Halal food refers to food items and beverages prepared and stored in accordance with Islamic dietary guidelines. Globally there has been a rising demand for halal certified food products among Muslim consumers who seek food items that comply with Islamic law. Key drivers favoring the halal food market include growing Muslim population worldwide, substantial influence of Islamic dietary codex in the food industry, rising preference for herbal and chemical-free products.

The global Halal Food Market is estimated to be valued at US$ 992.19 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rising awareness among Muslim population about halal products and lifestyle has been a major driving factor for the halal food market growth. Many organizations have undertaken initiatives to educate consumers about halal certified food items and brands which comply with halal standards in terms of manufacturing, processing, handling and preparation. This has increased transparency in halal supply chain and boosted confidence of Muslim consumers in food products carrying halal certification. Growing consumer interest in authentic halal food is encouraging manufacturers to offer wider variety of options while strictly adhering to Islamic guidelines regarding sourcing of raw materials and production methods.

SWOT Analysis

Strength: Halal food market is driven by growing muslim population globally. Strict religious guidelines surrounding halal foods allow for standardized production processes.
Weakness: Lack of unified global halal certification makes it difficult for producers and consumers. Compliance to religious standards increases production costs.
Opportunity: Growing health consciousness is increasing demand for nutritious and ethical food options like halal. Non-muslim population also interested in humane sourcing and preparation methods.
Threats: Economic slowdowns can impact discretionary spending on foods. Geopolitical tensions pose trade restrictions between major markets.

Key Takeaways

The Global Halal Food Market Size is expected to witness high growth. Supported by strong fundamentals like rising population and income, growing health awareness, and expanding global trade, the market is forecast to reach US$ 992.19 Mn by 2024.

Regional analysis: The Asia Pacific region currently dominates the halal food market, accounting for over 50% value share. Indonesia, Malaysia, Pakistan and Iran have sizeable muslim populations and a robust food manufacturing infrastructure to cater to domestic and overseas demand. As incomes rise across Southeast Asia, consumption of value-added and imported halal products is on the rise. The Middle East region follows in terms of market size, led by countries like Saudi Arabia, Turkey, and UAE.

Key players related content comprises: Key players operating in the halal food market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, and Kawan Food Berhad. These companies have a established presence across multiple product categories and regions. Leading brands such as Cargill focus on quality certifications and partnerships with suppliers to meet global halal standards. BRF S.A. of Brazil and US-based Saffron Road Food are examples of non-Muslim majority companies catering to the growing halal segment through specialized premium offerings.

For more Insights, Read –

https://www.rapidwebwire.com/halal-food-market-is-estimated-to-witness-high-growth-owing-to-increased-consumer-demand/