Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
Halal food refers to the food items and beverages which are strictly underlined by Islamic dietary laws. It contains grain products such as pasta, bread or rice which are prepared without lard, alcohol or vanilla extract. According to the law, animals such as sheep, cattle and chicken are considered as halal animals. These animals are slaughtered by designated people who follow a specific set of practices which include the utterance of a prayer prior to preparing these animals for later consumption. On the other hand, aquatic animals, carnivorous animals, pork or by-products of pork are not permissible for consumption as per the law. According to the latest report by IMARC Group, titled “Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global halal food market reached a value of US$ 1.4 Trillion in 2017.
The growth of the global halal food market is being primarily driven by health benefits offered by halal food items which is continuously influencing the eating patterns of people. This has resulted in an increase in the consumption and acceptance of halal food among non-Islamic communities. Moreover, food producers have been offering a wide variety of halal food to consumers which has been positively stimulating the growth of the market. The consumption of such food items is also increasing due to a surge in the Muslim population worldwide. This, in turn, has significantly bolstered the growth of the market. Looking forward, the market value is projected to reach US$ 2.6 Trillion by 2023, exhibiting a CAGR of more than 11% during 2018-2023.
Based on the distribution channel, the market has been segmented into traditional retailers, supermarkets & hypermarkets and online.
On the basis of product, the major segments covered include meat; poultry & seafood; fruits & vegetables; dairy products, cereals & grains; oil, fats and waxes; confectionery; etc.
Region-wise, the market has been segregated into Asia-Pacific, Middle East & Africa, Europe, North America and Latin America. Amongst these, Asia-Pacific is the leading market, accounting for the majority of the market share.
The competitive landscape of the market has also been examined with some of the key players being Al Islami Foods, BRF, Nestle, QL Foods, Saffron Road Food, Dagang Halal, Janan Meat, Kawan Foods, Cargill, Al-Falah Halal Foods, Prima Agri-Products, Tahira Food, etc.
This report provides a deep insight into the global halal food market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the halal food market in any manner.
Key Questions Answered in This Report:
How has the global halal food market performed so far and how will it perform in the coming years?
What are the key regions in the global halal food market?
Which are the popular distribution channels in the global halal food market?
What are the key product segments in the global halal food market?
What are the various stages in the value chain of the global halal food market?
What are the key driving factors and challenges in the global halal food market?
What is the structure of the global halal food market and who are the key players?
What is the degree of competition in the global halal food market?
How is halal food manufactured?
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