Dairy Dominated Food Products Is The Largest Segment Driving The Growth Of Halal Food Market

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 Overview:

Halal food includes meat and poultry, fresh dairy products, dry cereals and grains, fresh fruits and vegetables, fats and oils and other processed food items that meet Islamic dietary standards. These products are prepared following rules and regulations prescribed by Islamic Sharia law.

Market key trends:

One of the key trends in the Halal food market is innovation. With growing demand, food manufacturers are focusing on new product development and innovation to cater to consumer needs and preferences. They are coming up with novel food items, packaging solutions and flavors to attract more consumers. Some innovative product categories include Halal snacks, beverages, instant noodles and desserts. Standardization of certifications and regulations is another important trend shaping the market. It is helping build trust among consumers about the authenticity of Halal claims by manufacturers.

Market key trends:

The global Halal Food Market Size has been witnessing high growth in recent years, driven by increasing population of Muslims worldwide and rising awareness about halal-certified products. Growing tourism from Muslim-dominated countries is also boosting the demand for halal cuisine across hotels, restaurants and other hospitality sectors. Moreover, non-Muslim consumers are also inclining towards halal food due to perceived health benefits and animal welfare standards in halal-certified products and supply chain.

SWOT Analysis

Strength: Growing Muslim population globally is increasing the customer base for halal food products. Weakness: Lack of standardized certification and definition of halal can cause confusion among consumers. Opportunity: Non-Muslim consumers are also gradually accepting halal food offerings due to health and ethical benefits. Threats: Political instability and conflicts in few regions can disrupt supply chains and distribution channels for halal food manufacturers and exporters.

Key Takeaways

The global halal food market is expected to witness high growth, exhibiting CAGR of 12. over the forecast period of 2023 to 2030. The market size for halal food in 2023 is estimated to be US$ 992.19 Mn. Growing tourism from Muslim-dominated countries and rising incomes in developing countries are driving the demand for halal cuisines in global markets.

Regionally, the Middle East dominates the global halal food market currently due to high concentration of Muslim population. Southeast Asian countries such as Indonesia, Malaysia and Pakistan are also emerging as fast growing markets.

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., Saffron Road Food. These companies are focusing on capacity expansions and new product launches to cater to increasing worldwide demands for halal certified meat, beverages, bakery products and ready meals.

Read More: https://www.dailyprbulletin.com/halal-food-market-size-share-and-growth-outlook/ 

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