Halal Food Market- Its Progress, Challenges and Implications

Halal Foods are food items, which are free from components that are prohibited for consuming for Muslim community, according to the Islamic law. These foods are prepared, processed, produced, made, manufactured, or stored in utensils and machinery that have cleaned according to laws of Islamic community.

The global halal food market is expanding rapidly, owing to rising Muslim population together with the increase in people who consume these food for non-religious reasons. The U.S. sales of overall halal food market in the past few years recorded an upsurge to US$ 20 billion in 2016, a 15.0% increase since 2012. This trend is predicted to continue in near future as well.

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Asia Pacific held the largest revenue share of 55.8% in the global halal food market in 2018, and is expected to maintain its dominance over the forecast period. Furthermore, Asia Pacific region is projected to be the fastest growing region in the global halal food market during the forecast period. The growth of Asia Pacific halal food market is attributed to high presence of Halal Certification authorities in Asia Pacific that are gaining trust of consumers.

Based on product type, meat products segment accounted for the largest market share in the Asia pacific halal food market. The segment growth in the region is driven by the rising Muslim population in the region coupled with growing consumption of meat products. The trend is expected to continue over the forecast period. According to Cornell University Library’s publication in April 2017, the total Muslim population across the world was estimated to be 1.57 Bn during the 2016 to 2017, wherein 60.0% of the Muslim population resides in Asia Pacific.

Key industry players are focusing on various strategic initiatives such as mergers & acquisitions and expansion of their manufacturing facilities, to develop new products. For instance, in January 2016, Kawan Food Berhad invested US$ 25.8 million for the expansion of its production facility at Selangor Halal Hub in Pulau Indah, Malaysia. The objective was to cater to increasing demand for its products. Major players operating in the global halal food market include Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food.

Detailed Segmentation:

Global Halal Food Market, By Product Type:
Dairy Products
Meat Products
Grain Products
Vegan Products
Others

Global Halal Food Market, By Distribution Channel:
Hypermarkets
Supermarkets
Online Stores
Convenience Stores
Specialty Stores
Others

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This release was published on openPR.