Market Overview:
Halal products refer to consumer goods and services that meet Muslim dietary laws and guidelines. The key products include halal food and beverages, personal care products, Islamic fintech services. Halal products are gaining popularity due to the growing Muslim population worldwide and adherence to Islamic principles like avoiding foods containing pork and alcohol. Growing non-Muslim demand in regions like North America and Europe is also boosting the market growth.

The global Halal Products Market is estimated to be valued at US$ 2,467.9 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the halal products market is the increasing non-Muslim demand. Non-Muslims are consuming halal-certified food products due to the perception of hygienic and healthier food production. Prominent halal certification bodies promote halal food as antibiotic and hormone-free, providing assurance to non-Muslim consumers. Additionally, the concept of ethical and sustainability attributes associated with halal food production attracts ecologically conscious non-Muslim shoppers. Prominent halal food categories witnessing high demand from non-Muslims include chicken, red meat, bakery products, beverages etc. This rising demand from non-traditional consumer base is expected to propel the halal products market over the forecast period.

Porter's Analysis

Threat of new entrants: Low capital requirements and increasing demand makes it easy for new players to enter the market. However, established players have strong brand recognition and distribution networks.

Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and undifferentiated products. They can easily switch to competitors based on price and quality.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative ingredient sources and suppliers. However, suppliers of niche ingredients have greater control.

Threat of new substitutes: Substitutes like vegetarian and non-halal food products pose a moderate threat. However, steady demand from the Islamic population ensures market potential.

Competitive rivalry: Intense due to many regional and global players competing on price, product quality, certification and targeting specific customer segments.

SWOT Analysis

Strengths: Growing Muslim population globally, steady demand, adherence to religious beliefs.

Weaknesses: Complex certification processes increase operational costs, limited R&D investment, regional dominance of few players.

Opportunities: Untapped markets in Asia and Africa, burgeoning middle class, innovating product portfolio to target more customers.

Threats: Economic slowdowns reducing disposable income, international stringent sanitary regulations, substitutes appealing to health and nutrition focused customers.

Key Takeaways

The global Halal Products market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing expenditure of Muslim populations on food products permitted under Islamic law. The market size is projected to reach US$ 4,332.2 Bn by 2030.

Regional analysis shows the Middle East region dominates currently with over 40% share due to presence of large Muslim populace. Southeast Asia is fastest growing market attributed to high population density and economic growth in Indonesia, Malaysia and others.

Key players operating in the halal products market are QL Foods Sdn Bhd, Al Islami Foods Co., DagangHalal Group, Saffron Road, Kawan Foods Berhad, Janan Meat Ltd, Prima Agri-Products Sdn Bhd, Cargill, Inc., BRF S.A., Nestle S.A., and Tahira Foods Ltd. These players are focused on product innovation, branding and targeting new international markets for growth.

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