic slowdowns in Middle Eastern countries can impact export of halal food. Rising raw material prices and energy costs pose challenges.
Key Takeaways
The global Halal Products Market Share is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing health consciousness and vibrant Muslim demographics globally. The global market size for halal products is projected to reach US$ 4,767.2 Bn by 2030 from US$ 2,467.9 Bn in 2023.
Regional analysis:
The Asia Pacific region dominated the global halal products market in 2023 with a share of over 35%, driven by large Muslim populations in Indonesia, Pakistan, and India. Southeast Asian countries like Malaysia and Indonesia are expected to witness fastest growth on account of stringent implementation of halal standards.
Key players operating in the Halal Products Market are QL Foods Sdn Bhd, Al Islami Foods Co., DagangHalal Group, Saffron Road, Kawan Foods Berhad, Janan Meat Ltd, Prima Agri-Products Sdn Bhd, Cargill, Inc., BRF S.A., Nestle S.A., and Tahira Foods Ltd. Leading players are focusing on capacity expansions and implementing advanced technologies to meet the rising demand. Partnerships with certification bodies are also helping key players strengthen their foothold in both domestic and international markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
