USD 2.11 billion
Report ID: SQMIG30I2144 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 71 | Figures: 75
Halal Food Market size was valued at USD 2.11 billion in 2021 and is poised to grow from USD 2.37 billion in 2022 to USD 5.91 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).
Halal foods have a huge importance in Muslim diet and it implies that the food is permissible according to Islamic law. As Islamic dietary laws prohibit the consumption of pork, alcohol and other non-permissible foods, halal offers foods with high standards and certification that is fit according to Islamic law. While not all foods are considered halal, many food manufacturers seek halal certification to comply with Islamic dietary laws.
The halal food market is projected to observe colossal development in the upcoming period, attributable to rising interest from both Muslim and Non-Muslim buyers. This is predominantly because of the associated cleanliness related with halal items like liberated from debasements, liquor, and any other impurity. In addition, organizations are progressively following halal-based planning as this affirmation gives both quality and taste level, subsequently offering an edge in the commercial sector.
US Halal Food Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.11 billion
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The global halal food market is segmented based on product type, distribution channel and region. Based on product type the halal food market is categorized into meat, poultry & seafood, fruits & vegetables, dairy products, cereals & grains, oil, fats & waxes, confectionery, others. Based on distribution channel, the halal food market is categorized into traditional retailers, supermarkets and hypermarkets, online, and others. Based on region, the halal food market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Halal Food Market Analysis by Product Type
The meat segment accounted for the largest revenue share in the year 2022 because of their highest consumption. The incentive for meat, poultry, and fish items is the biggest in the halal food market because of its overall reach and prevalence. Arising economies, like China, India, and Indonesia are supposed to contribute significantly to the development of the halal meat and poultry industry because of rising earnings and good dieting patterns among customers. The developing interest for packaged processed meat items as they are viewed as clean and great items is supposed to fuel the segmental development in the predictable years. The key makers are putting resources into better advances of meat conservation to satisfy the developing customer interest for all the more new and solid handled meat items. With the developing mindfulness in regards to food quality and wellbeing, the interest for halal certificate increments for different items like dairy, oat-based items, organic products and vegetables.
Halal Food Market Analysis by Distribution Channel
Traditional retailers dominated the distribution channel segment in the global market followed by supermarket/hypermarkets considering to be the fastest growing modes. Traditional retailers held the significant share as butcher shops is engaged into selling halal meat, poultry, and fish items in Islamic nations and non-Islamic nations.
The store channels are developing quickly to put resources into more current innovations and proposition buyers a wide assortment of items. The rising digitalization across the world is projected to propel the development of online retail channels.
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Asia Pacific accounted for more than 36% global market share. Asia Pacific accounted as the major market for halal food in 2022, and projected to continue its dominance in the upcoming years. As the regional markets witness expansion of Muslim population followed with fundamentally rising food interest and costs, the global halal food market is supposed to grow significantly over the conjecture period. The Middle East and Africa have gigantic idle for the market development as the clients in this region are primarily Muslim with expanding per capita incomes. European markets are noticing huge development on the lookout.
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Halal Food Market Driver
Premiumization and an Increased Awareness to Boost the Market Growth
Halal Food Market Restraint
Limited availability and lack of standardization to impede the market growth
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The Global Halal Food Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. The Muslim population has expanded lately, which have prompted a propagated interest for halal food and refreshment from various regions of the world. Major players are including Al Islami Foods (UAE), QL Foods Sdn Bhd(Malaysia), Nestlé S.A(Switzerland), DagangHalal Sdn. Bhd. (Malaysia), Cargill Inc.(US), Tahira Foods Ltd (UK), Kawan Foods Berhad (Malaysia), Janan Meat Ltd, Prima Agri-Products Sdn Bhd(Malaysia), Saffron Road (US), Unilever (UK), American Halal Company, Inc. (US)
Halal Food Market Top Players Company Profiles
Halal Food Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by product type, the Meat Poultry and Seafood sub-segment has the largest revenue share of The Halal Food Market. Distribution-wise, the Traditional Retailers have dominated the market with a market share. Region-wise, the Asia Pacific region accounted highest market share more than 30% in 2021.
|Market size value in 2021||USD 2.11 billion|
|Market size value in 2030||USD 2.37 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Halal Food Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Halal Food Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Halal Food Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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