Global halal food market is expected to reach a valuation of $922.53 billion by 2026 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, halal foods are anticipated to be produced, packaged, stored, and supplied as per Islamic teachings. These food products are considered to be clean, safe, and highly nutritional for consumption. The global market is estimated to witness immense opportunities owing to the substantial growth in Muslim populations. In addition, the rapidly growing economic power of Islamic nations is projected to persuade their population to spend more on branded products.
Significant insights included in the report are highlighted below:
- The demand for halal food and beverage products is primarily driven by the rising Muslim populations along with their increasing annual spending on food.
- Consumers are presently exhibiting immense interest in the halal industry, primarily due to the increasing awareness regarding the benefits of nutrition and hygiene, along with improved lifestyles due to surging disposable income.
- Popularity of halal products can be attributed to the fact that they are manufactured and packed with higher regulatory compliance as compared to conventional food products and do not contain ingredients that are against Islamic beliefs.
- The rising concerns over the lack of a proper regulatory framework to guarantee the authenticity of halal food might be an obstacle for commercially produced products.
- The industry is considered to be a fragmented one and the lack of standardized regularizations has suppressed major food and beverage companies from venturing into this business vertical.
- The number of small-scale participants sufficing the needs and requirements of the local populations has grown significantly.
With regards to the challenges faced by the halal food market, low level of awareness about the presence of authentic halal food brands is posing a challenge to the industry. As a result, the industry is not witnessing demands to its full potential. Additionally, the sector’s authenticity issues are considered quiet minor among consumer. Therefore, this requires food manufacturers to enhance their production facilities and marketing tactics. Furthermore, it becomes more difficult to comprehend consumer perspective toward halal food & beverage brands.
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In terms of regional growth, Asia Pacific is expected to dominate the global halal food market by 2026, mainly due to the presence of developing nations like Malaysia, Indonesia, Bangladesh, Maldives, India, and Pakistan, which have significant population conforming to Islamic beliefs. In addition, the region’s constantly improving economic status presents an opportunity for international players to start their production facilities, thereby offering products at affordable rates to consumers in the region.
The report also offers an in-depth analysis of the halal food market drivers, restraints, and opportunities over the estimated timeline. A complete analysis of the market in terms of product type, regional landscape, and competitive ranking analysis has also been elaborated in the report. In addition, company profile of key market contenders has been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments.
The leading industry participants operating in the competitive landscape of the global halal food market include Nestle, Prima Agri-Products, Cleone Foods, Cargill, Janan Meat, Kawan Foods, Saffron Road Food, QL Foods, Dagang Halal, and Al Islami Foods. The key strategies practiced by leading players in this business space include launching innovative products and partnering with other industry leaders to develop new products and meet consumer needs and requirements more effectively, thereby boosting market growth over the forecast timeline.