Seattle, WA -- (SBWire) -- 09/25/2019 --Halal Foods are food items, which are free from components that are prohibited for consuming for Muslim community, according to the Islamic law. These foods are prepared, processed, produced, made, manufactured, or stored in utensils and machinery that have cleaned according to laws of Islamic community.
The global halal food market is expanding rapidly, owing to rising Muslim population together with the increase in people who consume these food for non-religious reasons. The U.S. sales of overall halal food market in the past few years recorded an upsurge to US$ 20 billion in 2016, a 15.0% increase since 2012. This trend is predicted to continue in near future as well.
Major players operating in the global halal food market include Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food.
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Market Dynamics
In 2018, meat products segment accounted for the largest market share in the global halal food market. In 2018, the segment contributed for over 44.0% share in the market in terms of revenue. Increasing consumption of meat products across the globe is predicted to drive the demand for meat products across the globe.
Among regions, in 2018, Asia Pacific held dominant position in the global halal food market and contributed revenue share of around 56.0% in the global market. The market growth is driven by increasing population in the region coupled with rising consumption of halal food in ASEAN countries such as Malaysia, Indonesia, and others.
The global halal food market was valued at US$ 715.0 Bn in 2018, and is expected to register a CAGR of 12.7%, in terms of revenue over the forecast period (2019 to 2027), to reach US$ 2,043.2 Bn by 2027.
Asia Pacific held the largest revenue share of 55.8% in the global halal food market in 2018, and is expected to maintain its dominance over the forecast period. Furthermore, Asia Pacific region is projected to be the fastest growing region in the global halal food market during the forecast period. The growth of Asia Pacific halal food market is attributed to high presence of Halal Certification authorities in Asia Pacific that are gaining trust of consumers. For instance, Department of Islamic Development of Malaysia has 56 halal certification bodies in 33 economies such as China, Taiwan, and various others. This helps halal certified products to develop extensive distribution and business across Asia Pacific.
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Based on product type, meat products segment accounted for the largest market share in the Asia pacific halal food market. The segment growth in the region is driven by the rising Muslim population in the region coupled with growing consumption of meat products. The trend is expected to continue over the forecast period. According to Cornell University Library's publication in April 2017, the total Muslim population across the world was estimated to be 1.57 Bn during the 2016 to 2017, wherein 60.0% of the Muslim population resides in Asia Pacific.
Among distribution channel, the supermarket segment accounted for the largest revenue share of 44.6% in 2018, in the global halal food market. Growing presence of supermarket chains is fueling growth of the segment. For instance, according to United States Department of Agriculture (USDA) 2017, report, the total number of supermarkets in Egypt were 1,056 in 2016, and it is increased to over 1,215 in 2017.
Detailed Segmentation:
Global Halal Food Market, By Product Type:
-Dairy Products
-Meat Products
-Grain Products
-Vegan Products
-Others
Global Halal Food Market, By Distribution Channel:
-Hypermarkets
-Supermarkets
-Online Stores
-Convenience Stores
-Specialty Stores
-Others
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Factors Impelling Growth of Halal Food Market Through 2026 and Beyond