Halal Food Market To Forsee Commendable Growth of US$ 3.0 Tn By 2032 | FMI
The Department of Islamic Development Malaysia (JAKIM) took over the implementation of the halal certification system, In 2005, in addition to monitoring and enforcing halal compliance in Malaysia, Malaysia's halal certificate is the only internationally recognised emblem and certification system supported by the Malaysian government. approved for use by all Muslim nations, as it is a member of the Organisation of Islamic Conference (OIC).
Other nations' halal certification authorities were either created by local provinces or governments, or they were endorsed by non-governmental organisations (NGOs). The Halal Industry Development Corporation (HDC) was created in 2006 to further improve Malaysia's position as the world's leading halal centre. It was established with the goal of raising halal standards while also promoting commercial and industry development and branding.
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More than 70 small and medium enterprises (SMIs) in the halal food manufacturing industry already call the Prima Halal Food Park home. All of these SMIs can join the Prima Vendor Program, which allows them to make halal cuisine under the PRIMA brand. The items are then distributed via PRIMA's dedicated sales network.
Independent food and beverage producers can also create halal cuisine under their own brand names. In this instance, businesses must build their own distribution network while simultaneously contributing to the park's central services and shared facilities expenditures.
Key Takeaways from Market Study
The halal food market is worth of US$ 1.2 Tn sales in 2022.
The halal food market is expected to expand at CAGRs of 9.7% through 2032.
Global halal food demand is projected to grow year-on-year (Y-o-Y) growth of 9.1% in 2022.
The halal food market is growing with a notable boost towards the production to reach USD 3.0 Tn by 2032.
Increasing requirement for the food among both Muslims and non-Muslims, advancement in healthy technologies incorporated, and strict regulations implementations are the factors driving growth of the market and to be the influencing factors among consumers, which is driving sales of halal food across global markets.
Demand for halal food grew at 8.8% CAGR between 2017 and 2021.
Prima Quality Food Industries Sdn Bhd, The Halal Food Company, Cargill Incorporated, Pacmoore Products Inc., and Al Islami Foods are expected to be the top players in the industry.
Halal food isolate with powdered form segment are in heavy demand from infant formula industry carrying a notable market share.
"Because of the stringent regulations in attaining halal certification, halal cuisine has evolved from being a religious dietary choice to an assurance of safe, healthy, hygienic and reliable food. The move to adopt uniform halal standards across OIC countries will allow them the opportunity to raise the standard of halal food and further strengthen the perception and market share of halal products in the global food trade," says a Future Market Insights analyst.
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Key halal food brands are looking for new strategic partnerships to develop the applications in food and beverage industry, along with infant formula and dietary supplements, while core business brands are focusing on developing nutritional and high quality food solutions to customers with several product innovations.
Delivery startup Jahez in Saudi Arabia raised US$36 million for its commission-free halal food ordering website, DeliverDXB, which launched in Dubai March of 2020.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global halal food market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Halal Food Market by Category
By Product Type:
Meat, Poultry and Seafood
Fruits, Nuts and Vegetables
Fats, Oil and Waxes
Grains and Cereals
Food & Beverages
Nutraceuticals & Dietary Supplements
Animal Feed Industry
Middle East & Africa
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Frequently Asked Questions
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