The global halal foods market size is forecasted to rise at a steady rate attributable to the surging demand for halal food, especially among the Muslim population. Halal is the term referred to meat allowed for consumption as per the Islamic beliefs. The method of slaughtering meat is an important factor that defines halal wherein the animal should be hung upside down and set aside for bleed dry. A recently published report by Fortune Business Insights™ titled, “Halal Foods Market Size, Share Industry Analysis, By Product Type (Cereals and Grains, Vegetables Fruits, Poultry, Seafood, and Meat, Beverages, Dairy Products, Others), By Distribution Channel (Hypermarkets/Supermarkets, Online Stores, Specialty Stores, Retail, Others) Others and Regional Forecast, 2019-2026,” discusses the market and its growth parameters in details.
Major Growth Drivers:
Increasing Consumer Inclination towards Ethically Produced Goods will Drive Market
The rise in consumption of halal foods among the Muslim population is a major factor augmenting the market, as discussed above. This, coupled with the rise in disposable incomes of people and the adoption of high living standards, is promoting the halal foods market growth. Additionally, multinational manufacturers of food products namely Savola Group, Nestle, and others, are making efforts to obtain halal-certification for the products manufactured under them, thereby adding impetus to the market in the long run. Consumers today are more inclined towards ethically produced and certified beverage and food products, the increasing expenditure in which will foster growth in the market.
Besides this, there is a rapid rise in the number of halal food production facilities worldwide which will further intensify its sale. Furthermore, nations that do not fall under the Organization of Islamic Cooperation rely on halal food products and this is likely to help the market gain momentum in the forecast period.
On the contrary, lack of standardized and uniform authority for certification of halal foods in various economies may cause hindrance to the overall market in the forecast period.
Nevertheless, the trending popularity of such as high-quality, environment-friendly, fair-trade, and healthy food products are likely to boost the market for halal foods in the long run.
Regional Analysis –
Expansion of Halal Products Across the Region to Make Asia Pacific Grow Significantly
The market is categorized based on regional demographics into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Among these, North America is holding the most prominent halal foods market share on account of the increasing awareness about the methodologies of slaughtering animals and the rise in popularity of halal products. Besides this, the market in Asia Pacific is likely to witness significant expansion in the forecast period on account of the presence of a high Muslim population, especially across nations such as Pakistan, Indonesia, and others. Additionally, the increasing number of vendors for halal food products across the entire region is likely to create lucrative growth opportunities for Asia Pacific in the near future.
Furthermore, there is a high demand for halal foods in Islamic nations such as Qatar, Oman, Kuwait, Bahrain, the United Arab Emirates, thereby generating huge halal foods market revenue for the Middle East and Africa. This demand is likely to remain the same in the forecast period as well.
Competitive Landscape –
Standardization of Halal Certification Have Set High Bar for Market Players
There is a high potential for the halal foods market in the forecast period. Therefore, market vendors are focusing on the launch of new items under the authentic halal section for catering to the increasing demand. Additionally, vendors are also investing in marketing campaigns for spreading awareness about halal products and their health benefits among end users. Standardization of halal certification is likely to create new opportunities for halal food market manufacturers.
Get Detailed Analysis on Halal Foods Market Research Report