The Halal Food Market is estimated to be valued at US$ 879.6 Bn in 2022 and is expected to exhibit a CAGR of 12.80% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Halal food refers to food items and beverages prepared according to Islamic dietary laws. This includes abstaining from pork, alcohol, and any ingredients derived from animals not slaughtered according to the Halal process. The market offers a wide range of products such as meat, poultry, seafood, dairy, spices, snacks, and beverages, among others. The demand for Halal food is primarily driven by the growing Muslim population worldwide and their preference for Halal-certified food. Additionally, increased awareness about Halal food practices among non-Muslim consumers is further propelling market growth.
Market Dynamics:
The growth of the Halal Food Market is driven by two primary factors. Firstly, the expanding Muslim population around the globe is increasing the demand for Halal food products. The growing number of Muslim consumers, particularly in Asia, the Middle East, and Africa, is fueling the market's growth. Secondly, the rising awareness about Halal food practices among non-Muslim consumers is driving the market. Many consumers are becoming more conscious about the sourcing and preparation of their food, leading to a preference for Halal-certified products. This trend is further boosted by the increasing globalization and international travel, where consumers are exposed to different cultures and dietary practices. These factors are expected to contribute to the steady growth of the Halal Food Market over the forecast period.
SWOT Analysis:
Strength: The halal food market is experiencing strong growth, with a projected CAGR of 12.80% from 2023 to 2030. This growth is driven by the increasing demand for halal-certified products among Muslim consumers, as well as the growing awareness of halal food standards among non-Muslims. The market offers a wide range of product options, including packaged food, beverages, and ingredients, catering to diverse consumer preferences.
Weakness: One of the weaknesses in the halal food market is the lack of harmonized global halal standards, leading to variations in certification requirements across different countries. This can create challenges for companies seeking to enter multiple markets. Additionally, halal certification can be a lengthy and costly process, limiting the participation of small and medium-sized enterprises in the market.
Opportunity: The halal food market presents opportunities for expansion and diversification, particularly in regions with a large Muslim population, such as the Middle East, Southeast Asia, and North Africa. The increasing disposable income of Muslim consumers, along with their preference for halal and healthier food options, provides a fertile ground for new product development and market penetration. Furthermore, the rising trend of e-commerce and online grocery shopping offers a convenient platform for halal food companies to reach a wider customer base.
Threats: One of the threats in the halal food market is the presence of counterfeit halal products, which can erode consumer trust and confidence. Ensuring the integrity of halal certification and implementing stringent quality control measures is crucial to mitigate this threat. Another threat is the competition from non-halal food brands that are expanding their product offerings to cater to Muslim consumers, posing a challenge to the growth of dedicated halal food companies.
Key Takeaways:
The global Halal Food Market Growth is expected to witness high growth, exhibiting a CAGR of 12.80% over the forecast period (2023-2030). This growth is driven by the increasing demand for halal-certified products among Muslim consumers and the growing awareness of halal food standards among non-Muslims. The market presents opportunities for expansion and diversification, particularly in regions with a large Muslim population. However, the market faces challenges such as the lack of harmonized global halal standards and the presence of counterfeit halal products. Key players operating in the 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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