The global Halal Food Market is estimated to be valued at US$ 879.6 Bn in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Halal food refers to food that adheres to Islamic dietary laws. It must be prepared, processed, and stored using equipment and utensils that are free from any contamination. The demand for halal food is driven by an increasing population of Muslims worldwide and their growing awareness of halal food products. The advantages of halal food include the assurance of ethical sourcing and the absence of non-halal ingredients, making it suitable for Muslim consumers.
Market Key Trends:
One key trend observed in the halal food market is the rising popularity of halal-certified products beyond the Muslim population. The trend is driven by the perception of halal food as being hygienic, healthy, and of high quality. Non-Muslim consumers are increasingly opting for halal-certified products due to the perceived superior standards of cleanliness and purity associated with halal certification. This trend presents a significant growth opportunity for halal food manufacturers to cater to a broader consumer base and expand their market presence.
Note: Key players in the Halal Food Market include Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food. However, information about key players should not be included in the report.
PEST Analysis:
Political: The political factor for the Halal Food Market refers to the regulations and policies implemented by governments regarding halal food certification. This factor can greatly influence the market as governments play a crucial role in ensuring the credibility and standardization of halal food products. For example, countries like Malaysia and Indonesia have established halal certification bodies to ensure that halal food production meets the necessary standards.
Economic: The economic factor for the Halal Food Market relates to the purchasing power and disposable income of consumers. As the global economy continues to grow, there is an increase in the ability of consumers to spend on halal food products. Additionally, the rise in Muslim population and their increasing purchasing power drives the demand for halal food products. This creates a favorable market environment for the growth of the halal food industry.
Social: The social factor for the Halal Food Market revolves around the preferences and beliefs of consumers. The increasing awareness and importance of halal food among the Muslim population is a significant driver for market growth. The demand for halal food is not limited to Muslim consumers only, as there is a growing trend among non-Muslim consumers who perceive halal products as healthier and more ethical options.
Technological: The technological factor for the Halal Food Market refers to the advancements in food processing and packaging techniques. Technology plays a crucial role in ensuring the traceability and authentication of halal food products. For instance, sophisticated laboratory techniques and blockchain technology are now being used to verify the halal status of food products, providing consumers with transparency and trust.
Key Takeaways:
The Global Halal Food Market Size is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period of 2022-2030. This growth can be attributed to several factors. Firstly, the increasing Muslim population and their rising purchasing power drive the demand for halal food products. Additionally, the growing awareness and perception of halal food as healthier and more ethical options among non-Muslim consumers also contribute to market growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the Halal Food Market. This can be attributed to the presence of several key Muslim-majority countries in the region, such as Malaysia and Indonesia, which have well-established halal certification bodies and stringent halal food regulations. Furthermore, the rising disposable income and changing lifestyles of consumers in countries like China and India also contribute to the growing demand for halal food products in the region.
Key players operating in the Halal Food Market include Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food. These key players have significant market presence and contribute to market growth through their wide product portfolio, strong distribution networks, and strategic alliances in the halal food industry.
