Halal food refers to food products that meet Islamic dietary standards and are permitted for consumption according to Islamic Shariah law. It involves food items that are prepared using permitted ingredients and humane methods of slaughter. The main sources of halal food include meat and poultry, grain products, beverages, nutraceuticals, and food ingredients. The global halal food market witnesses high demand among Muslim consumers due to religious obligations restricting consumption of pork and alcohol. Rising Muslim population worldwide and growing awareness regarding halal certified products are some of the key factors driving the growth of this market.

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 Dynamics:
One of the key drivers for the growth of the halal food market is the rising population of Muslim consumers globally. According to data, the worldwide Muslim population is projected to grow at an annual rate of 1.5% per year, higher than the world’s overall population growth rate of 1.2% per year. Developing regions such as Asia Pacific and Middle East & Africa are expected to witness significant growth in their Muslim population. This expanding consumer base seeking halal certified food and ingredients is supporting the market growth.

Another driver is the increasing awareness among Muslim consumers regarding proper halal certification of food products. They prefer food items carrying legitimate halal logos issued by trustworthy certification bodies. This encourages food companies to adhere to halal standards and certify their products. Strict practices are also enhancing the credibility of halal certification globally.

Segment Analysis
The global halal food market is dominated by the ready-to-eat food segment, which accounts for over 35% share of the market. The ready-to-eat food segment includes products such as frozen products, canned/packaged food, and chilled food. These food items are preferred by consumers due to convenience of preparation and consumption.

PEST Analysis
Political: The halal food industry is influenced by government policies and regulations related to food safety, food standards, and food labeling. Many countries have established halal certification and regulation authorities to regulate and promote the halal food industry.
Economic: The growth of the middle-class population and rapid urbanization in Muslim-majority countries is driving the demand for halal food products. Rising disposable incomes allow consumers to spend more on high-quality and branded halal food items.
Social: The increasing awareness about nutrition and health among Muslims is boosting the demand for leaner, healthier, and additive-free halal meat options. Some halal foods are also gaining popularity among non-Muslim consumers due to perceived benefits of halal production standards.
Technological: Advancements in food processing, packaging, and cold chain infrastructure have improved the supply chain of halal food products. New technology helps manufacturers ensure consistent halal certification throughout the supply chain and meet rising export demand.

Key Takeaways
The Global Halal Food Market Size is expected to witness high growth.
Regional analysis: Middle East region currently dominating the global halal food market driven by high Muslim population. The APAC region is forecast to witness fastest growth in the forecast period supported by rapidly growing populations in Indonesia, Malaysia, and other developing economies.

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., Saffron Road Food. Key players are focusing on strategic partnerships and acquisitions to expand their regional presence and product portfolios. Players are also investing in enhancing supply chain infrastructure and cold chain logistics to capture international trade opportunities for halal food.

For more Insights, Read –
https://www.dailyprbulletin.com/halal-food-market-market-size-share-analysis-growth/