Halal food market Size is set to Grow by USD 427.68 Billion at a CAGR of 4.52% from 2022 to 2027, Historic market size was valued at USD 1484.67 Billion between 2017 to 2021 - Technavio

NEW YORK, March 3, 2023 /PRNewswire/ -- The halal food market is projected to increase at a CAGR of 4.52% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 427.68 billion. For exclusive market statistics and other relevant market information, historic (2017 to 2021) and forecast market size (2023 to 2027)  buy the report.

What`s New for 2023?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial

The growing expenses of consumers on halal food, expanding production facilities of halal food, and the effective distribution network between halal food manufacturers and retailers are projected as the prominent factors leading to the halal food market growth. For more such market analysis updates, historic (2017 to 2021), and forecast market size (2023 to 2027) request the sample report.

New Business Opportunities - Market Segments and Key Regions Analysis

As per Technavio's analysts, there are several market segments classified such as halal MPS, halal BCC, halal FVN, halal beverages, and others in the halal food market.

Among all the classified segments, the halal MPS segment is projected as the most significant one in terms of market share growth during the forecast period - 2022 to 2027. It first witnessed a gradual growth in the market share of USD 387.50 billion in 2017 and continued to grow significantly by 2021.

Considering the geographical regions for market share growth, APAC is projected at the top of the list. 51% of the total market share growth will be originated from the APAC region by 2027. Technavio further suggests Philippines, Indonesia, Pakistan, Bangladesh, Malaysia, and Singapore are among the leading markets for halal food in the APAC region.

Major vendors in the region have launched dedicated halal food production facilities. For instance, Nestle, at its manufacturing unit in Australia, is set to offer a variety of halal food products to consumers. Furthermore, as per the report, stabilizing the food supply chain and the growing spending limit by the consumers in APAC on halal food products are projected to boost the halal food market growth in APAC during the forecast period 2022 to 2027.

For more detailed information on vendors, historic (2017 to 2021), and forecast market size (2023 to 2027) - request the exclusive sample report.

Key Market Vendors

Technavio also includes a detailed analysis of the market's competitive landscape and offers key information on the vendors, such as:

• BRF SA
• Prairie Halal Foods
• CJ CheilJedang Corp.
• Flying Trade Group Plc
• Johnsonville LLC
• Daesang Corp.
• Kawan Food Berhad
• Nema Food Inc.
• Midamar Corp.
• Nestle SA

Key Market Driver, Trend, and Challenge

• The consumers' expenditure on halal food is growing significantly and it is driving the market growth.
• Technavio also suggests the growing organized retail sector will emerge as a primary market trend for growth in the halal food and beverages market growth during 2022 to 2027.
• As an emerging market challenge, the lack of universal regulatory standards for halal certification worldwide may slow down the market growth as per Technavio's report.

Major Data Covered in this Halal Food Market Report

• Projected CAGR of the market during 2023-2027
• Detailed statistical information on the major market drivers of the halal food market during 2023-2027
• Market size analysis of the halal food market size and its association with the parent market
• Relevant predictions about upcoming market trends and detailed consumer behavior analysis
• Market share growth analysis across North America, APAC, Europe, South America, and the Middle East and Africa
• Detailed market's competitive landscape and key information about market vendors
• Comprehensive analysis of various market challenges

Related Reports

• The halal food market in the US is projected to increase at a CAGR of 5.62% during the forecast period – 2021 to 2026 by Technavio data analysts and research experts. This market research report also suggests the statistics about the market size growth that will grow by USD 9.33 billion.
• The kosher foods market is projected to increase at a CAGR of 6.36% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests the statistics about the market size growth that will grow by USD 12.78 billion.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio