Halal Food Market to Reach US$ 5,814.3 Billion, Globally, by 2032 at 9.7% CAGR - IMARC Group

According to the latest report by IMARC Group, titled "Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global halal food market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global halal food market size reached US$ 2,467.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5,814.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9.7% during 2024-2032.

Factors Affecting the Growth of the Halal Food Industry:

• Increasing Muslim Population:

One of the primary drivers of the global market is the growing Muslim population, which forms a significant consumer base. Along with this, the escalating demographic shift results in a corresponding increase in the demand for Halal-certified food products. Moreover, the youth segment within this population, being more globally connected and economically active, is particularly influential in shaping consumption patterns. This growing consumer base is expanding in traditionally Muslim-majority countries and in Western nations, where there is a rising awareness and accommodation for diverse dietary needs.

• Rising Health and Quality Awareness:

The perception of Halal food transcending mere religious compliance and being synonymous with wholesomeness and quality is another factor propelling its market growth. Consumers worldwide, with the Islamic faith, are increasingly associating Halal certification with food safety, hygiene, and ethical production practices which is favoring the market. This trend is fueled by growing consumer awareness and concerns about the origins and processing of food products. In addition, the stringent regulations governing Halal certification, which encompass the ingredients and the processing methods, resonate with the growing global demand for transparent and ethical food production. Consequently, it is increasingly viewed as a marker of quality assurance, appealing to a broader, health-conscious consumer base.

• Globalization and Economic Integration:

The integration of world economies and the consequent ease of global trade have significantly influenced the market. As countries enter into free trade agreements and reduce barriers, the export-import activities related to Halal food products are escalating. This globalization is facilitating the entry of Halal foods into non-Muslim countries, broadening the market reach. Furthermore, the increasing presence of multinational corporations in the Halal food sector, investing in and adapting their products to meet Halal standards, is a testament to the market's potential. These corporations cater to Muslim-majority markets and leverage Halal certification as a competitive edge in diverse markets, further driving the global demand for halal food products.

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Global Halal Food Market Trends:

The incorporation of organic and non-GMO ingredients, aligning with the global shift towards healthier and more sustainable eating practices is favoring the market. Additionally, there's a growing trend of fusion cuisine, where Halal food is being integrated with various international culinary traditions, catering to a diverse, cosmopolitan consumer base.

In addition, technology also plays a pivotal role, with advancements in supply chain management and blockchain ensuring better traceability and authenticity of Halal products. Furthermore, the rise in online retail channels is expanding the market's reach, making Halal foods more accessible to consumers worldwide, irrespective of geographic and logistical constraints.

Competitive Landscapes:

By the IMARC Group, Some of the Top Halal Food Manufacturing Companies Operating in the Industry are Given Below:

• QL Foods
• Al Islami Foods
• Dagang Halal
• Saffron Road Food
• Kawan Foods
• Janan Meat
• Prima Agri-Products
• Cargill
• BRF
• Nestle
• Tahira Food
• Al-Falah Halal Foods

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/halal-food-market

Halal Food Market Report Segmentation:

Breakup by Product:

• Meat, Poultry & Seafood
• Fruits & Vegetables
• Dairy Products
• Cereals & Grains
• Oil, Fats & Waxes
• Confectionery
• Others

Meat, poultry, and seafood represent the largest segment by product in the Halal food market due to their fundamental role in traditional Muslim diets and the stringent requirements for Halal certification in animal processing, which assures consumers of adherence to Islamic dietary laws.

Breakup by Distribution Channel:

• Traditional Retailers
• Supermarkets & Hypermarkets
• Online
• Others

Supermarkets and hypermarkets constitute the largest segment by distribution channel as they offer a wide variety of Halal-certified products under one roof, providing convenience and accessibility to a diverse customer base, including those in non-Muslim majority regions.

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific emerges as the largest market in the Halal food sector, primarily due to its substantial Muslim population, coupled with increasing economic growth and rising consumer spending power in the region, which together drive the demand for Halal-certified products.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.