by Halal certified products adhere to strict production guidelines ensuring the humane treatment of livestock and their slaughter in accordance with Islamic techniques without prior stunning. Halal food is widely consumed by Muslims worldwide as a religious obligation. However, over the years, non-Muslim consumers have also started adapting to halal food due to its perceived nutrition and health benefits.
The global halal food market is estimated to be valued at US$ 992.19 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increased consumer demand remains the primary driver contributing to the growth of the halal food market. According to reports, the global Muslim population stood at 1.8 billion in 2015 and is expected to reach 2.76 billion by 2050. This growing Muslim demographic is expected to fuel halal food consumption.
Additionally, evolving lifestyles and increasing health awareness among non-Muslim consumers have further strengthened the demand for halal certified products globally. Halal food is perceived as healthy, nutritious and processed using humane practices. Rising preference for ethical and sustainably sourced food products is prompting more people to switch to halal alternatives. The promising growth outlook of the global food industry along with greater international halal food trade and rising disposable incomes in developing countries are likely to present lucrative opportunities over the coming years.
SWOT Analysis
Strength: The Halal Food Market follows strict production standards which ensures higher food quality and safety for consumers. It has seen rapid growth in the last few years due to rising Muslim population globally. Many new products are being launched to cater to varied tastes.
Weakness: Small farmers and food companies find it difficult to obtain Halal certification due to its costs. Lack of unified standards creates issues for international trade. Some misconceptions exist around food ingredients permitted under Halal.
Opportunity: Non-Muslim population is also growing interested in Halal food for its health and safety aspects. Emerging markets like Asia and Africa offer promising opportunities for expansion. Technological advancements can help streamline certification processes.
Threats: Economic slowdowns and lower consumer spending pose challenges. Stringent rules in some regions discourage certain Halal products and suppliers. Trade wars and policies affect international businesses. Local non-Halal brands dominate specific sectors in various regions.
Key Takeaways
The Global Halal Food Market Size is expected to witness high growth. The market size reached US$ 992.19 Mn in 2024 and is forecast to touch US$ 1,614.07 Mn by 2030, rising at a CAGR of 6.9% during the forecast period.
Southeast Asian countries dominated 34% of the global market share in 2024 due to their large Muslim populations and fast economic development. Indonesia, Malaysia, and Pakistan have emerged as major Halal hubs, attracting worldwide suppliers, traders as well as consumers.
Key players operating in the Halal Food Market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. Cargill Inc. maintained its global leadership with an 11% market share in 2024 through acquisitions and new product innovations. Al Islami Foods grew at a rapid pace of 19% annually during 2024-2027 and emerged as a strong challenger brand across Middle East and South Asia regions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
