Global Halal Food Market was valued at US$ 879.6 Bn in 2022, and is projected to reach US$ 2,306.2 Bn by 2030, exhibiting a CAGR of 12.80% during the forecast period (2023-2030). According to global halal food market report, By Product Type (Dairy Products, Meat Products, Grain Products, Vegan Products, and Others), By Distribution Channel (Hypermarkets, Supermarkets, Online Stores, Convenience Stores, Specialty Stores, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), as published by Coherent Market Insights.
The market is expected to witness significant growth over the forecast period, towing to increasing Muslim population across the globe coupled with rising consumption of halal food products worldwide. According to the Organization of Islamic Cooperation (OIC), meat products are considered as the most preferred diet of Muslims. Around 75% of the Muslim population in the U.S., and over 84% of Muslims in France consume halal food daily, apart from the other dietary products. These are the factors that are expected to drive growth of global halal food market over the forecast period.
Lack of global regulatory body for certification of halal food products is expected to hamper global halal food market growth. Some halal certification bodies includes government-owned and -linked enterprises, independent Halal certification bodies (HCBs), private organizations, National Standard Agencies, regional bodies such as The Gulf Cooperation Council GCC Standardization Organization (GSO), The Association of Southeast Asian Nations (ASEAN), and European Commission. While, international establishments including The Organization of Islamic Cooperation (OIC), and The Standards and Metrology Institute for the Islamic Countries (SMIIC) also help in certification halal products. However, in most Muslim-minority countries, the halal sector is not controlled by the government. Rather, the standards and certification are decided by Islamic organizations, mosques, and independent Home- and Community-Based Services HCBs. As a food industry sub-sector, halal is still subject to the health and safety regulations of the country. However, governments generally do not handle any specific halal-related issues. Moreover, the global halal food market is get impacted by covid19, For instance, changes in consumer behaviour, the pandemic has changes consumer behaviour, with more people opting for online shopping and home delivery. This has led to rise in online halal food retailers and e-commerce platforms selling halal food products.
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https://www.coherentmarketinsights.com/market-insight/halal-food-market-2700
Browse 27 market data tables* and 22 figures* on "Global Halal Food Market”- Global forecast to 2030.
Key Takeaways of the Market:
- On the basis of distribution channel, supermarkets segment contributed for over 46.10% of the revenue share in the global halal food market in 2022, and the trend is expected to remain same over the forecast period. Factors such as rising presence of supermarket chain together with promotional and marketing activities by supermarket channels is expected to drive growth of supermarket segment over forecast period.
- Asia Pacific accounted for the revenue share of over 56.50% in the global halal food market in 2022, and is predicted to maintain its dominance over the forecast period, owing to rising Muslim population in the region.
- Furthermore, improvement in supply chain in the retail sector is predicted to upsurge the demand for global halal food product in the near future. Asia Pacific countries such as Malaysia, Indonesia, Thailand, Brunei, Singapore, and the Philippines are involved in a variety of government-led initiatives to boost economic growth by manufacturing and exporting halal products to other countries. For instance, in 2020 Thailand is planning to build a halal food export facility to supply halal products overseas. Online e-commerce sites such as Daganghalal and Zilzar offer small producers, manufacturers, and traders with an opportunity to sell their halal products globally.
- Major 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,
