Halal Food Market: Increased Healthcare Expenditure Set to Motivate Growth

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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Market Dynamics
Increasing Muslim population is expected to propel growth of the global halal food market over the forecast period. For instance, according to Pew Research Center, the number of Muslims in the Asia Pacific is projected to increase from about 1 billion in 2010 to about 1.3 billion in 2030. Moreover, launch of plant-based Halal meat products is also expected to aid in growth of the market. For instance, in October 2020, Ministry of Finance and Economy, Government of Brunei, launched Plantasti, the world’s first Halal plant-based meat ‘Ready to Eat Meals’.

Uniform standards for halal products is are expected to offer lucrative growth opportunities for players in the global halal food market. For instance, in November 2020, The 8th Multi-Lateral Recognition Arrangement Committee (MRAC) meeting of the International Halal Accreditation Forum (IHAF) called for the unification of halal criteria. Moreover, initiatives to boost exports of halal products is also expected to aid in growth of the market. For instance, In February 2020, Malaysia’s halal promotion agency, Halal Development Corporation signed a memorandum of understanding with Acrosx Japan Inc. to boost the exports of halal products to Japan.

Among regions, Asia Pacific is expected to witness significant growth in the halal food market, owing to stringent Halal laws. For instance, in October 2019, Indonesia's Halal Product Law came into effect. Many consumer products and related services that enter and are traded in the country must now be Halal-certified, while some products and services will have until 2022 to comply.
Middle East is also expected to witness significant growth in the halal food market, owing to increasing number of halal food and product centers. For instance, in July 2018, Saudi Arabia’s Food and Drugs Authority (SFDA) announced plans to launch the world’s largest center for halal food and products that include meat, poultry, other food items, cosmetics, medicines, and medical devices.

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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Competitive Analysis
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.

April 2018: Al Islami Foods announced that Mitsubishi Corporation has acquired a minority stake in the UAE-based halal food manufacturer.

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This release was published on openPR.