Halal Food Market Insights
The global halal food market is expected to grow at a CAGR of more than 18% by 2025. This growth is primarily attributed to increase in the Muslim population, especially in countries such as India and Indonesia. The increasing awareness about the health and hygiene benefits associated with it is likely to increase acceptance level and the demand for halal foods amongst both Muslims and non-Muslims community.
Halal-certified foods warrant hygiene & cleanliness and the halal label further assures that the food is safe to consume. These factors are expected to drive the overall market over the coming years. The state of the “Global Islamic Economy” projected that the Muslim consumer spending across halal food & lifestyle is going to increase significantly by 2025.
Halal Food Market: Product Insights
The global halal food market is segmented into Meat & Alternatives, Milk & Milk Products, Fruits & Vegetables, and Grain Products amongst others. The meat, poultry, and seafood segment recorded the largest market share in 2016. Factors such as lack of animal blood that contains toxins and bacteria are anticipated to fuel the growth of this market segment over coming years. Moreover, the rising purchasing parity of consumers, particularly in Muslim countries along with the growing preference for pre-cooked and convenient foods are further likely to contribute to the overall market growth.
Halal Food Market: Application Insights
Based on applications, the halal food market is segmented into Processed Food & Beverages, Bakery Products, and Confectionary. Processed food & beverages segment accounted for the majority share in 2016. The growth of this segment is influenced by growing demand for halal food coupled with increasing acceptance of pre-cooked items. Bakery products segment is also likely to grow over the coming years owing to increasing demand for ready to eat and packaged products.
Halal Food Market: Regional Insights
Asia Pacific accounted for the largest revenue share in the global market in 2016, owing to the fact that it accounts for the largest Muslim population across the world. Countries such as Bangladesh, Myanmar, Indonesia, Pakistan, India, and Morocco account for the largest Muslim residents all over the world. Hence, to cater to the demand of these residents, the market in Asia Pacific has increased to a substantial extent.
Europe is likely to dominate the market on account of the prevailing Muslim population. Markets in countries such as France and Britain have led to a significant rise in 2016 attributing to increasing sale of these products from leading supermarket chains. The market in North America is also anticipated to grow at a sluggish rate over the forecast period.
Middle East and Africa provides immense potential opportunities for importers, and has proven to be another growing halal food consumer region. The growing population and increasing consumer awareness towards Islamic lifestyle & food particularly in the Middle East is projected to drive the overall market for halal foods.
Halal Food Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global halal food market. The major consumers of the product are Walmart and Tesco amongst others.
Halal Food Market: Competitive Landscape
The industry is highly competitive in nature due to the presence of both local and international vendors. Some of the key players profiled in the market include Nestlé, Kellogg, Glanbia Cheese Ltd, Guenther Bakeries UK Ltd, Kellogg’s Supply Services (Europe) Ltd, Royal Unibrew A/S, and Coco Cola amongst others.
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