Market Overview
Halal products refer to food items and other consumables that meet Islamic dietary standards. This includes meat cuts free of bones and blood, as well as products containing permitted ingredients and manufactured through hygienic processes without contact of any forbidden elements. The rising Muslim population globally is creating high demand for authentic Halal food products.
Market key trends
One of the key trends in the halal products market is the rising demand for packaged and ready-to-eat foods. With changing lifestyles and increasing number of working women, demand for convenient food options is on the rise. Major food companies are launching new ranges of packaged halal meals, snacks and beverages to cater to the needs of time-strapped consumers. Some examples include frozen halal meals, halal noodles, bakery products and desserts, frozen halal meat cuts, and fruit juices without alcohol. This rising demand for packaged halal food is expected to drive market growth during the forecast period.
The global Halal Products Market is estimated to be valued at US$ 2,467.9 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global halal products market is segmented on the basis of product type into halal food and beverage, halal pharmaceuticals, halal cosmetics and personal care, and halal food services. Halal food and beverage segment dominates the market owing to increasing Muslim population and their adherence to Sharia dietary guidelines and halal certified products.
Key Takeaways
The global Halal Products Market Share is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing awareness regarding various health benefits of halal certified products and growing Muslim population globally.
Asia Pacific dominates the global halal products market with more than 50% market share and is expected to maintain its dominance over the forecast period. This is attributed to the presence of countries with large Muslim population such as Indonesia, Malaysia and Pakistan. Middle East is expected to be the fastest growing market for halal products owing to rising disposable incomes and higher spending on halal certified products in the region.
Key players operating in the halal products market are QL Foods Sdn Bhd, Al Islami Foods Co., DagangHalal Group, Saffron Road, Kawan Foods Berhad, Janan Meat Ltd, Prima Agri-Products Sdn Bhd, Cargill, Inc., BRF S.A., Nestle S.A., and Tahira Foods Ltd. These players are focusing on business expansion and product portfolio expansion to strengthen their foothold in the global market.
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Wajib Sertifikat Halal - Food and beverage products will be required to have halal certification from 17 October 2019.
The obligation also applies to employers of derivative food products and beverages, such as pedagang kaki lima (PKL) to the slaughter house..
"Yes, all kinds of food and drink," said the Head of the Center of Registration and the Certificate of Halal Badan penyelenggara jaminan Produk Halal (BPJPH) Matsuki at the Hotel Millenium, Jakarta, Wednesday (25/9).
He reveals one of the retail in Medan, North Sumatra, already apply it.
For branches, halal products will be ensured when the franchise of the branch first opened.
(Read: The Ministry Of Trade Will Be Affirmed Rule Label Halal Meat Is Imported )
