Halal food & beverage market is expected to reach USD 739.59 billion by 2025. Halal Food is termed as a dietary standard as stated in the Qur’an that means free from any constituent that Muslims are forbidden from consuming as stated in Islamic law. That means, in the month of Ramadan, Muslims who are fasting will only select food items and drinks that are permitted under Islamic law Halal is an Arabic word. It includes food like cattle, chicken, and sheep which is slaughtered by Muslims. The Halal Food and Beverage Market is estimated to grow at a CAGR of 6.1% over the forecast period as the scope and its applications are rising enormously across the globe.
Rising
population consuming halal food mainly other communities rather than Muslim,
rising importance of health and hygiene that affects the eating forms of
customers, and rising demand for halal-certified foods are documented as major
factors of Halal Food & Beverage Market that are estimated to enhance the
growth in the years to come. Also, changing lifestyle, high demand for packaged
foods, and short preparation time and ease of cooking for these halal food
products are other factors that may boost overall market growth in coming
years. Halal Food & Beverage industry is segmented based on product types,
applications, distribution channel, and region.
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Confectionery
and cocoa; Meat, poultry, and seafood; Oil, fats, and waxes; Vegetables, and
nuts; Cereals and grains; and Beverages are the product types that could be
explored in Halal Food in the forecast period. The meat, poultry, and seafood
sector accounted for substantial market share and is estimated to lead the
overall market in the coming years. This may be because of absence of animal
blood that contains bacteria and toxins, rising preference for convenience and
pre-cooked foods, and growing purchasing power of customers mainly in Muslim
countries.
The market may be categorized based on applications like confectionery, processed food & beverages, bakery products, and others could be explored in forecast period. Processed food & beverages sector accounted for the substantial market share of Halal Food and is estimated to continue its dominance in the coming years. Also, bakery products sector is estimated to grow at fastest pace in the coming years. Hypermarkets, traditional retailers, supermarkets, and other distribution channels could be explored in Halal Food in the forecast period.
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Globally,
Asia Pacific accounted for the substantial market share of Halal Food and is
estimated to lead the overall market in coming years. The reason behind the
overall market growth could be increasing Muslim population, growing awareness
among customers regarding halal food, and growth in disposable income.
Moreover, promotion of their halal food export by Southeast Asian countries may
lead the market in coming years. The major consumers of Halal Food are India,
Indonesia, Pakistan, and Bangladesh.
Instead,
North America and Europe are also estimated to have a positive influence on the
future growth. North America is the second largest region with significant
market share. However, Europe is estimated to grow at fastest pace with the
highest CAGR in the foremost period.
The
key players of Halal Food & Beverage Market are Saffron Road Food, Al
Islami Foods, QL Foods, BRF, Nestlé, Tahira Food, Al-Falah Halal Foods, Prima
Agri-Products, Beijing Shunxin Agriculture, ingyitai Halal Food, and Dagang
Halal. These players are concentrating on inorganic growth to sustain
themselves amongst fierce competition. As companies all over the world have to
believe that alliance with a market would permit them proportional market
existence and authority to declare the leadership position.
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