Halal Food Market size is set to grow by USD 332.9 billion from 2024-2028, Increasing consumer expenditure on halal food to boost the market growth, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global halal food market size is estimated to grow by USD 332.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.48%  during the forecast period. 

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Key Market Trends Fueling Growth

The halal food market is significantly driven by organized retailers, including Tesco Plc, Target Brands Inc., and ALDI Inc. These major hypermarkets and supermarkets offer a wide range of halal food products through their private labels. The expansion of retail stores providing halal foods is a key market growth factor. For instance, ALDI's plan to open 800 new locations in the US by 2028 will increase the visibility and demand for halal foods. These retailers' global presence makes shopping for halal foods convenient and accessible for consumers. 

The Halal food market is experiencing significant growth, with an increasing number of consumers seeking certified Halal products. This trend is driven by the global Muslim population, which is projected to reach 2.2 billion by 2030. Halal certification is essential for businesses looking to tap into this market. Producers and retailers are focusing on producing high-quality Halal products, with a particular emphasis on transparency and traceability.

Markets like the US, Europe, and the Middle East are major players in the Halal food industry. Supermarkets and online platforms are making it easier for consumers to access Halal products. The use of technology, such as blockchain, is also helping to ensure the authenticity and safety of Halal food products. Overall, the Halal food market is a growing and dynamic business sector, with strong demand and opportunities for innovation. 

Market Challenges

• The global halal food market faces a significant challenge from counterfeit halal products, which undermine consumer trust and confidence. Instances of fake halal certification have been reported in various countries, including the UK and Malaysia. These incidents lead to consumer mistrust and negatively impact sales.
• In Singapore, false claims about canceled halal certifications severely affected eatery sales. The credibility of halal certification is vital for market growth, and the circulation of fake products poses a threat to market expansion during the forecast period.
• The Halal food market faces several challenges in production and distribution. Producers must ensure all ingredients and processing methods adhere to Islamic dietary laws. This requires regular certification and compliance checks. Additionally, logistics and transportation can be complex due to the need for proper storage and handling of Halal food. Delays or mishandling can lead to spoilage and loss of revenue.
• Furthermore, consumer education and awareness about Halal certification is essential. Some consumers may not fully understand the concept, leading to confusion and potential loss of sales. Overall, the Halal food industry requires a strong commitment to quality, certification, and consumer education to overcome these challenges.

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Segment Overview 

1. Product 
• 1.1 Halal MPS
• 1.2 Halal BCC
• 1.3 Halal FVN
• 1.4 Halal beverages
• 1.5 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 Middle East and Africa
• 3.3 Europe
• 3.4 South America
• 3.5 North America

1.1 Halal MPS-  The halal food market consists of fresh, minimally processed, and heavily processed meat, poultry, and seafood. Major consumers include Indonesia, Turkey, Pakistan, and Iran. Key vendors are BRF SA and Cargill Inc. Exporters include Brazil, India, Australia, and the US. New products under minimally and heavily processed categories are driving growth. Companies like Nema Food Inc. and Al Islami Foods offer a wide range of halal meat options. The market is experiencing significant expansion, with Indonesia, Egypt, Saudi Arabia, and Iraq being major consumers of fresh halal meat.

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Research Analysis

The Halal food market caters to the dietary needs of the Muslim population, which comprises a significant portion of the global multicultural community. This market adheres to Islamic law and dietary laws, avoiding non-permissible foods such as pork and alcohol. The certification processes for Halal products are stringent, ensuring cleanliness and adherence to Islamic principles. Multinational food conglomerates have recognized the colossal development potential of the Halal food industry and have integrated Halal-certified food into their offerings.

Halal foods include meat, poultry, seafood, fruits and vegetables, dairy products, and cereals and grains. Halal-based planning is essential to maintain the integrity of the Halal food supply chain and prevent debasements or impurities. The Quran lays down the guidelines for Halal foods, emphasizing their importance in the Muslim community.

Market Research Overview

The Halal food market refers to the segment of the food industry that caters to consumers who follow the Islamic dietary laws. These laws prohibit the consumption of pork and alcohol, as well as foods contaminated with certain other substances. The Halal food market is growing rapidly due to the increasing global Muslim population and the rising awareness and acceptance of Halal food among non-Muslim consumers.

The market offers various food products, including meat, poultry, dairy, and processed foods. Halal certification is essential for businesses operating in this market to ensure compliance with Islamic dietary laws and to cater to the specific needs of their customers. The market is characterized by its diversity, with various cuisines and cooking techniques used to prepare Halal food. The demand for Halal food is driven by factors such as population growth, urbanization, and changing consumer preferences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Halal MPS
• Halal BCC
• Halal FVN
• Halal Beverages
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Middle East And Africa
• Europe
• South America
• North America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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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SOURCE Technavio