The global market for halal food & beverage is projected to grow, registering a CAGR of 6.05% during the estimated period, 2020-2028. The surging Muslim population, and the increasing awareness among the non-Muslim population regarding halal foods, are the dominant factors propelling market growth.
The food products that are in accordance with the Islamic Sharia Law are classified as halal foods. There has been an increasing preference for organic and natural food and beverage products across the globe. This factor represents a strong market for halal food products, alongside. The graph of the Muslim population is increasing globally. This is set to have a huge impact on the halal food industry during the estimated period.
Further, the food companies are focusing on product innovations to meet consumer demands, along with introducing varied halal food products. One of the important factors that drive the global market is the health benefits of halal-certified foods. The increasing standardization with regard to halal certification, is set to result in increased market growth opportunities. Halal food is gaining popularity and trust across the world. However, several issues like inappropriate hygienic practices, poorly maintained production & processing facilities, and the expiring halal certifications, weakens the trust if the consumers. This results in restricted market growth.
The global market is analyzed geographically through the segmentation that includes the market regions of Europe, North America, Asia Pacific, and the Rest of the World. The market region of Asia Pacific is estimated to record the highest CAGR in terms of revenue. Also, as of 2019, the Asia Pacific region dominated the market in terms of market share. The rising awareness regarding the beneficiary qualities of halal food is one of the primary factors steering the growth of the market.
The lucrative market growth opportunities are estimated to augment revenues of the market. Crescent Foods, Nestle, QL Foods SDN. BHD, Al Islami Foods., Cargill Inc., are among the prominent companies in the market.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments