Halal Food Market to reach US$ 2,043.20 Bn by end of 2027, Says Coherent Market Insights

SEATTLE, Nov. 24, 2021 /PRNewswire/ -- According to the latest report, the global Halal food market is estimated to account for US$ 2,043.20 Bn in terms of value by the end of 2027 witnessing a CAGR of 12.70%.

Halal food which is popular all around the world has been in existence since the beginning of Islam. It has its roots in the Islamic religion and has to do with the rules which are followed by Muslims when they are preparing food. Halal for Muslims is defined as food that is allowed to be eaten by anyone who follows the teachings of the Holy Prophet Muhammad (SAW). This is because the prophet forbade Muslim people from harming animals while they eat or drink meat or any other animal products. A Halal certificate is a document issued by Islamic religious authorities to authenticate that the food has been prepared according to the Islamic guidelines. This kind of certification is also necessary for some Islamic procedures like marriage, divorce, and funeral arrangements. There are a number of organizations that certify halal food. These organizations provide a halal certification to anyone seeking a halal food certificate. The certification contains all the details of the processing standards used by the halal food manufacturing company.

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The types of animals that are permitted to be slaughtered for halal food are mainly cows, sheep, poultry and fish. The laws of slaughtering these animals are specified in the Quran and are therefore strictly followed by Muslims.

Market Drivers:

The growing Muslim population is a prime factor driving growth of the halal food market. According to the World Health Organization (WHO), the global Muslim population is expected to grow twice as fast as non-Muslims by 2030. By 2030, Muslims are expected to comprise over a quarter of the global population. Moreover, according to the WHO, the global population of Muslims was around 2 Bn in 2017.

The expansion of the retail sector is also contributing growth of the halal food market. Moreover, the growing use of general population globally is again fostering growth of the market. According to the India Brand Equity Foundation, India's retail sector was estimated at US$ 883 billion, with grocery retail accounting for US$ 608 billion. The market is projected to reach ~US$ 1.3 trillion by 2024. 

Market Opportunities:

Growing promotional &marketing activities in the form of discounts on products are expected to provide lucrative growth opportunities. Moreover, rapid urbanization is another major factor augmenting growth of the market. According to the United Nation, in 2018, 55% of the world's population lives in urban areas, a proportion that is expected to increase to 68% by 2050.

The rising popularity of halal food coupled with the improvement in the supply chain is expected to bring bright market opportunities. For instance, in October 2019, KT (formerly Korea Telecom) announced its plan to develop a global traceability blockchain for halal food. The firm claims that the system will streamline authenticating halal products, which must be produced following Islamic law.

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Market Trends:

Increasing expansion of facilities by key players for halal food products is expected to be one of the trends in the market. For instance, in July 2018, Saudi Arabia's Food and Drugs Authority (SFDA) has announced its plans to launch the world's largest center for halal food and products. It will provide a reference for halal food and products and services, halal certification, and research and studies in collaboration with universities and research centers.

Growing partnership and agreement among key players is expected to foster growth of the market. For instance, in March 2020, Impossible Foods has partnered with a national restaurant partner: The Halal Shack. With 8 locations in New York, California, and Texas and 25 more locations in development nationally, The Halal Shack combines the best of Mediterranean and Middle Eastern flavors with a classic American spin for a delicious and unique dining experience.

Competitive Landscape:

Key players engaged in the global 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.

Market segmentation:

Global Halal Food Market, By Product Type:

• Dairy Products
• Meat Products
• Grain Products
• Vegan Products
• Others

Global Halal Food Market, By Distribution Channel:

• Hypermarkets
• Supermarkets
• Online Stores
• Convenience Stores
• Specialty Stores
• Others

By Region

• North America
• Latin America
• Europe
• APAC
• Middle East & Africa

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Find more related research reports below:

MENA Halal Food Market, by Product Type (Dairy Products, Meat Products, Grain Products, Vegan Products, and Others), by Distribution Channel (Hypermarkets, Supermarkets, Specialty Stores, Online Channels, Convenience Stores, and Others), and by Region (Middle East and North Africa) - Size, Share, Trends, and Forecast till 2025.

Halal Cosmetic Products Market, by Product Type (Skin Care, Hair Care, and Color Cosmetics), by Distribution Channel (Hypermarkets, Supermarkets, Specialty Stores, Online Stores, and Others) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

Halal Products Market – Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2018-2026

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SOURCE Coherent Market Insights