The halal food market is experiencing significant growth, escalating from $1496.23 billion in 2023 to $1727.74 billion in 2024, reflecting a CAGR of 15.5%. This robust growth is fueled by the expanding Muslim population, globalization, and an increasing focus on halal certification. Looking ahead, the market is projected to reach $2928.57 billion by 2028, with a CAGR of 14.1%. Key growth drivers include consumer interest in clean label products, innovations in plant-based alternatives, and rising disposable incomes within Muslim markets. Major trends anticipated in this period include collaboration between halal certification bodies, the use of blockchain for verification, and the globalization of halal convenience foods.
Major Driver In The Halal Food Market
The halal food market is expected to witness substantial growth due to the rising Muslim population across the world. The Muslim population, practicing Islam, is increasingly seeking halal-certified food for the assurance of safety and hygiene. According to the Pew Research Center, the global Muslim population is projected to increase by around 2.19 billion by 2030. This significant growth in the Muslim population is poised to drive the demand for halal food, establishing it as a key factor contributing to the growth of the halal food market in 2023, 2024, and beyond.
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Halal Food Market Competitive Landscape
Cargill Incorporated, Nestle Société Anonyme, Unilever Group, Wellmune a Kerry Group PLC company, Brazilian Food Corporation (BRF), BRF S.A., SUKHIS GOURMET INDIAN FOOD, Texas Halal Corporation, Beijing Shunxin Agriculture Co. Ltd., American Foods Group LLC, Kawan Food Berhad, Harris Ranch Beef Company, Noor Pharmaceuticals LLC, Crescent Foods, Alpina Foods, Al Islami Foods Corporation, Saffron Road Food Company, QL Foods Sdn. Bhd., Midamar Corporation, Tahira Foods Limited, Pampanga's Best Inc., AL-FALAH FROZEN FOODS, Prima Quality Food Industries Sdn Bhd, Nema Food Inc., Salwa Foods, Tallgrass Beef Company, The American Halal Co. Incorporated, Dagang Halal Group, Jingyitai Halal Food Co. Ltd., Ayamas Food Corporation
Key Halal Food Market Trend
Technological advancements are emerging as a key trend in the halal food market. With the growing demand for halal foods, halal laboratories are actively involved in ensuring food safety, analyzing products to maintain quality standards, and detecting porcine materials or alcohol. Technologies such as blockchain and the Internet of Things (IoT) are enhancing the market. For instance, in August 2022, Fluree PBC, a US-based open-source semantic graph database company, and Sinisana Technologies, a Malaysia-based Web3 Blockchain Traceability provider, announced a collaboration. This partnership aims to offer comprehensive halal food product sourcing, provenance, and safety using Fluree’s blockchain technology, ensuring transparency and integrity throughout the supply chain.
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Halal Food Market Segmentation
The halal food market covered in this report is segmented –
1) By Product: Meat, Poultry, And Seafood, Fruits And Vegetables, Dairy Products, Cereals And Grains, Oil, Fats And Waxes, Confectionary
2) By Distribution Channel: Hypermarkets, Supermarkets, Online Stores, Specialty Stores
3) By Application: Restaurant, Hotel, Home, Other Applications
By Geography:The regions covered in the halal food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the halal food market in 2023.
The Halal Food Global Market Report 2024 furnishes information about the global halal food market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
