According to the latest report by IMARC Group, titled "Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global halal food market size reached US$ 1.9 Trillion in 2020. Halal foods are food products that are strictly prepared to comply with the Islamic dietary law to be permissible for consumption by Muslims. According to the law, these food items should not comprise prohibited ingredients, including pork, blood, alcohol and other intoxicants. Additionally, the consumption of meat of carnivorous animals is also not permitted. Moreover, halal food products must be prepared and stored in separate utensils that have been cleansed according to the Islamic dietary guidelines. Consequently, halal foods are considered to be clean, fresh, toxin-free, and a healthier food option among the masses, which is contributing to their sales across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Halal Food Market Trends:
The global market is majorly driven by the increasing awareness regarding the benefits of consuming halal food among the masses. Halal meat products are required to undergo two health checks, unlike the single inspection performed on conventional meats, thereby leading to the widespread preference of these foods among consumers. These foods are widely consumed by both Muslim and non-Muslim consumers due to their assurance of food safety, hygiene and reliability. Moreover, numerous Islamic and non-Islamic countries are implementing strict regulatory frameworks that generally consist of globally accepted halal standards. The governments of multiple countries are also introducing mandatory halal labeling and certification rules, which is creating a positive outlook for the market. The market is further driven by the availability of halal meat at popular fast-food joints across numerous Islamic countries. Some of the other factors contributing to the market growth include a rapidly growing Muslim population, inflating disposable incomes of the masses, the easy product availability through online and offline retail portals and promotional activities by key manufacturers. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 11.3% during 2021-2026.
- On the basis of the product, the market has been divided into fruits and vegetables; meat, poultry and seafood; oil, fats and waxes; dairy products, cereals and grains; confectionery and others. Currently, the meat, poultry and seafood segment accounts for the majority of the market share.
- Based on the distribution channel, the market has been classified into traditional retailers, supermarkets and hypermarkets, online and others. Amongst these, supermarkets and hypermarkets are the most popular channel of distribution.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed 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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