Halal food market to reach $ 2,043.20 billion by end of 2027, according to Coherent Market Insights

SEATTLE, November 24, 2021 / PRNewswire / – According to the latest report, the global halal food market is estimated at US $ 2043.20 Bn in terms of value by the end of 2027 witness of a CAGR of 12.70%.

Halal food which is popular around the world has been around since the beginning of Islam. It has its roots in the Islamic religion and has to do with the rules that Muslims follow when preparing food. Halal for Muslims is defined as food that is allowed to be consumed by anyone who follows the teachings of the Holy Prophet Muhammad (SAW). This is because the Prophet forbade Muslims to harm animals while they eat or drink meat or any other animal product. A Halal certificate is a document issued by Islamic religious authorities to authenticate that food has been prepared in accordance with Islamic guidelines. This type of certification is also required for some Islamic procedures such as marriage, divorce, and funeral arrangements. There are a number of organizations that certify halal foods. These organizations provide 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 allowed to be slaughtered for halal food are mainly cows, sheep, poultry, and fish. The laws for slaughtering these animals are spelled out in the Qur’an and are therefore strictly followed by Muslims.

Market factors:

The growth of the Muslim population is one of the main drivers for the growth of the halal food market. According to the World Health Organization (WHO), the world’s Muslim population is expected to grow twice as fast as non-Muslims by 2030. By 2030, Muslims are expected to represent more than a quarter of the world’s population . In addition, according to the WHO, the global population of Muslims was around 2 billion in 2017.

The expansion of the retail sector is also contributing to the growth of the halal food market. Moreover, the increasing use of the general population in the world is again promoting the growth of the market. According to the India Brand Equity Foundation, india retail sector has been estimated at 883 billion US dollars, the retail grocery store representing $ 608 billion. The market is expected to reach ~ US $ 1.3 trillion by 2024.

Market opportunities:

Growing promotional and marketing activities in the form of product discounts are expected to provide lucrative growth opportunities. Moreover, rapid urbanization is another major factor increasing the growth of the market. According to the United Nations, in 2018, 55% of the world’s population lives in urban areas, a proportion expected to rise to 68% by 2050.

The growing popularity of halal foods coupled with improved supply chain should provide great market opportunities. For example, in October 2019, KT (formerly Korea Telecom) has announced plans to develop a global traceability blockchain for halal foods. The company says the system will streamline the authentication of halal products, which must be produced in accordance with Islamic law.

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Market trends:

Growing expansion of facilities by major halal food players is expected to be one of the market trends. For example, in july 2018, that of Saudi Arabia The Food and Drugs Authority (SFDA) has announced plans to launch the world’s largest hub for halal foods and products. It will provide a benchmark for halal foods and products and services, halal certification and collaborative research and studies with universities and research centers.

The growing partnership and agreement between the major players is expected to foster the growth of the market. For example, in march 2020, Impossible Foods has partnered with a national partner restaurant: The Halal Shack. With 8 locations in new York, California, and Texas and 25 other nationwide developing locations, The Halal Shack combines the best of Mediterranean and Middle Eastern flavors with a classic American twist for a delicious and unique dining experience.

Competitive landscape:

The main players engaged in the global halal food market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF SA and Saffron Road Food.

Market segmentation :

Global Halal Food Market, By Product Type:

  • Dairy products
  • Meat products
  • Cereals 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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Below are other related research reports:

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 forecasts until 2025.

Halal cosmetics market, by product type (skin care, hair care and colored cosmetics), by distribution channel (hypermarkets, supermarkets, specialty stores, online shops and others) – Global analysis of the industry, trends, outlook and opportunities, 2018-2026

Halal products market – Global industry insights, trends, outlook and opportunity analysis, 2018-2026

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