According to the latest report by IMARC Group, titled, "Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global halal food market reached a value of US$ 2,221.3 Billion in 2022. Halal food refers to the food products prepared in adherence to the Islamic standards, i.e., the Sharia law. They include dairy products, vegetables, fruits, meat, seafood, cereals, grains, fruits, poultry and confectionery products that do not contain alcohol, bacon, pork, pepsin, broth, ham, L-cysteine, lipase, and rennet. The law also considers animals that are dead before slaughtering and those not killed in the name of Allah as ‘haram’ or impermissible for consumption. Halal food products are stored and packaged in utensils, which have been cleaned as per the prescribed guidelines. Apart from this, they are defined as permissible, lawful, and clean products that are safer to eat, hygienic, and enhance metabolism and immunity system.
Global Halal Food Market Trends:
The increasing consumption of halal food can be attributed to the increasing Muslim population across the globe. This, along with the rising concern regarding food safety, hygiene, and reliability is driving the market growth. Additionally, the increasing awareness among Muslims regarding the need and necessity to consume only halal food is favoring the market growth. Apart from this, the introduction of several value-added food items, including pizzas, candies, burgers, sandwiches, soups and hot dogs made as per the Islamic dietary law, is providing an impetus to the market growth. Moreover, the increasing demand for halal food among the non-Muslim community due to its diverse taste and health benefits is positively impacting the market growth. Other factors, including rising expenditure capacities of consumers and the implementation of various government initiatives to introduce mandatory halal labeling and certification rules, are anticipated to drive the market further toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4,177.3 Billion by 2028, growing at a CAGR of 10.8% during 2023-2028.
- On the basis of the product, the market has been classified into meat, poultry & seafood, fruits & vegetables, dairy products, cereals & grains, oil, fats & waxes, confectionery, and others. Currently, meat, poultry and seafood are the most preferred food products in the market.
- Based on the distribution channel, the market has been divided into traditional retailers, supermarkets & hypermarkets, online, and others. At present, supermarkets and hypermarkets represents the largest segment, dominating the market.
- Based on the region, the market has been categorized into North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. On the geographical front, Asia Pacific is the leading market for halal food, accounting for the majority of the total market share.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include QL Foods Sdn Bhd, Al Islami Foods Co., DagangHalal Group, Saffron Road, Kawan Foods Berhad, Janan Meat Ltd, Prima Agri-Products Sdn Bhd, Cargill, Inc., BRF S.A., Nestle S.A., Tahira Foods Ltd., and Al-Falah Halal Foods Ltd.
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