The global halal food and beverages market share, its size was USD 1.96 trillion in 2020. The market is projected to grow from USD 2.09 trillion in 2021 to USD 3.27 trillion by 2028, exhibiting a CAGR of 6.56% during the forecast period of 2021-2028.
Fortune Business Insights™ provides this information in its report, titled, “Halal Food and Beverages Market, 2021-2028.”
Our experts claim that rising consumer worries about food safety, purity, and animal cruelty, along with the world’s growing Islamic population, have led to a major growth in the demand for halal food and beverages. Moreover, it is projected that the expanding distribution network and the assessment of customer purchase configurations will continue to drive the global market in the years to come.
Information Source: https://www.fortunebusinessinsights.com/halal-food-and-beverages-market-106186
Commotion in Supply Chain to Hinder Market Growth amid COVID-19 Crisis
Every stage of the supply chain cycle for the halal food and beverage industry has been interrupted during the early months of the COVID-19 outbreak. Prominent producers in both non-Islamic and Islamic nations reported a workforce reduction that significantly impacted their production capabilities. The strike’s negative effects on retail goods, particularly pre-cooked and ready-to-eat beef items, also extended to the sector.
The market for halal food and beverages is anticipated to grow in the near future as a result of customers’ growing inclination towards halal products due to their superior quality and welfare.
Segmentation
By Product, the global market is segregated into meat, poultry & seafood, dairy products, cereal & grain-based products, non-dairy beverages, fruits, vegetables & nuts. By distribution channel, the market is divided into traditional retailers, supermarkets/hypermarkets, online retail, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa
Report Coverage
We have employed a cutting-edge research design that blends statistical triangulation with top-down and bottom-up approaches. To validate the industry’s projected size for halal food and drinks, our specialists carried out a significant amount of primary research. Several national, regional, and international segments’ shares are illustrated using data gathered from in-depth interviews with various stakeholders. Furthermore, our analysts have gathered information from industry journals, SEC filings, subscription databases, and a plethora of other comparable sources.
Drivers and Restraints
Increasing Islamic Population & Moving Customer Responsiveness to Fuel Market Growth
Islam is the religion that is expanding the quickest in the world, which positively impacts the demand for halal food and beverages around the globe. The Saudi Arabian government recently released data showing that Muslims make up approximately 28.26% of the world’s population.
Moreover, Muslims’ rising realization of the requirement and inevitability of consuming only halal food is the primary driver of this expanding global sector. In addition, it is anticipated that the growing disposable income levels of the Islamic population would support market growth in the upcoming years.
Regional Insights
Asia Pacific had the largest market share of halal food and beverages in 2020, with a valuation of USD 1.20 trillion. Since Bangladesh, India, Indonesia, and Pakistan are the four countries with the largest Muslim populations, the majority of Muslims live in the Asia Pacific area.
The Middle East and Africa have huge market expansion potential because of their expanding per capita income and primarily Muslim clientele.
The European market is growing at a rapid pace. It is anticipated that the demand for halal products will rise as the number of Muslims increases and as flexible incomes rise.
Competitive Landscape
In order to stay relevant in the industry, the major players—Unilever, Cargill, Inc., and Nestle S.A.—are fixated on alliances, acquisitions, and new product innovations. Small business growth in this sector is a major factor in the competitiveness that exists there, which supports the sector’s expansion.
Industry Development
- January 2021: Koita, a UAE-based milk company, has declared that it has received Halal authorization for its goods and is set to magnify its business across the Asia Pacific region.
List of Key Players Covered in the Market
- Cargill, Inc. (Minnesota, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- American Foods Group, LLC (Wisconsin, U.S.)
- Unilever (London, U.K.)
- BRF S.A. (State of São Paulo, Brazil)
- Saffron Road (Connecticut, U.S.)
- Tahira Foods Ltd. (London, U.K.)
- Al Islami Foods (Dubai, UAE)
- QL Foods Sdn Bhd (Perak, Malaysia)
- DagangHalal Group (Kuala Lumpur, Malaysia)
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