The global halal food and beverages market size was USD 1.96 trillion in 2020. The market is projected to grow from USD 2.09 trillion in 2021 to USD 3.27 trillion by 2028, exhibiting a CAGR of 6.56% during the forecast period of 2021-2028.
Fortune Business Insights™ provides this information in its report, titled, “Halal Food and Beverages Market, 2021-2028.”
According to our researchers, the demand for halal food and beverages has significantly increased due to the growing Islamic population around the world as well as growing consumer concerns about food safety, superiority, and animal cruelty. Furthermore, it is anticipated that in the upcoming years, the ever-expanding distribution network and the evaluation of client purchasing configurations would further propel the global market.
Information Source: https://www.fortunebusinessinsights.com/halal-food-and-beverages-market-106186
Commotion in Supply Chain to Hinder Market Growth amid COVID-19 Crisis
The initial months of the COVID-19 outbreak have disrupted every phase of the halal food and beverage industry’s supply chain cycle. Leading manufacturers in both Islamic and non-Islamic countries reported a reduction in workers, which had a significant effect on their capacity to produce. The industry was also negatively impacted by the strike in demand for retail goods including pre-cooked and ready-to-eat beef items.
In the near future, the halal food and beverage market is expected to develop due to the positive trend in consumers’ preferences for halal products because of their excellence and welfare.
Report Coverage
We have used a novel research strategy that combines top-down and bottom-up methodologies with statistical triangulation. Our experts conducted extensive primary research to confirm the industry’s anticipated size for halal food and beverages. The information that is used to illustrate the shares for several national, regional, and international segments is taken from in-depth interviews with different stakeholders. In addition, our analysts have obtained material from industry publications, SEC filings, paid databases, and numerous other sources of a similar nature.
Segmentation
By Product, the global market is segregated into meat, poultry & seafood, dairy products, cereal & grain-based products, non-dairy beverages, fruits, vegetables & nuts. By distribution channel, the market is divided into traditional retailers, supermarkets/hypermarkets, online retail, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa
Drivers and Restraints
Increasing Islamic Population & Moving Customer Responsiveness to Fuel Market Growth
The fastest-growing religion in the world is Islam, which has a positive effect on the demand for halal food and drink items worldwide. According to the most recent data released by the Saudi Arabian government, Muslims make up around 28.26% of the world’s population.
Furthermore, the growing global industry is primarily driven by Muslims’ growing awareness of the necessity and inevitability of consuming only halal food. Furthermore, it is projected that the Islamic population’s rising disposable income levels will fuel market expansion in the years to come.
Regional Insights
In 2020, the market share of halal food and drinks was highest in Asia Pacific, with a valuation of USD 1.20 trillion. The Asia Pacific region is home to the majority of Muslims because it contains the four countries with the greatest Muslim populations: Bangladesh, India, Indonesia, and Pakistan.
Due to the growing per capita income and predominantly Muslim client base, the Middle East and Africa have enormous potential for market expansion.
The market is expanding significantly throughout Europe. It is predicted that rising Muslim population and expanding flexible incomes will increase demand for halal goods.
Competitive Landscape
The big players, like Unilever, Cargill, Inc., and Nestle S.A., are obsessed with new product innovations, partnerships, and acquisitions to connect with the market. The emergence of small businesses in this industry significantly contributes to the competitiveness that exists there, which positively impacts the industry’s expansion
Industry Development
- January 2021: Koita, a UAE-based milk company, has declared that it has received Halal authorization for its goods and is set to magnify its business across the Asia Pacific region.
List of Key Players Covered in the Market
- Cargill, Inc. (Minnesota, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- American Foods Group, LLC (Wisconsin, U.S.)
- Unilever (London, U.K.)
- BRF S.A. (State of São Paulo, Brazil)
- Saffron Road (Connecticut, U.S.)
- Tahira Foods Ltd. (London, U.K.)
- Al Islami Foods (Dubai, UAE)
- QL Foods Sdn Bhd (Perak, Malaysia)
- DagangHalal Group (Kuala Lumpur, Malaysia)
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