GCC Halal Food and Beverage Market, Size, Forecast Report 2022: A $18.9 Billion market by 2037 - Impact of Inflation, Opportunities, Company Analysis, Leading Region

News provided by

Dec 20, 2022, 05:30 ET

DUBLIN, Dec. 20, 2022 /PRNewswire/ -- The "GCC Halal Food and Beverage Market, Size, Forecast 2023-2027, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

GCC Halal Food and Beverage Market are expected to reach US$ 18.90 Billion in 2027 from US$ 10.96 Billion in 2021, expanding with a CAGR of 9.50% during 2022-2027

The demand for halal food by-products in the GCC region is mainly driven by many Muslims who follow Islamic Sariah regulations as part of their religious beliefs. Furthermore, the demand is being driven by the growing number of stringent regulatory frameworks that include required halal labeling and certification standards for food and drinks.

Furthermore, increased knowledge of food safety, hygiene, and trustworthiness afforded by halal food items, particularly among non-Muslims, is boosting the industry across the Gulf Cooperation Council. In addition, a significant increase in the food retail sector and the increasing availability of halal food and beverages across various distribution channels are also driving market expansion.

COVID 19 Impact on GCC Countries Halal Food and Beverage Industry:

The disturbance of the halal food and beverage industry's outlook caused by COVID-19's rapid spread harmed market growth in 2020. Surprisingly, the market directly impacted production and demand, disrupting supply chains and needs and affecting businesses and financial markets financially. Consumer preference for healthy, nutritious, and safer products, on the other hand, is growing.

The favorable evolution of consumers' preferences towards safe and high-quality halal products is predicted to strengthen this market in the upcoming years. As a result, the halal food business is expected to explode through 2021.

Meat, Poultry, and Seafood Segment have one of the Highest Market Share:

In the GCC Halal Food and Beverage Industry, meat, poultry, and seafood items have the highest market share because of their vast reach and appeal. Besides, due to rising affluence and healthy eating trends among consumers, emerging economies such as the UAE, Kuwait, Saudi Arabia, Oman, Qatar, and Bahrain are likely to make significant contributions to the halal meat and poultry business growth.

Furthermore, the increased demand for packaged processed beef products, regarded as hygienic and high-quality, is likely to propel segmental expansion in the coming years. In addition, with increased consumer awareness of food quality and safety, halal certification is becoming more popular for additional items such as dairy, cereals, grain-based products, non-dairy beverages, fruits, vegetables, and nuts.

E-Commerce is one of the Fastest Growing Industry:

Our analysis has studied the markets for supermarkets and hypermarkets, e-commerce, convenience stores, and other retail formats. E-Commerce has the fastest-growing market share, due to the rapid expansion of online channels, which has fuelled segmental growth significantly in recent years. E-commerce channels are rapidly evolving to invest in innovative technologies and provide consumers with various products.

Furthermore, these online retailers are investing in meeting all regulatory criteria to increase the safety and quality of their products. The evolution of online retail channels would be aided by expanding global digitalization.

Saudi Arabia Holds the Dominant Share in the Market:

Saudi Arabia is expected to be the fastest-growing country in the region's halal food and beverage market throughout the forecast period, with the most significant market share. It is also the primary producer of food and beverages in the Gulf region. However, the country's fast-growing population has outpaced its food supply, forcing it to rely on imports, fueling demand for Halal food products.

In addition, Saudi Arabia's government has been enacting new rules to encourage the production of more halal cuisine. These laws are expected to make the country's food and beverage self-sufficient and provide domestic farmers with more chances to diversify their animals, such as poultry, camels, sheep, and dairy production.

Competitive Landscape among the Key Players:

The existence of multiple regional and global players fighting for market share in the halal food and beverage industry in the GCC is fragmented and highly competitive. Cargill Inc., Nestle, Unilever Group, and BRF S.A. are among the market's leading companies. Furthermore, businesses are concentrating on improving their production processes and product developments while maintaining ethical standards.

Moreover, corporations are employing advanced technology for various purposes, including the detection of haram substances in cheese manufacturing, such as rennet. Additionally, enterprises can now use fungal rennet as a halal-certified product replacement with appreciation to technological improvements.

Key Players Analysis: