Halal food refers to food products that meet Islamic dietary standards and laws. Halal food includes meat products that have been prepared in accordance with Islamic techniques. Increasing Muslim population, rising incomes levels, desire for healthy and authentic food, and availability of global halal food brands have driven the demand for halal food products.
The global halal food market is estimated to be valued at US$ 992.19 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing Muslim population globally presents a major market opportunity for halal food products. As per statistics, the Muslim population worldwide is expected to increase from 1.8 billion in 2015 to around 2.76 billion by 2050. The Muslim population constitutes around 24% of the total global population. Region/countries with large Muslim populations such as the Middle East, Southeast Asia, and Africa are expected to account for the bulk of this population growth. The rising Muslim population points towards significant demand for halal certified and authentic halal food products. Established as well as new players in the halal food market can leverage this opportunity of a growing consumer base and tap into the large untapped market potential. Production of varied halal food products catering to culture and taste preferences of different regions can help companies strengthen their footprint in the global halal food industry.
Porter's Analysis
Threat of new entrants: The global halal food market is competitive in nature. However, high capital requirements and regulations act as a barrier for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, certified halal food products give customers assurance.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers for raw materials and other requirements.
Threat of new substitutes: Substitutes like vegetarian and vegan food pose minimal threat as halal food market is driven by religious beliefs.
Competitive rivalry: The market is growing rapidly attracting many existing and new players leading to high competitive rivalry.
SWOT Analysis
Strength: High demand from Muslim population and growing health-conscious consumers. Large scale production helps companies supply globally.
Weakness: Lack of harmony in halal certification standards across regions. Dependency on seasonality of raw materials affecting prices.
Opportunity: West's growing interest in Halal food and lifestyle presents huge potential. Rapid urbanization in Asia Pacific boosting foodservice sector.
Threats: Non-uniform halal regulations and compliances across countries create confusion. Outbreak of animal diseases hampers meat exports.
Key Takeaways
The Global Halal Food Market Demand is estimated to be valued at US$ 992.19 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
The global halal food market is expected to witness high growth driven by demand from over 1.8 billion Muslims and growing meat consumption in Asia Pacific. Regional analysis shows the market in Asia Pacific accounted for the largest share of around 45% of global halal food consumption in 2023, dominated by countries including Malaysia, Indonesia and Pakistan.
Key players operating in the halal food market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food. Cargill Inc. is a leader in halal supplies while Al Islami is a major Malaysian player. Rapid urbanization and growing incomes offer huge potential for certified halal food products in foodservice sector.
Get more insights on this topic: https://www.pressreleasebulletin.com/halal-food-market-demand-share-analysis/
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