Global Halal Food Market to Reach US$ 2,043.2 Billion by 2027 - Coherent Market Insights

SEATTLE, June 17, 2019 /PRNewswire/ -- The global halal food market was valued at US$ 715.0 Bn in 2018, and is projected to exhibit a CAGR of 12.7% over the forecast period (2019 – 2027), in terms of revenue.

Key Trends and Analysis of the Global Halal Food Market:

The halal food market is expected to witness significant growth over the forecast period. Factors such as increasing Muslim population worldwide coupled with development in retail sector supply chain is expected to boost the revenue for global halal food market in near future.

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According to the World Health Partners, Muslims also have the highest fertility rate, an average fertility rate of 3.1 compared to other religious groups. Hence, Islam is the fastest-growing religion globally. Increasing number of refugees from Syria and other predominantly Muslim countries are moving to Europe, due to which the Muslim population is increasing in the region.

Several supermarkets and hypermarket stores, including Tesco in the U.K. and Carrefour in France have dedicated halal sections in their stores. Moreover, Tesco, through its Malaysia-based subsidiary, entered into a contract with Nestlé Malaysia to supply halal-certified products at the Tescos stores in the U.K., and is actively collaborating with halal food suppliers such as Ummah Foods ltd. to strengthen its foothold in the global market.

Simultaneously, Tesco launched Delisia in its U.K. stores in 2017, a wholly-halal brand owned by Germany's ZMG. It offers a range of convenience halal products, including sausages, cooked meats, and chicken products. Tesco also introduced a special section of halal butchers selling fresh halal food within its stores in areas with higher Muslim populations in the U.K.

Lack of a standardized body for certification of halal products is a major factor hampering growth of the global halal products market

Increasing consumer spending on food & beverage is expected to provide ample of opportunities for global halal food market. For instance, according to the State of the Global Islamic Economy, the global Muslim consumer invested around US$ 1,128 Bn on food & beverage in 2015.

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Key Market Takeaways:

• The global halal food market is expected to exhibit a CAGR of 12.7% during the forecast period in terms of revenue. The market for halal food is expected witness growth, owing to increasing expenditure of the populace on non-veg food and beverages.
• Based on product type, in 2018, meat products segment accounted for the largest share of 44.2%, in terms of revenue in the global halal food market. Moreover, grain products segment is expected to record fastest growth over the forecast period. Traditionally, grains are considered as halal, when they are not made up of any haram or unlawful ingredients. Expansion and diversification of the halal food market along with global nature of grain trading has led to increase inspection of all raw materials and processed grain products. Therefore, grain product manufacturers such as Kellogg Company are focusing on receiving halal certification, in order to increase consumer base, globally. This in turn is expected to drive the grain products demand in the near future.
• Among regions, Asia Pacific held dominant position in the global halal food market in 2018. Moreover, the region is expected to record fastest growth during 2019 to 2027. Factors such as presence of over 60.0% of the global Muslim population in the region together with rising expenditure of people on non-veg food products is likely to provide impetus upsurge to halal food demand from the region in the near future.
• Key players operating in the global 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

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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