WASHINGTON, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Halal Food Market is estimated to be USD 6,044.5 Billion by 2030 at an exponential growth of 13.5% in the next seven years.
The global Halal Food market is witnessing a significant expansion driven by a few key factors, including an increase in the Muslim population, estimated to reach 2.8 billion by 2050, a growing base of consumers for halal products, and a rise in disposable incomes in several Muslim-majority countries.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/halal-food-market-2307/request-sample
The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players.
- Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The demand for convenient halal offerings has increased due to globalization and urbanization, which have promoted urbanized lifestyles and modernization. Non-Muslim consumers are also becoming more aware of halal products due to factors like diverse populations, the popularity of halal tourism, and increased accessibility in mainstream retail outlets. This growth is further driven by factors such as the perception of Halal Food as healthier and more sustainable, government support in Muslim-majority countries, and the expanding ecosystem of Halal Food producers, distributors, and certifiers.
Prominent Players in Halal Food Market Report Scope:
- QL Foods Sdn Bhd (Malaysia)
- Al Islami Foods Co. (UAE)
- Dagang Halal Group (Malaysia)
- Saffron Road (U.S.)
- Kawan Foods Berhad (Malaysia)
- Janan Meat Ltd. (UK)
- Prima Agri-Products Sdn Bhd (Malaysia)
- Cargill Inc. (U.S.)
- BRF S.A. (Brazil)
- Nestle S.A. (Switzerland)
- Tahira Foods Ltd. (UK)
To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://www.vantagemarketresearch.com/halal-food-market-2307/request-sample
Factors Affecting the Growth of the Halal Food Industry
Crucial factors impact the development of the Halal Food market. Some of these factors include:
- As the middle class in Muslim-majority countries expands, the demand for high-quality Halal Food products is rising. Indonesia, for example, is expected to see a significant increase in its middle-class population, leading to a greater demand for convenient Halal Food options.
- Globalization and urbanization have led to a rise in the Halal Food market as Muslims in urban areas seek convenient options. This trend is evident in the UK, where the growing Muslim population drives the demand for halal products in mainstream retail stores.
- Growing awareness of Halal Food products extends to non-Muslim consumers due to diverse populations, halal tourism, and broader availability. In Japan, Muslim and non-Muslim consumers show a rising demand for Halal Food, driven by halal tourism's popularity and Muslim expatriates' presence.
- Halal Food products are favored by health-conscious consumers due to their strict guidelines and are seen as healthier and more wholesome, appealing to those seeking natural and organic options.
Key Highlights
- Based on the Product segment, the Meat, Poultry, and Seafood category is anticipated to mention the market’s fastest growth during the forecast period.
- By Distribution Channel, the Hypermarket & Supermarket class is predicted to witness the most rapid market expansion during the anticipated period.
- The market was ruled by Asia Pacific in 2022 with a revenue share of 32.9% and is expected to witness maximum market growth during the forecast period.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/halal-food-market-2307/0
Key Trends
- Consumers value authentic and credible Halal certification, leading to increased demand for certified products. For instance, Nestle's manufacturing facilities in Malaysia obtained Halal certification, making it the first multinational company to meet strict Halal standards.
- In recent years, there has been an increase in the popularity of purchasing Halal Food products online. E-commerce platforms like Halalworlddepot.com and Crescentfoods.com offer a wide range of certified Halal options, delivering them directly to consumers' doorsteps.
- The demand for ethically sourced Halal products is increasing as consumers prioritize environmental impact and animal welfare. A leading Halal Food producer (Al Islami Foods) meets this demand by focusing on sustainable practices and ensuring animal welfare in its production processes.
Key Strategies in the Halal Food Market
The Halal Food industry has undergone a remarkable transformation, emerging as a dynamic and rapidly expanding sector within the broader food landscape. Here are crucial insights into key competitors and success strategies in the industry:
- Halal Food market companies broaden their product offerings by introducing new halal-certified items like snacks, drinks, confections, and meals, reaching a more extensive customer base.
- Companies are diversifying distribution channels to increase consumer reach and improve product accessibility.
- Companies expand globally to access new markets using strategic partnerships, joint ventures, or by establishing local manufacturing or distribution facilities.
- Companies actively enhance their Halal Food products through research and development, employing advanced technologies and ingredients to elevate taste, quality, and nutritional content.
Recent Development of the Global Halal Food Market
- In August 2023, Al Islami Foods Co. announced the grand re-launch of its premium products in the esteemed markets of Qatar. Al Islami has brought back its renowned Chicken Griller and Chicken Parts, offering a variety of cuts such as drumsticks, breasts, thighs, and more. Al Islami has an unshakable dedication to the highest Halal standards.
- In August 2023, BRF SA formalized the creation of a joint venture with the Halal Products Development Company (HPDC), a subsidiary of Saudi Arabia's Public Investment Fund (PIF).
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Halal Food Market Forecast Report (2023-2030).
Market Segmentation
By Product
- Meat, Poultry and Seafood
- Fruits and Vegetables
- Dairy Products
- Cereals and Grains
- Oil, Fats and Waxes
- Confectionery
- Other Products
By Distribution Channel
- Traditional Retailers
- Supermarkets and Hypermarkets
- Online
- Other Distribution Channels
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Highlights From Segments
Product Analysis
- The meat, Poultry, and Seafood segment accounted for the most significant market growth in 2022.
- The demand for these products will increase over the coming years as consumers increasingly opt for bacteria-free meat due to health, hygiene, and safety concerns.
- In June 2020, 70% of England's population will choose halal meat instead of regular meat, according to the National Library of Medicine. Also, 50.8% of consumers eat meat once a week, 45.6% once a day, 3.2% once a month, and 0.4% eat meat occasionally.
Distribution Channel Analysis
- Supermarkets and Hypermarkets accounted to have the potential market growth in 2022.
- There has been a growing number of these outlets in many regions, which have seen an increase in the supply of halal products on the market.
- According to Taylor & Francis Group, 16% of consumers from educated prominent families, 13% from educated small families, and 5% of young residents prefer to buy these products from national supermarkets in Norway.
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/halal-food-market-2307
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 2194.8 Billion |
| Revenue Forecast by 2030 | USD 6044.5 Billion |
| CAGR | 13.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | QL Foods Sdn Bhd, Al Islami Foods Co., Dagang Halal Group, Saffron Road, Kawan Foods Berhad, Janan Meat Ltd., Prima Agri-Products Sdn Bhd, Cargill Inc., BRF S.A., Nestle S.A., Tahira Foods Ltd. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/halal-food-market-2307/customization-request |
Regional Analysis
- The Asia Pacific region led the Halal Food market growth in 2022. The rising educational programs and awareness campaigns in the Asia Pacific region have fueled a surge in demand for certified halal products among Muslim consumers. Consequently, this has created expanded market prospects for Halal Food manufacturers.
- Governments in Asia, like Malaysia and Indonesia, actively support the Halal Food industry by offering subsidies, tax incentives, and infrastructure support to attract investments in production and processing.
Browse More Reports from Vantage Library:
Superfood Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/superfood-market-2314
Brewing Enzymes Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/brewing-enzymes-market-1085
Organic Foods Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/organic-foods-market-2311
Bioadhesives Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/bioadhesives-market-1079
Food And Beverage Disinfection Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/food-and-beverage-disinfection-market-2296
Bacteriological Testing Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/bacteriological-testing-market-1081
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
