Halal Food Market Research Report: Market valued at USD 5,243 billion by 2030 With a CAGR of 9.6%- MarkNtel Advisors
Introduction
The worldwide halal food market—demand led by Muslims and non-Muslims who are seeing is expected to be a monumental driver for the sector. Another dimension of the Halal food, which will serve as a motive for others to adopt this product sitting at the side under religious obligation is its identification with quality and hygienic standards that enlists credibility contained in Islamic dimension In this blog, we explore the in-depth key findings of Halal Food Market Research Report and also looking at trends growth drivers challenges & opportunities which forecast to year [2024–2030], with some key data interpretations.
Market Overview
The Global Halal Food Market size was valued at USD 2,545.9 billion in 2023 and is projected to reach USD 5,243 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 9.6% during the forecast period, i.e., 2024-30. The market growth imputes to the rising Muslim population across the globe. Moreover, the significant surge of the Muslim population in Western countries, such as the US, Canada, and different European countries is further creating the demand for halal-certified food products across the globe.
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Halal Food Market Dynamics
A Vast Hidden Halal Food Market Opportunity!
Acting Awareness among the Consumers Regarding Animal Cruelty & Sustainability- This factor has resulted a lots of plant-base food products, it is driving by escalating health consciousness across the globe which in turn is increasing Demand for Plant-based Halal Certified Food Products. Increasing prevalence of lifestyle diseases such as diabetes, cholesterol and various others has led consumers to adopt a vegan or plant-based diet which contain minimum fat/oil. With global health consciousness on the rise, consumers are increasingly selecting halal plant-based substitutes.
This is due to the inevitable dual ethical qualities of veganism and plant-based diets that harmonize perfectly with halal certifications spiking consumer demand for halal certified vegan replacements. This is driving purchasing demand for the development of plant-based meats with excellent taste and texture. This means that different food businesses and restaurants are developing a range of halal-certified plant-based products to meet the demands of stricter Muslim palates.
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Halal Food Market Trend:
Blockchain Technology Integrated Halal Certification Systems to Surge — Increasing demand for traceability and transparency of item among people is encouraging halal food manufacturers & processors in including blockchain technology. With blockchain technology, consumers can learn about the food they are eating and all there is to know: where it comes from, how was processed or who put together ingredients. The technology has been largely embraced by halal food mart providers, resulting from enhanced consumer familiarity with their own product of Halal foods.
Regional Insights
Growth of Halal Food Market by Region:
- North America
- South America
- Europe
- The Middle East (ME) and Africa
- Asia-Pacific
Geographically, the Middle East & Africa is anticipated to hold a considerable market share during the forecast period. The market dominance of the region is attributed primarily to the high presence of the Islamic population across the regional countries. The countries in the region, are a part of the Arab World, which is known for its origin and hub of the Islamic culture. As a result, an increasing demand for halal-certified food products that suit the region’s dietary preferences and cultural norms is witnessed.
Halal Food Market (2024-30): Segmentation Analysis
MarkNtel Advisors estimated in their Global Halal Food Market study, that the major trends & influencing factors are evaluated to identify each segment as well and they predict a GTIF outlook for 2024–2030.
By Product Type
- Meat Products- Market Size & Forecast 2019-2030, (USD Million)
- Dairy Products- Market Size & Forecast 2019-2030, (USD Million)
- Fruits & Vegetables- Market Size & Forecast 2019-2030, (USD Million)
- Cereals & Grains- Market Size & Forecast 2019-2030, (USD Million)
- Plant-based & Vegan Products- Market Size & Forecast 2019-2030, (USD Million)
- Others (Confectionary, Oils, Fats, etc.) - Market Size & Forecast 2019-2030, (USD Million)
By Distribution Channel
- Offline- Market Size & Forecast 2019-2030, (USD Million)
- Online- Market Size & Forecast 2019-2030, (USD Million)
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Future Outlook
Unprecedented growth in the Halal food market will be maintained during the forecast period, supported by changing demographics and consumer awareness along with rising access to eCommerce. Companies with an add-to-this and that approach to product innovation, certification transparency, and sustainability will win the lion's share of market. Last but not least, collaboration between halal certification bodies to uniform practices worldwide will be crucial in tackling regulatory hurdles and building consumer confidence.
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