Halal is an Arabic term meaning “permissible” and refers to a set of rules in Islam dictating permissible and forbidden activities, often includes food and drink. The global market for halal foods is growing with the increasing demand from countries that do not have the means to produce sufficient quantities of their own halal food. The market growth is attributed to the advantages provided by halal foods such as health and hygiene benefits.
These food items are continuously influencing people’s eating patterns thus, the demand continues increasing due to the diverse taste and interest of both the Muslim and non-Muslims population. This has resulted in an increase in the acceptance and consumption rate of halal food among non-Islamic communities also.
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Global Halal Food Market Product Analysis
Global Halal Food Market based on Product analysis is segmented as Meat & Alternatives, Milk & Milk Products, Fruits & Vegetables, Cereals & Grains, and Other Food & Beverage Products. Meat & alternatives are expected to be the largest product segment over the forecast period owing to the growing Muslim population which leads to the increase in demand of meat and alternative products. The rapidly growing economic of developing countries with the rising disposable income of an average consumer are the main factors expected to drive the market over the forecast period. Food safety and traceability have become a major concern among consumer which is resolved by the formation of Organization of Islamic Cooperation (OIC) to take the initiative of setting an international standard for these food items. Owing to the formation of such types of organizational the market participants have been successful to a great extent in building consumer trust and pushing penetration of the product segment to even higher levels in coming years.
Global Halal Food Market Application Analysis
Global Halal Food Market based on Application analysis is segmented as Processed Food & Beverages, Cosmetics, Pharmaceuticals, Tourism. Processed food & beverages segment is expected to dominate the global halal food market in fast few years and will continue dominating over the forecast period owing to the growing demand of halal food for convenience as there has been an increasing acceptance of pre-cooked items are expected to fuel growth over the forecast period. Whereas, bakery products segment is expected to be the second largest segment with an increasing demand for ready to eat and packaged products.
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Global Halal Food Market Regional Analysis
Global Halal Food Market based on regional analysis is segmented as North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia pacific region is expected to show significant growth during the forecast period with large consumer bases in multiple countries such as Pakistan, Indonesia, Bangladesh and India. Due to the presence of a large number of certified manufacturers and large Muslim population, the halal food market in Asia Pacific is projected to have a significant positive impact on the overall development of the global halal food market in the coming future.
Global Halal Food Market: Competitive Landscape
The key participants operating in the global halal food market are Nestle, Cargill, Nema Food Company, Midamar, Namet Gida, Banvit Meat and Poultry, Al Islami Foods, BRF, Unilever, Kawan Foods, QL Foods, Ramly Food Processing, China Haoyue Group, Arman Group, Hebei Kangyuan Islamic Food, Tangshan Falide Muslim Food. The leading market players & vendors are focusing on differentiating their products by improving the quality of their products and occupying certificate from the halal certification organisations.
Objective of the Study:
· To analyze and forecast market size of the global halal food market, in terms Value & Volume.
· To examine the careful market segmentation and forecast the market size, on the basis of region, segmented into 5 regions, namely, North America, Europe, Asia Pacific, MEA, & LATAM and major countries in the respective regions
· To outline, categorized and forecast the global halal food market on the basis of product type, price and distribution channel.
· To examine competitive developments like expansions, technological advancement, new product launches, and regulative framework within the global halal food market.
· To identify the drivers and challenges for global halal food market.
· To spot the profile of leading players and an array of strategy outlook and SWOT analysis of major industry players.
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