Pune, India, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global halal food and beverages market size was USD 1.96 trillion in 2020 and is projected to grow from USD 2.09 trillion in 2021 to USD 3.27 trillion by 2028, exhibiting a CAGR of 6.56% during the forecast period of 2021-2028.
According to our researchers, the growing Islamic population across the globe coupled with the rising consumer worries concerning food safety, superiority, and animal brutality have substantially upsurged the demand for halal food & beverages. Moreover, the constantly extending distribution network and the assessment in customer buying configurations are projected to further power the global market in the forthcoming years.
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List of Key Players Covered in the Halal Food and Beverages Market:
- Cargill, Inc. (Minnesota, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- American Foods Group, LLC (Wisconsin, U.S.)
- Unilever (London, U.K.)
- BRF S.A. (State of São Paulo, Brazil)
- Saffron Road (Connecticut, U.S.)
- Tahira Foods Ltd. (London, U.K.)
- Al Islami Foods (Dubai, UAE)
- QL Foods Sdn Bhd (Perak, Malaysia)
- DagangHalal Group (Kuala Lumpur, Malaysia)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 6.56% |
| 2028 Value Projection | USD 3.27 Trillion |
| Halal Food and Beverages Market Size in 2020 | USD 1.96 Trillion |
| Historical Data | 2017-2019 |
| No. of Pages | 204 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Halal Food and Beverages Market Growth Drivers | Increasing Islamic Population & Moving Customer Responsiveness to Fuel Market Growth |
Commotion in Supply Chain to Hinder Market Growth amid COVID-19 Crisis
The preliminary months of the COVID-19 pandemic had disturbed all stages in the supply chain cycle of the halal food and beverage industry. The prominent manufacturers in Islamic and non-Islamic nations registered a decline in the workforce which considerably impacted the production ability. Additionally, the strike in demand for retail products such as pre-cooked and ready-to-eat meat products too adversely influenced the industry.
The affirmative progression in the customer's preferences for halal products owing to their welfare and superiority is estimated to drive the halal food and beverages market growth in the foreseeable future.
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https://www.fortunebusinessinsights.com/halal-food-and-beverages-market-106186
Segmentation
By Product
- Meat
- Poultry & Seafood
- Dairy Products
- Cereal & Grain-Based Products
- Non-Dairy Beverages
- Fruits
- Vegetables & Nuts
By Distribution Channel
- Traditional Retailers
- Supermarkets/Hypermarkets
- Online Retail
- Others
By Geographically
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Drivers and Restraints
Increasing Islamic Population & Moving Customer Responsiveness to Fuel Market Growth
Islam is the quickest-growing religion globally, which affirmatively impacts the global demand for halal food & beverage products. As per the latest record declared by the Government of Saudi Arabia, the global Muslim population signifies about 28.26% of the total world population.
Additionally, the rising consciousness among the Muslim population concerning the requirement and inevitability to ingest only halal food predominantly powers the growth of the global market. Moreover, the growing dispensable revenue levels of the Islamic population are further anticipated to thrust the market growth during the upcoming years.
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Regional Insights
Asia Pacific held the maximum halal food and beverages market share and was valued at USD 1.20 trillion in 2020. The largest Islamic population is focused in the Asia Pacific region as the four biggest nations in terms of the Muslim population are situated on this continent, comprising India, Indonesia, Pakistan, and Bangladesh.
The Middle East and Africa have huge latent market growth as the customers in this region are principally Muslim with increasing per capita revenues.
Europe is observing significant growth in the market. Surging flexible incomes coupled with a rising Muslim population is estimated to elevate the demand for halal products.
Trends Shaping the Halal Food and Beverages Market
- Halal Certification: The demand for certified Halal products is a driving force in the market. Consumers seek assurance that the products they purchase meet the stringent Halal standards, creating opportunities for companies to obtain Halal certification.
- Innovation and Diversification: The market is witnessing innovation in product development, with a focus on healthier, organic, and sustainable options. From Halal-certified fast food chains to gourmet Halal cuisine, the market is becoming more diverse.
- Clean Label and Transparency: Consumers are increasingly conscious about the ingredients in their food and beverages. This has prompted companies to emphasize transparency and adopt "clean label" practices, which align well with Halal requirements.
- Plant-Based and Vegan Halal Products: The rise in plant-based and vegan lifestyles has led to the emergence of Halal-certified plant-based alternatives, catering to consumers with various dietary preferences.
Competitive Landscape
The major players such as Cargill, Inc., Nestle S.A., and Unilever are fixated on novel product improvements, collaborations, and procurements to associate the market. The advent of small-scale companies in this market expressively donates to the competition occurring within the market, which has an optimistic influence on the market's growth.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, New Source Launches, and Mergers and Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Halal Food and Beverages Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Meat, Poultry and Seafood
- Dairy Products
- Cereal and Grain-based Products
- Non-dairy Beverages
- Fruits, Vegetables and Nuts
- By Distribution Channel
- Traditional Retailers
- Supermarkets/Hypermarkets
- Online Retail
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
- By Product Type
To Be Continued…!
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Industry Development
- January 2021: Koita, a UAE-based milk company, has declared that it has received Halal authorization for its goods and is set to magnify its business across the Asia Pacific region.
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