Halal Food and Beverage Market Size, Share, Growth Analysis, By Type(Halal Food, Halal Drinks and Halal Supplements), By Product(Meat & Alternatives, Milk & Milk Products), By Distribution Channel(Hypermarkets/Supermarkets, Convenience Stores) - Industry Forecast 2024-2031

Report ID: SQMIG30I2184 | Region: Global | Published Date: April, 2024
Pages: 198 | Tables: 90 | Figures: 76

Halal Food and Beverage Market News

In March 2024, Thai Food Products International, a top player in the food and beverage industry, partnered with Food Farm Hub to bring high-quality food ingredients, additives, and powdered food and beverage to global markets. All of their powdered food and beverage ingredients are manufactured under standards of the Thai FDA, GMP, HACCP, and Halal Certificate in order to ensure that international and domestic customers gain high-quality, hygienic, and safe products.
In February 2024, CJ Foods, a business unit of South Korea-based CheilJedang, launched the first halal bibigo Mandu products. The company plans to introduce the taste of Korean Mandu, which holds the No. 1 market share in Korea, the U.S., and Vietnam, to Malaysian consumers.
In February 2024, Electronics products manufacturer Industronics Bhd ventured into the halal food and beverage (F&B) and halal convenience store business in Hong Kong. The group acquired a dormant company in Hong Kong owned by Datuk Chu Boon Tiong, for HK$1 (61 sen), to undertake the new business. The company has been renamed as Halal Group Ltd (HGL).

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Halal Food and Beverage Market size was valued at around USD 802.83 billion in 2022 and is poised to grow from USD 831.73 billion in 2023 to USD 1103.73 billion by 2031, at a CAGR of 3.6 % over the forecast period (2024–2031).

The market for halal food and drink is extremely fragmented due to the existence of numerous regional and local actors. To remain competitive, businesses have been putting various expansion strategies into practice, such as partnerships and the introduction of new products. 'Nestle S.A.', 'Kellogg Company', 'Unilever N.V.', 'Al Islami Foods', 'BRF S.A.', 'Cargill Inc.', 'Crave Foods', 'Haoyue Group', 'Kawan Food Berhad', 'Kraft Heinz Company', 'Saffron Road Food', 'QL Foods Sdn Bhd', 'Sinar Sosro', 'Sireh Emas Sdn Bhd', 'Sukanda Djaya', 'Tariq Halal', 'Tegel Foods', 'Yum! Brands, Inc.', 'Tahira Food', 'Midamar Corporation'

There is a growing awareness among consumers about halal products and their benefits, such as being healthier and more ethical. This is leading to an increased demand for halal-certified products.

There is a growing focus on ensuring the authenticity of halal products, as consumers become more aware of the potential for fraud and mislabelling in the halal food and beverage market.

Asia Pacific produced the largest contributions, representing 60.3% of the market in 2021. Migration from nations with a majority of Muslims to other areas is one of the main factors causing the Muslim community in the Asia-Pacific region to grow significantly. The market for these foods has grown in demand as the number of Muslims has increased, and it is expected that this trend will continue during the forecast period.

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Halal Food and Beverage Market Size, Share, Growth Analysis, By Type(Halal Food, Halal Drinks and Halal Supplements), By Product(Meat & Alternatives, Milk & Milk Products), By Distribution Channel(Hypermarkets/Supermarkets, Convenience Stores) - Industry Forecast 2024-2031

Halal Food and Beverage Market News

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