Newark, NJ, Aug. 09, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global halal food & beverages market is expected to grow from USD 1.3 trillion in 2020 and to reach USD 2.18 trillion by 2028, growing at a CAGR of 6.7% during the forecast period 2021-2028.
According to Law of Sharia, the animals that aren’t killed in the name of Allah are considered as Haram which means that is not permissible for consumption. Products of pork, alcohol, blood, animals that are dead before slaughtering are all considered as Haram. Sharia is the religious law of Islamic people. Halal food products are stored in clean utensils as per the prescribed guidelines. Halal concept is no longer confined to the meat products only; it in fact includes pizzas, burgers, sandwiches, candies etc. The Halal system not only concentrates on the food products but also includes the processes of packing, storage, transportation, handling and delivering.
Companies are complying with halal based preparations as their certification provides assurance for both the quality and taste as well. In addition the companies are also adopting various marketing strategies like product line expansion, product innovation and product customizations etc. Halal food and beverages are not only preferred by Muslims but also by Non-Muslims as such food items are assured with hygiene, reliability and safety. Hence many countries started implementing stringent regulatory policies that consists of globally accepted standards. Halal food products & beverages maintain the standard level of nutrient content and tastes.
The global halal food & beverages market is expected to witness significant growth, owing to the quality assurance, rising awareness among consumers for food freshness, security and hygiene, health benefits which influences the eating patterns, increasing consumer expenditure on halal food products, widened product portfolio that includes halal hot dogs, soups, burgers, creams, cookies etc. Halal meat is considered healthier and tastier due to the absence of blood in meat, which in turn makes it resistant to bacteria. It is obvious that halal food is nutritional and reliable. The factors restraining the market growth are lack of SME Sharia complaint funding, lack of standardization, absence of viable schemes to accredit Halal Certification Bodies (HCB), existence of confusing environment as they are framed by various types of organizations. Increasing demand for organic and halal based food and beverages will provide market growth opportunities.
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Key players operating in global halal food & beverages market include Nestle S.A. (Switzerland), American Halal Company Inc. (US), QL Foods Sdn Bhd (Malaysia), Cleone Foods Ltd. (UK), Al Islami Foods Co. (The UAE), Nema Food Company (US), Dagang Halal Group, Saffron Road, Kawan Foods Berhad, Janan Meat Ltd, Prima Agri- Products Sdn Bhd, Cargill, BRF S.A. (Brazil), Tahira Foods Ltd. (UK), Al Falah Halal Foods Ltd, Beijing Shunxin Agriculture Co., Ltd. (China), Midamar Corporation (US), Unilever, Kellogg, Glanbia Cheese Ltd., Royal Unibrew A/S, Guenther Bakeries UK Ltd, Coco- Cola, Al Safa, Al Shaheer, Crescent Foods, Aromco Ltd., Bidara Herba Niaga, Jingyitai Halal Food.
Meat, Poultry & Seafood segment dominated the market and held the largest market share of 34.7% in the year 2020
On the basis of type, the global halal food & beverages market is segmented meat, poultry & seafood, dairy products, fruits & vegetables, oil fats, cereals & grains, confectionery and others. Meat, Poultry & Seafood segment dominated the market and held the largest market share of 34.7% in the year 2020. This growth is attributed to the economic development, rising health concerns, respect for welfare of animals, growing disposal income of the consumers, degree of acculturation. Growing Muslims population adds up to the market growth.
Super Market segment dominated the market and held the largest market share of 31.15% in the year 2020
On the basis of distribution channel, the global halal food & beverages market is segmented into Retailers, Super markets, Online and Others. The super market segment dominated the market and held the largest market share of 31.15% in the year 2020. This growth is attributed to its reachability to the consumers. The out- break of Covid resulted in the changing preferences of consumers to opt the online system than traditional shopping methods. The blooming e- commerce industry facilitated consumers with easy accessibility of halal certified food products and beverages.
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Regional Segment of Halal Food & Beverages Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global halal food & beverages market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific region held the largest market share of 38.16% in the year 2020. This growth is ascertained by the Asia- Pacific region owing to the presence of several regulatory bodies, highest Islamic population. 63% of the global Muslims population resides in Asia- Pacific. In Asia- Pacific, most of the Islamic population can be seen in the regions of India, China, Pakistan, Bangladesh and Indonesia. After Asia- Pacific, Middle East & Africa holds the largest market share owing to rising consumer cognizance towards the Islamic lifestyle and food habits and Islamic population base.
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About the report:
The global halal food & beverages market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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