Rising Demand for Halal Food Drives Global Halal Food Market to Reach US$ 879.6 Billion by 20229/14/2023 Market Overview: The global Halal Food Market is estimated to be valued at US$ 879.6 billion in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period of 2022-2030. Halal food refers to food products that adhere to Islamic dietary laws and regulations. The market for halal food has experienced significant growth in recent years due to the increasing Muslim population worldwide, rising disposable income, and growing awareness regarding halal food products. Halal food offers several advantages, including adherence to religious beliefs, increased food safety standards, and assurance of ethical sourcing and production. The need for halal products is driven by the desire to consume food that fulfills religious requirements and aligns with personal beliefs, creating a lucrative market for halal food products. Market Key Trends: The key trend driving the global halal food market is the increasing popularity of halal-certified products among non-Muslim consumers. The market is witnessing a surge in demand from non-Muslim consumers who are opting for halal food products due to their perceived health benefits, ethical sourcing practices, and guarantee of food safety standards. This trend can be attributed to the growing consumer inclination towards clean-label and natural food products. The halal certification serves as an assurance of quality and authenticity, attracting a wider consumer base beyond the Muslim population. Moreover, the halal food market is also benefiting from the rise of e-commerce platforms, making halal food products more accessible to a global audience. This shift in consumer preferences and the expanding market reach are expected to fuel the growth of the global halal food market in the forecast period. Segment Analysis: The halal food market can be segmented based on product type, distribution channel, and region. In terms of product type, the dominating segment is processed food. Processed halal food products such as canned meat, frozen foods, and snacks are witnessing high demand due to their convenience and longer shelf life. With the increasing working population and busy lifestyles, there is a growing preference for ready-to-eat and easy-to-cook halal food products, which is driving the demand for processed halal food. In terms of distribution channel, the dominating segment is supermarkets and hypermarkets. These retail channels offer a wide range of halal food products under one roof, providing convenience to consumers. Moreover, supermarkets and hypermarkets often have dedicated sections for halal food, making it easily accessible for the Muslim population. The availability of various brands and products in these retail channels attracts a large customer base, contributing to the dominance of this segment. Key Takeaways: 1. Market Size: 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 increasing disposable incomes, the growing Muslim population, and a shift towards halal-certified products. The market size for 2022 is estimated to be US$ 879.6 Bn. 2. Regional Analysis: Asia Pacific is the fastest-growing and dominating region in the halal food market. The region has a large Muslim population and is witnessing rapid urbanization, leading to increased awareness and demand for halal products. Moreover, government initiatives promoting halal food certification and the presence of key players in this region contribute to its dominance. 3. Key Players: The 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 players focus on product innovation, expansion of distribution networks, and strategic partnerships to strengthen their market position. For example, Cargill Inc. offers a wide range of halal meat and poultry products, while Al Islami Foods is known for its frozen food products. These key players play a significant role in driving the growth of the halal food market.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
April 2024
Categories
All
|