Halal Food Market Introduction:
There has been tremendous demand for halal food products in the recent past years due to diverse tastes and interests of Muslim population residing across the globe. However, with this comes the religious beliefs of Muslims and requirement to certify these products as per Islamic laws. Halal is an Arabic term meaning “lawful “ and halal food products must adhere the standards and any food or beverages products meeting Muslim standards are considered as halal. Halal certified food products include, halal foie gras, spring rolls, chicken nuggets, ravioli, lasagna, pizza, and baby food. A common example of non halal food product is pork. With continuous rise in the global population demand for convenience food is also increasing at a rapid pace. Rising living standards, improved lifestyle and increasing disposable incomes across the globe are the key factors which are accelerating the global halal food market in the near future. The global halal food market is expected to witness considerable growth in the near future attributable to growing demand for food supplements as a result of increasing number of population with malnutrition.
Halal Food Market Segmentation:
The global halal food market is segmented by product type, by sales channels and by region. By product type the global halal food market is segmented into, cereal based food products, fruits and vegetables, milk and dairy products and meat, poultry and seafood products. The cereal based food products covers, rice, pastas and all other grains which are halal certified. The fruits and vegetable segment can be further sub-segmented into, canned fruits and vegetables, frozen fruits and vegetable products, raw fruits and vegetables products and others. Halal food products are prepared as per Islamic laws and are free of any pork products, alcohol and other ingredients which is creating immense demand for such products across the globe. Furthermore, the milk and dairy products segment is sub-segmented into, cheese, yogurt, ice-cream and desserts, and other segments. All these products are made with bacterial cultures but without animal rennet. By sales channel the global halal food products market is segmented into, supermarkets and hypermarkets, convenience stores, specialty stores, e-Commerce and other retail formats.
Halal Food Market Regional Outlook:
On the basis of region the global Halal Food market is segmented into, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and Middle East and Africa. North America and Western Europe are expected to account for significant revenue shares in the global halal food market over the forecast period mainly attributed to changing lifestyle, increasing demand for value added food products and increasing purchasing power of consumers who live in North America region such as the US, and in Europe region. The global halal food market across these regions is also expected to rise due to increasing per capita expenditure on food products and increasing number of Muslim population. The demand for halal food products is high across the Islamic countries such as, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman, and Qatar due to religious norms which is expected to result in significant revenue generation across the Middle East and African region.
Halal Food Market Drivers and Trends
The global halal food market growth is mainly attributable to rapidly increasing Muslim population who demand for a global halal certification of food products. The global halal food market is expected to witness significant growth across Russian and China market. The growth of halal food across these countries is mainly attributed to rapidly increasing meat products consuming population. To cite an example, in 2011, in Russia, 65,000 tons of halal meat was produced. Increasing efforts by organizations to raise awareness with respect to the market growth of halal industry through events and trade fairs is also expected to contribute towards market growth of halal foods in the near future. Establishment of halal food standard in china will further propel the halal food market across the Asia pacific region over the forecast period. The global halal food market is impacted due to low purchasing power of Muslim population, especially those belonging to countries including, Sub-Saharan countries and Asia countries such as Indonesia, India, and Pakistan. The market for halal food is also impacted due to unavailability of any specific halal standards and the lack of unified regulation across the MEA.
Halal Food Market Key Players:
Some of the key players offering Halal Food include; Al-Falah Halal Foods, Al Islami Foods, QL Foods, Nestlé, Saffron Road Food, Beijing Shunxin Agriculture, Prima Agri-Products, Jingyitai Halal Food, Prima Agri-Products and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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