According to the latest report by IMARC Group, titled “ Halal Food Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026”, the global halal food market reached a value of US$ 1.9 Trillion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 11.3% during 2021-2026. Halal foods are food products that are strictly prepared to comply with the Islamic dietary law to be permissible for consumption by Muslims. According to the law, these food items should not comprise prohibited ingredients, including pork, blood, alcohol and other intoxicants. Additionally, the consumption of meat of carnivorous animals is also not permitted. Moreover, halal food products must be prepared and stored in separate utensils that have been cleansed according to the Islamic dietary guidelines. Consequently, halal foods are considered to be clean, fresh, toxin-free, and a healthier food option among the masses, which is contributing to their sales across the globe.
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Global Halal Food Market Trends:
The global market is majorly driven by the increasing awareness regarding the benefits of consuming halal food among the masses. Halal meat products are required to undergo two health checks, unlike the single inspection performed on conventional meats, thereby leading to the widespread preference of these foods among consumers. These foods are widely consumed by both Muslim and non-Muslim consumers due to their assurance of food safety, hygiene and reliability. Moreover, numerous Islamic and non-Islamic countries are implementing strict regulatory frameworks that generally consist of globally accepted halal standards. The governments of multiple countries are also introducing mandatory halal labeling and certification rules, which is creating a positive outlook for the market. The market is further driven by the availability of halal meat at popular fast-food joints across numerous Islamic countries. Some of the other factors contributing to the market growth include a rapidly growing Muslim population, inflating disposable incomes of the masses, the easy product availability through online and offline retail portals and promotional activities by key manufacturers.
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Key Market Segmentation:
Competitive Landscape with some of these key players include:
1. QL Foods
2. Al Islami Foods
3. Dagang Halal
4. Saffron Road Food
5. Kawan Foods
6. Janan Meat
7. Prima Agri-Products
8. Cargill
9. BRF
10. Nestle
11. Tahira Food
12. Al-Falah Halal Foods
Breakup by Product:
1. Meat, Poultry & Seafood
2. Fruits & Vegetables
3. Dairy Products
4. Cereals & Grains
5. Oil, Fats & Waxes
6. Confectionery
7. Others
Breakup by Distribution Channel:
1. Traditional Retailers
2. Supermarkets & Hypermarkets
3. Online
4. Others
Breakup by Region:
1. North America (United States, Canada)
2. Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
3. Europe (Germany, France, United Kingdom, Italy, Spain, Others)
4. Latin America (Brazil, Mexico, Others)
5. Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
1. Market Performance (2015-2020)
2. Market Outlook (2021-2026)
3. COVID-19 Impact