The latest report published by IMARC Group, titled "Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global halal food market reached a value of US$ 1.4 Trillion in 2017. Halal foods refer to food products which meet the dietary guidelines provided by the Sharia law. They are free from prohibited ingredients such as alcohol, pork and its by-products, etc. and are made and stored in utensils which have been cleansed according to the prescribed guidelines. Although the concept of halal has been underlined particularly for the Muslim community, with rising concerns regarding the cleanliness, hygiene, and quality of the food consumed, halal food is becoming popular with the non-Muslim consumers as well. In particular, the demand for halal certified food products has gained momentum amongst the health-conscious consumers owing to the numerous health benefits associated with them.
Global Halal Food Market Trends:
On account of the growing demand for halal food, manufactures have widened their product portfolio by introducing several value-added food items, such as canned and frozen foods, organic foods, confectionary, dairy produce, beverages, and bakery and herbal products. Moreover, initiatives taken by the governments of various Islamic and non-Islamic nations for marketing and educating the consumers about the advantages of consuming halal certified food products is stimulating the growth of the market across the globe. For instance, the creation of Organization of Islamic Cooperation (OIC) has been greatly successful in building trust and creating awareness among the consumers as well as in setting an international standard for halal food products. On account of these factors, the market is projected to reach a value of US$ 2.6 Trillion by 2023, expanding at a CAGR of more than 11% during 2018-2023.
Global Halal Food Market Summary:
- Based on product, the market has been segmented into meat, poultry and seafood; fruits and vegetables; dairy products, cereals and grains; oil, fats and waxes; and confectionery. Currently, meat, poultry and seafood represent the most popular halal food products consumed across the globe.
- On the basis of distribution channel, traditional retailers dominate the market, holding the largest share. Other major distribution channels include supermarkets and hypermarkets, and online.
- Region-wise, Asia-Pacific enjoys the leading position in the global halal food market, accounting for the majority of the total market share. Asia Pacific is followed by the Middle East and Africa, Europe, North America and Latin America.
- The competitive landscape of the market has also been examined with some of the major players being Al Islami Foods, QL Foods, Saffron Road Food, Dagang Halal, Janan Meat, Kawan Foods, Cargill, Prima Agri-Products, Nestle, BRF, Al-Falah Halal Foods and Tahira Food.
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