Press release
Halal Food Market Expansion, Future Growth Rate, Industry Insights, Top Trends And Forecast To 2032
Halal Food Market Analysis
The Business Research Company's Halal Food Global Market Report 2023 identifies rising Muslim population across the world as the major driver for the halal food market's growth in the forecast period. The Muslim population is a community of Islamic people who practice Islam. The increasing demand for halal-certified food among Muslims is due to the assurance of food safety and hygiene.
The global halal food market size grew from $1,300.75 billion in 2022 to $1,501.5 billion in 2023 at a compound annual growth rate (CAGR) of 15.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The halal food market size is expected to grow to $2,583.18 billion in 2027 at a CAGR of 14.5%.
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Major competitors in the halal food market are Al Islami Foods, Al-Falah Frozen Foods, BRF, DagangHalal Sdn. Bhd., Midamar Halal, Prima Agri-Products, QL Foods Sdn. Bhd., Saffron Road Food.
A key trend in the halal food market includes technological advancement. With the increasing demand for halal foods, halal laboratories are actively engaged in the food safety, analysis of food products for maintaining quality standards to detect the presence of porcine material or alcohol, blockchain, and the Internet of things (IoT) are the technological advancements that strengthen 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, announced a collaboration that will allow the Malaysia-based supply chain organisation to provide unrivalled end-to-end halal food product sourcing, provenance, and safety to its customers. Using Fluree technology in its blockchain product, Sinisana guarantees openness and integrity to its supply chain and logistics customers across the whole lifecycle of halal food items, from their respective origins to grocery store shelves.
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The halal food market 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: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the halal food market.
The Business Research Company's "Global Halal Food Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Halal Food Market Include:
1. Executive Summary
2. Halal Food Market Characteristics
3. Halal Food Market Trends And Strategies
4. Halal Food Market - Macro Economic Scenario
5. Halal Food Market Size And Growth
…….
26. Africa Halal Food Market
27. Halal Food Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Halal Food Market
29. Halal Food Market Future Outlook and Potential Analysis
30. Appendix
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