Halal Food Market to Witness an Outstanding Growth by 2024 - 2031 | Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd

Halal food market was valued at US$ 879.6 Bn in 2022, exhibiting a CAGR of 12.80%, over the forecast period (2023 to 2030) to reach US$ 2,306.2 Bn by 2030.

BURLINGAME, CALIFORNIA, UNITED STATES, June 14, 2024 /EINPresswire.com/ -- Market Overview:

The halal food market comprises products that are prepared using ingredients and methods that comply with Islamic dietary guidelines. Key products include meat, fresh food, ingredients, and other packaged food and beverages.

Market Dynamics:

The global Muslim population is increasing steadily, projected to grow at an annual rate of around 1.8% between 2010-2030. Currently, Muslims comprise around 25% of the global population. As the Muslim population grows, the demand for halal certified food and beverages is also growing significantly. Another major driver is the rising disposable incomes of Muslim communities globally. This has augmented their spending on food products that adhere to their religious beliefs and dietary requirements. With higher spend, companies have increased investments in the halal food sector to cater to this expanding consumer segment.

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Halal Food Market Drivers - Rising Muslim Population Worldwide and Expanding Halal Industry Globally

The Muslim population around the world has seen significant growth over the past few decades and is projected to continue growing at a faster rate than the non-Muslim population. By 2030, it is estimated that over 25% of the global population will be Muslim. As practicing Muslims follow halal dietary laws, this large and growing consumer base drives significant demand for certified halal foods. Many non-Muslim consumers are also increasingly interested in halal foods due to perceived health and ethical benefits compared to conventional products.

Halal Food Market Restrain - Lack of Standardization in Halal Certification Process

While the halal food industry has grown exponentially, there remains a lack of international harmonization and standardization when it comes to halal certification procedures and accreditation of certifying bodies. Different countries and even certifiers within countries follow distinct processes, guidelines and interpretations of halal requirements related to ingredients, manufacturing practices and labeling.

This variability leads to confusion amongst consumers and compliance issues for multinational food companies operating across regions. In some cases, products certified as halal in one country or market may not be accepted or allowed to be sold as such in another location due to divergent certification standards. Resolving the restrain of diverse and inconsistent halal standards through alignment around a universal framework for certification will help streamline global halal food trade and avoid compliance disputes down the line.

Halal Food Market Opportunity - Innovation in Plant-Based and Clean Label Halal Products

The growing wellness-consciousness among consumers globally, including Muslims, presents an opportunity for halal food companies to innovate new product formulations focused on health, sustainability and clean ingredients. Examples include plant-based meat alternatives, vegan sweeteners, organic snack foods and natural preservative-free products.

Leveraging technology, halal food startups and major players can develop exciting plant-centric foods that adhere to religious restrictions but address current lifestyle trends towards veganism, paleo diets and low sugar options. Emphasis on upcycled native ingredients and minimal processing will attract environment-conscious youth. Strategic tie-ups with prominent chef-inspired halal food trucks and cafes will gain visibility for novel premium offerings among millennials. Innovation anchored on ethics and well-being thus holds promise to energize and expand the halal food market.

Top Companies Included in This Report:

★ Cargill Inc.
★ Al Islami Foods
★ QL Resources Sdn Bhd
★ Haoyue Group
★ Kawan Food Berhad
★ BRF S.A.
★ Saffron Road Food

Market Segmentation:

Based on Product Type:

★ By Product Type: Dairy Products, Meat Products, Grain Products, Vegan Products, Others
★ By Distribution Channel: Hypermarkets, Supermarkets, Online Stores, Speciality Stores, Convenience Stores, Others

Key Regions/Countries Classified as Follows:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Latest Trends in the Navigation Halal Food Market:

Surging Demand: Witness a rising demand for navigation Halal Food owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.

Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Halal Food, encompassing real-time traffic updates, 3D mapping, and augmented reality.
Tailored Solutions for Diverse Industries: Companies are tailoring navigation Halal Food solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.

Fusion with Emerging Technologies: Observe the integration of navigation Halal Food with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.

Rise of Mobile Applications: Experience the proliferation of navigation Halal Food in the form of mobile applications, offering enhanced convenience and accessibility to users.

Emphasis on Environmental Sustainability: Witness the development of navigation Halal Food systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.

Report Highlights:

Evaluation of Navigation Halal Food Market Share at Country and Regional Levels.
Strategic Landscape Analysis, Highlighting Key Trends.
Examination of Navigation Halal Food Market Trends, Including Product and Technological Insights, Drivers and Constraints, and PORTER’s Five Forces Analysis.
Strategic Recommendations for Key Business Segments Based on Market Assessments.
Guidance Tailored for New Entrants.
Market Forecasts for All Identified Segments, Sub-segments, and Regional Markets in the Navigation Halal Food Sector.
Frequently Asked Questions (FAQs) for Global Navigation Halal Food Market Research:
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