Global Halal Food & Beverage Market - Growth, Trends, and Forecast (2018 - 2023)
Global halal food & beverage market was valued at USD 670 million in 2016. Halal food is a large segment serving the global Muslim population, while also gaining attention of a wider global audience.
Growing Consumer Awareness Drives the Market
The halal market has, for many years, been uncharted territory. In terms of market research, trade data and analysis, and the preferences and spending habits of 1.6 billion consumers, the halal marketplace is still a very young, continually evolving commercial arena. It is, in effect, a new market paradigm that crosses geographic, cultural and even religious boundaries. To meet the halal requirement, food producers are encouraged to follow the standards that in line with global benchmarks, such as ISO9000, Codex Alimentarius, QA, HACCP, GHP, and Standard Operating Procedures (SOPs). There is increasing interest globally in organic and natural food products, which represents a strong adjacent market for halal food products to address. Rapid growing US-based burger chain Elevation Burger, which focuses on organic and pure meat in its patties, has made the decision to use halal meat across all chains. This opens the door to M&A activity outside the traditional halal distribution chain to access both Muslim and non-Muslim consumers.
Halal Food is Gathering Wide Customer Base
Halal food products are not confined to meat and poultry, including other food items, such as confectionary, canned and frozen food, dairy produce, bakery products, organic food, beverages, and herbal products.
The halal market has witnessed a universal shift in the demand and supply chains of halal food products. They are increasingly made available in Western-style grocery stores including supermarkets and hypermarket chains. In many western countries, supermarkets and food producers are starting to reach out to Muslim consumers by offering a wider selection of halal food products.
Middle East Dominates the Global Halal Market
From a market perspective, the traditional major target markets remain in Asia-Pacific and the Middle East. However, halal markets in the UK, Europe, and the USA will see their roles in the development of the halal market significantly enhanced, as they are markets that play defining roles in other markets around the world. It will bring halal into the global mainstream. As the dynamics within the Muslim world change and globalisation trends continue to shape consumers’ tastes, habit, and spending patterns across the world; it is highly likely that the developing halal markets will have increasingly influential roles in the established markets of the Middle East and Asia, particularly by influencing global corporate halal strategies.
February 2018 - Arlene Dickinson and OneWorld Foods partner to bring authentic Halal food experience to Canadians. District Ventures Capital has announced it has closed an equity investment with OneWorld Foods ("OneWorld"), a Canadian producer of authentic ethnic and Halal foods. The partnership will help bring traditional South Asian and Halal products to an expanding consumer base.
January 2018 - Shinsegae to cater halal foods for Olympians. Shinsegae Food's cafeteria in the PyeongChang Olympic Village has recently satisfied the halal requirements in accordance with the Islamic law. Although Muslims only account for 5 percent of Olympic delegations, Shinsegae Food, the official catering provider for the event, has prepared the halal food zone in the Olympic venue.
The major players include - NESTLE, CARGILL, AMERICAN FOODS GROUP, MIDAMAR, NAMET GIDA, BANVIT MEAT AND POULTRY, CARREFOUR, TAHIRA FOODS, SAFFRON ROAD, ARMAN GROUP, UNILEVER, AL ISLAMI FOODS, ONEWORLD FOODS, BRF, ALLANASONS, amongst others.
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Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
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