Market Dynamics: Analyzing the Surge in Demand for Halal Food
(PRUnderground) December 6th, 2023
The Halal Food Market is poised for substantial growth, with an estimated increase of USD 427.68 billion from 2022 to 2027, projecting a CAGR of approximately 4.52% throughout the forecast period, as per Technavio. This growth is primarily attributed to the escalating consumer expenditure on halal products. Notably, countries such as Indonesia, Malaysia, Saudi Arabia, Singapore, the UAE, and other Middle Eastern nations have witnessed significant expansion in the global halal food market. Moreover, increased consumer awareness in the US, Germany, Australia, and India has further fueled this growth.
Australia, a major global exporter of food and beverages, anticipates a surge in halal food exports during the forecast period. In 2022, the Asia-Pacific (APAC) region dominated the global market, contributing the largest share, and is projected to witness a substantial incremental growth of 51% during this period. To gain comprehensive insights into the historic (2017 to 2021) and forecast market size (2023 to 2027), a sample report can be requested.
Noteworthy updates include special coverage on the Russia-Ukraine war, global inflation, COVID-19 recovery analysis, supply chain disruptions, global trade tensions, and the risk of recession. The report also focuses on global competitiveness, key competitor positions, and market presence across various geographical footprints, categorized as Strong, Active, Niche, or Trivial.
The Halal Food Market segmentation assessment by Technavio covers product categories such as halal MPS, halal BCC, halal FVN, halal beverages, and more. The distribution channels include both offline and online platforms. The market’s geographical overview spans APAC, North America, Europe, Middle East and Africa, and South America.
The Halal MPS segment, encompassing Meat, Poultry, and Seafood, is expected to experience significant growth. This includes various halal foods like beef, lamb, goat meat, chicken, turkey, and fish, categorized into fresh, minimally processed without additives, and heavily processed options.
Geographically, the APAC region is anticipated to contribute 51% to the global market growth, with countries like the Philippines, Indonesia, Pakistan, Bangladesh, Malaysia, and Singapore serving as significant markets for halal food. Increased consumer spending, coupled with major companies establishing dedicated facilities for halal food production, further propels regional market growth.
Key drivers of market growth include rising global consumer expenditure on halal food, expanding into non-traditional markets, and the emergence of Australia as a major exporter. Major challenges include the absence of universally accepted regulatory standards for halal certification, with country-specific standards posing complexities and conflicts of interest among certification bodies.
The report covers key data such as the CAGR during the forecast period, factors driving growth, precise market size estimation, predictions about upcoming trends, and changes in consumer behaviors. It also provides a comprehensive analysis of the competitive landscape, vendor information, and challenges that may hinder the growth of Halal Food Market vendors. To access detailed insights for the historic and forecast periods, a sample report can be requested.
Related Reports:
Kosher Foods Market: Kosher Foods Market size is estimated to grow by USD 12.78 billion between 2022 and 2027 accelerating at a CAGR of 6.36% during the forecast period.
Camel Meat Market: The Camel Meat Market size is projected to increase by USD 100.83 million and the market size is estimated to grow at a CAGR of 6.32% between 2023 and 2028.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by Distribution Channel
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio Research
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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