The global halal food market is anticipated to reach USD 2.55 trillion by 2024 driven by the rising demand for the consumption of halal meat which is healthy and made in a hygienic manner. The growing awareness of halal food and its positioning as hygienic and healthy food among both Muslim and non-Muslim community is expected to drive the demand over the forecast period.
Asia Pacific has the highest market share in terms of revenue and is projected to maintain its dominance in the market over the forecast period. Increasing Muslim population and the growing awareness among consumers in Asia Pacific countries such as Pakistan, India, and Bangladesh, Indonesia, Singapore, and the Philippines are expected to drive the market over the forecast period.
The absence of a uniform halal standard across countries makes it challenging for vendors to get their products halal certified. Besides, the market is fragmented in nature, which makes it further challenging for multiple vendors to operate in different countries. In the market, there is also a need for an oversight on the halal food industry considering the halal meat scandals in Europe and North America regions.
Processed food & beverages dominated the market in 2016 and are expected to maintain its leading position over the forecast period as well. Food & beverages segment was followed by bakery products segments and confectionary segments. Over the forecast period, bakery products segment is expected to grow at a CAGR of 9.6% with an increasing demand for ready to eat and packaged bakery products such as cookies, doughnuts, savoury pastries, pretzels, biscuits and cakes.
The market is fragmented with the presence of many international and domestic vendors. Vendors in the market are focusing on product quality and geographical expansion globally. Vendors are also registering themselves with halal certification organisations.
Some of the leading players operating in the halal food market are Al Islami Foods, QL Foods, Saffron Road Food, Dagang Halal, Janan Meat, Kawan Foods, Cargill, Prima Agri-Products, Nestle and Cleone Foods. Over the past few years, fast food chains such as KFC and McDonalds have started providing halal certified products to widen their customer base.