Halal Food Market - Represented Significant Opportunities for Nutraceutical, Food & Beverage and Pharmaceutical Companies

Halal is a considered as a benchmark for quality, safety, and lifestyle choice accepted by non-Muslim and Muslim consumers globally. Halal food refers to lawful or permissible food and drinks prepared under strictly Islamic dietary laws. Halal food market has displayed a general conception holding the concept of clean, healthier, and fresh food production & services. The Muslim population is the fastest growing religion and is second largest population globally. It is estimated that by 2030, around 26.4% of the global population will be Muslims. Therefore, the product with businesses certified complying the Islamic requirements is expected to boost the product attractiveness in this consumer group.

Increasing awareness in Muslim & non-Muslim consumers about halal food products has led to the resilient opportunities for a substantially rapid growth of halal food industry over the forecast period. Increasing consciousness about health and nutrition has shift the preferences towards organic food produced without using synthetic pesticides or any other non-natural chemicals. The ethnic and religious diversity in North America and Europe region has encouraged the halal food business to prepare products suitable for various groups such as the Chinese, Japanese, Italian, Indian, Mexican, Seventh Day Adventist, vegetarian, Jewish, and Muslim.

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Halal food market has represented significant opportunities for nutraceutical, food & beverage and pharmaceutical companies with the increasing Muslim population. The halal food reassures the product is safe & clean for consumption and is prepared with a hygienic custom.. Moreover, food quality is sustained in halal-certified foodstuffs as halal-certified foods guarantees for sanitization & cleanliness which further drives the demand for halal foods among non-Muslin population as well. Furthermore, changing consumer perceptions regarding the halal food has provided significant growth opportunities to the industry over the forecast period.

The government in Islamic and non-Islamic countries with halal-certified food manufacturers have taken various initiatives from market campaigns and customers generating awareness about halal food products. . Moreover, rising consciousness for procedures of animal slaughtering has an optimistic influence on the market. For example, from 2013, the Netherland government has requested European Commission (EC) to attach a sticky label on all non-stunned halal products. As per the government policies, transparency in the slaughter process should be employed to keep the religious unharmed.

Other factors including short preparation time for halal food and ease of cooking have improved the segment demand, specifically in the children, teenagers, and working class. Although, persistent confusing environment for establishing international halal standards is considered to be the major constraint of the market. Furthermore, the primary concern for the manufacturers is to define the specific standard for accessing the target market. These companies constantly update the various certifications for optimizing the trade process and harmonizing the standards.

The global halal food market has been segmented based on product, distribution channel and end users. On the basis of products, the halal food market is segregated as meat & alternatives, fruits & vegetables, grain products, milk & milk products, and other halal food & beverage products. Based on distribution, the market is divided as traditional retailers, supermarkets & hypermarkets, and others. End-user segment is bifurcated as retail and food services.

Asia Pacific region is anticipated to be the largest market in terms of revenue generation owing to largest Muslim population in the world. More than 65% of the global Muslim population belongs to this region. Indonesia, India, Pakistan, Myanmar, Bangladesh, and Morocco are few of the Asia Pacific nations with the major Muslim population globally. Henceforth, nourishing the massive community in Asia Pacific has led to the significant growth of the halal food market.

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Middle East and African nations are also sheltering over 327 million Muslims and are increasing potential opportunities for importers in the industry. The increasing population and growing consumer awareness towards Islamic lifestyle especially in the Middle East is one of the key factors driving the sector growth.

The global halal food sector is fragmented market with companies such as Kellogg, Nestlé, Glanbia Cheese Ltd, Coco Cola Ltd., Guenther Bakeries UK Ltd, Kellogg’s Supply Services Ltd, Guenther Bakeries UK Ltd, and Royal Unibrew A/S functioning from different regions. Nestlé exclusively establish around 35% of the global revenue. The lack of international certification and standards variation in different regions is a major challenge confronted by the market players. Furthermore, new product developments and marketing strategies are less prioritized in the industry.

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