Halal food refers to food products that are prepared following Islamic dietary guidelines. Halal food is free from anything considered haram or prohibited. It excludes pork, alcohol, blood, and animals improperly slaughtered or dead before slaughtering. The growing Muslim population across the world has increased the demand for halal food. According to estimates, Muslims account for nearly 25% of the global population. Rising disposable incomes and growing awareness about halal certification have also boosted the halal food industry.
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 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising Muslim population is one of the key drivers of the halal food market. According to estimates, Muslims account for nearly 25% of the global population and are projected to increase to over 30% by 2050. Countries with large Muslim populations such as Indonesia, India, Pakistan, Bangladesh, and Iran represent major untapped markets for halal food. The growing population of Muslims worldwide is increasing the demand for authentic halal food products that meet Islamic dietary codes. This has accelerated the growth of the halal food industry significantly over the past few years. Manufacturers are launching new product lines and expanding to international markets to cater to the surging demand from the rising Muslim community globally.
Segment Analysis
The global halal food market is dominated by the meat, poultry and alternative meat segment. This segment accounts for the largest share of the overall market currently due to growing preference for halal certified meat and poultry products among Muslim consumers globally. The segment is expected to continue dominating the halal food market during the forecast period owing to rising demand for halal meat and poultry from key Muslim markets as well as growing popularity of plant-based alternative meat products.
Key Takeaways
The Global Halal Food Market Demand is expected to witness high growth over the forecast period. 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 6.9% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region is projected to dominate the global halal food market during 2023-2030. This is primarily attributed to strong presence of Muslim consumers in countries such as Indonesia, Malaysia, Bangladesh and Pakistan. According to some reports, Indonesia has the world's largest Muslim population and the country is a major contributor to the Asia Pacific halal food market's growth. Additionally, countries like Malaysia have emerged as global halal hubs and have favorable government regulations to promote halal food trade. Such favorable policies and economic development of key Asian countries are driving higher demand for certified halal food products in the region.
Key players
Key players operating in the halal food market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. Cargill Inc. and BRF S.A. are among the largest players in the global halal meat and poultry processing industry. While QL Resources Sdn Bhd and Haoyue Group are leading halal food brands from Asia Pacific region. Saffron Road Food is a prominent player in the nascent plant-based alternative meat segment.
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