Dublin, May 03, 2022 (GLOBE NEWSWIRE) -- The "Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global halal food market reached a value of US$ 1,978 billion in 2021. Looking forward, the market is projected to reach US$ 3,907.7 billion by 2027, exhibiting a CAGR of 11.24% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Halal food refers to food items and beverages that are strictly prepared according to the rules underlined by the Islamic dietary law. According to this law, alcohol, blood, pork, by-products of pork and blood, animals that are dead before slaughtering, and those not killed in the name of Allah are considered 'haram' or impermissible for consumption. Moreover, halal food products are packaged and stored in utensils, which have been cleaned as per the prescribed guidelines.
Over the past few years, halal food items have become popular amongst both Muslim and non-Muslim consumers as they have evolved from being an identification mark of religious observation to assurance of food safety, hygiene and reliability. For example, slaughtered halal animals undergo two health checks, as compared to the single inspection performed on other conventional animals.
Besides this, several Islamic and non-Islamic countries are implementing stringent regulatory frameworks, which consist of globally accepted standards, to attract novel entrants in the market. Recently, in October 2019, the Government of Indonesia introduced mandatory halal labeling and certification rules, owing to which consumers nowadays prefer halal food.
With an increase in the demand, manufactures have widened their product portfolio by introducing several value-added food items, including hot dogs, soups, candies, burgers, sandwiches, cookies, creams and pizzas. Moreover, the flourishing e-commerce industry has facilitated consumers with easy accessibility of halal-certified food products.
Key Questions Answered in This Report
- What was the size of the global halal food market in 2021?
- What is the expected growth rate of the global halal food market during 2022-2027?
- What are the key factors driving the global halal food market?
- What has been the impact of COVID-19 on the global halal food market?
- What is the breakup of the global halal food market based on the product?
- What is the breakup of the global halal food market based on the distribution channel?
- What are the key regions in the global halal food market?
- Who are the key companies/players in the global halal food market?
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being
- QL Foods Sdn Bhd
- Al Islami Foods Co.
- DagangHalal Group
- Saffron Road
- Kawan Foods Berhad
- Janan Meat Ltd
- Prima Agri-Products Sdn Bhd
- Cargill Inc.
- BRF S.A.
- Nestle S.A.
- Tahira Foods Ltd.
- Al-Falah Halal Foods Ltd
Key Market Segmentation
Breakup by Product:
- Meat, Poultry & Seafood
- Fruits & Vegetables
- Dairy Products
- Cereals & Grains
- Oil, Fats & Waxes
- Confectionery
- Others
Currently, meat, poultry and seafood are the most preferred food products in the market.
Breakup by Distribution Channel:
- Traditional Retailers
- Supermarkets & Hypermarkets
- Online
- Others
At present, supermarkets and hypermarkets represents the largest segment, dominating the market.
Regional Insights:
On the geographical front, Asia Pacific is the leading market for halal food, accounting for the majority of the total market share. This growth can be attributed to the presence of several regulatory bodies and a combination of the religious and cultural populations in the region.
For more information about this report visit https://www.researchandmarkets.com/r/1ys6pj
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