Rising at 7.70% CAGR, Halal Food Market Share to Reach USD 4115.87 Million, Globally by 2030: Comprehensive Research Report by Zion Market Research

NEW YORK, July 24, 2023 /PRNewswire/ -- According to a market research study published by Zion Market Research, the global halal food market size was worth around USD 2301.45 million in 2022 and is predicted to grow to around USD 4115.87 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.70% during the forecast period (2023- 2030).

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Halal Food Market: Overview

The halal food industry deals with the production and distribution of food and beverages that are prepared under Islamic dietary guidelines. The word 'Halal' stands for 'permissible' and refers to the practices and products that are allowed under Islamic law (Shariah). One such law is that before an animal is slaughtered for meat food items, it should be alive and healthy and all blood should be drained out of the body. Pork is prohibited for consumption in Islam and hence all pork-based items are considered forbidden for consumption. Alcohol is not permitted in this religion and hence they are not considered halal. The industry mainly caters to the Muslim population who actively seek food and beverages complying with religious beliefs and dietary restrictions.

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• 2023 Updated Report Introduction, Overview, and In-depth industry analysis
• 220+ Pages Research Report (Inclusion of Updated Research)
• Provide Chapter-wise guidance on Request
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes an Updated List of tables & figures
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
• Zion Market Research Methodology

Key Industry Insights & Findings of the Halal Food Market Reports:

• As per the analysis, the Halal Food market share is likely to grow above a CAGR of around 7.70% between 2023 and 2030.
• The Halal Food market size was worth around USD 2301.45 million in 2022 and is estimated to hit approximately USD 4115.87 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The halal food market is projected to grow at a significant rate due to the growing demand for sustainable packaging
• Based on distribution channel segmentation, supermarkets & hypermarkets were predicted to show maximum market share in the year 2022
• Based on product segmentation, meat products were the leading segment in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022.

Browse Complete Report Here | Halal Food Market By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Stores, Specialty Stores, And Others), By Product Type (Meat Products, Dairy Products, Vegan Products, Grain Products, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030

Halal Food Market: Growth Drivers

The global halal food market is led by the presence of a large Muslim community spread globally along with an increasing number of people from other faiths converting to Islam. As per a post by Huffington, the US registers nearly 20,000 Americans accepting the Islamic way of living every year. Multiple reports such as the ones posted by the leading international news agency BBC, state that Islam is currently the fastest-growing religion. In addition to this, there is a growing awareness rate amongst the Muslim community led by scholars and leaders to educate people about various interpretations of the Holy Book of the Quran. The awareness is not limited to the Muslim population and also people belonging to non-Muslim faiths.

Governments and regulatory bodies, especially in Muslim-majority countries along with counterparts have undertaken several programs to promote and regulate the halal food industry. This includes processes related to regulations, certifications, and labeling requirements. The surging rate of export and import of halal food across the globe has opened up more growth avenues which are further assisted by the growing travel and tourism industry. Muslim travelers seek halal food options during their trips resulting in non-Islamic nations opening up halal food outlets, restaurants, and other joints.

Halal Food Market: Restraints

The global halal food market may face growth limitations due to the complexities associated with the supply chain of halal food. This ranges from sourcing ingredients to transportation, storage, and handling, every step of the supply chain since every step needs to meet halal requirements. These processes do not have any scope for negligence and can become a difficult task for large-scale food processing facilities. Moreover, certain countries have limited market access due to regulatory barriers along with growing incidents of misuse and fraudulent practices related to halal food certification.

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Global Halal Food Market: Segmentation

The global halal food market is segmented based on distribution channel, product, and region.

Based on distribution channel, the global industry segments are supermarkets & hypermarkets, convenience stores, online stores, specialty stores, and others. In 2022, supermarkets & hypermarkets was the leading segment and it contributed to nearly 46.12% of the market share. The increasing presence and preference of supermarkets & hypermarkets is the main driving force. As the global inflation rate is on the rise, consumers tend to prefer purchasing from supermarkets since they get access to a wider range of options along with other monetary benefits such as discounted prices, incentives, and multiple offers on newer products. Moreover, several new companies choose to first launch their products in supermarkets due to higher footfall of consumers which translates to better marketing or advertising cost-efficiency. However, in countries with limited supermarkets, specialty stores remain the dominant option segment.

Based on product, the global halal food industry divisions are meat products, dairy products, vegan products, grain products, and others. The highest CAGR was witnessed in the meat products segment in 2022 since meat tends to hold a significant place in halal diets. Consumption of such products is widespread in the Muslim community. It is derived from animals that have been slaughtered under Islamic conditions and include products such as poultry, beef, lamb, and goat. The consumption is mainly associated with religious and cultural celebrations and is considered a fundamental part of meals in many households. Halal grain products include rice, wheat, barley, oats, and bread although they are commonly eaten in other religions as well. A research report claims that nearly 48% of the population in Africa and the Middle East follow a halal diet.

Recent Developments:

• In January 2021, OneAgrix and Nigeria announced the beginning of a strategic partnership that will work toward the development of the halal and agriculture market under the African Continental Free Trade Area (ACFTA)
• In February 2023, Chicken Cottage, a leading UK-based fast-food chain with halal product offerings, signed an agreement with Express Kitchen which will help the former expand its footprint in East Africa
• In August 2021, Crescent Foods, a US-based player in the sector, launched a new food service program for the dining halls of colleges and universities in the country

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List of Key Players in Halal Food Market:

The report contains qualitative and quantitative research on the global Halal Food Market, as well as detailed insights and development strategies employed by the leading competitors. Some of the main players in the global Halal Food market include;

• Nestle
• Cargill
• Al Islami Foods
• BRF S.A.
• Nema Food Company
• Midamar Corporation
• Al-Falah Halal Foods Ltd.
• Kawan Food Berhad
• Prima Agri-Products
• DagangHalal Group
• Saffron Road
• AHDB (Agriculture and Horticulture Development Board)
• Qatar Islamic Bank
• Isla Delice
• Janan Meat Ltd.
• Emirates Modern Poultry Co. (Al Rawdah)
• K&N's Foods
• Halal Industry Development Corporation (HDC)
• Tayyibat Poultry
• And others.

Key questions answered in this report:

• What is the growth rate forecast and market size for Halal Food Market?
• What are the key driving factors propelling the Halal Food Market forward?
• What are the most important companies in the Halal Food Market Industry?
• What segments does the Halal Food Market cover?
• How can I receive a free copy of the Halal Food Market sample report and company profiles?

Report Scope:

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Regional Analysis:

• Asia-Pacific will dominate the global market

The global halal food market is led by Asia-Pacific due to the presence of a large number of Muslim populations across Asian countries. Some of the nations consist of Muslim-majority while some are registering a growth rate of the Islamic population. Moreover, increasing awareness rate about religious beliefs, increase in international trade of halal products, and rising level of consumption have contributed to regional CAGR. The Middle East is another significant contributor to the halal food sector due to the presence of large Islamic nations.

Moreover, cuisines such as Arabic, Turkish, and Iranian, originating from these countries have gained an international following. This could be further strengthened by rising tourism in Middle East nations. In North America, the United States, and Canada have witnessed the growth of the halal food market driven by the increasing Muslim population and the demand for halal products among diverse communities.

Global Halal Food Market is segmented as follows:

Halal Food Market: By Distribution Channel (2023-2030)

• Supermarkets & Hypermarkets
• Convenience Stores
• Online Stores
• Specialty Stores
• Others

Halal Food Market: By Product Type (2023-2030)

• Meat Products
• Dairy Products
• Vegan Products
• Grain Products
• Others

Halal Food Market: By Region Outlook (2023-2030)

• North America
• The U.S.
• Canada
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Southeast Asia
• Rest of Southeast Asia
• The Middle East & Africa
• GCC
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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