- Market Performance
- Porter’s Five Forces Analysis
- Market Outlook
- Value Chain
- SWOT Analysis
- Competitive Structure
- Profiles of Key Players
According to the latest report by IMARC Group, titled “Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global halal food market reached a value of US$ 1.6 Trillion in 2018. Looking forward, the global halal food market size is anticipated to reach a value of US$ 2.9 Trillion by 2024, expanding at a CAGR of nearly 11% during 2019-2024.
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Halal food refers to the food items that are produced or prepared by strictly adhering to Islamic dietary law. Meat and poultry are considered halal only if the animals are slaughtered by designated people who follow a specific set of practices. Halal food contains grain products such as rice, pasta, bread, cereals and baked products that are prepared without ingredients like alcohol, animal shortening, vanilla extract or lard. However, certain food products such as aquatic animals, carnivorous animals, pork or by-products of pork are not permissible for consumption according to the law.
The halal food market has been witnessing a healthy growth rate over the past few years. The increasing Muslim population and their rising expenditure on food and beverages are the factors driving the market growth. Furthermore, the definition of halal foods has transformed over the years. Halal foods are now widely incorporated in the daily diet as they are considered to be hygienic and offer several health benefits. Consequently, they now cater to the diverse tastes of both the Muslim and non-Muslim population across the globe. Other factors driving the market growth include rising disposable income, improved living standards and aggressive promotional activities by the manufactures.
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Key Market Segmentation:
Market Breakup by Product:
1. Meat, Poultry & Seafood
2. Fruits & Vegetables
3. Dairy Products
4. Cereals & Grains
5. Oil, Fats & Waxes
Market Breakup by Distribution Channel:
1. Traditional Retailers
2. Supermarkets & Hypermarkets
Market Breakup by Region:
1. Asia Pacific
2. Middle East & Africa
4. North America
5. Latin America
The competitive landscape of the market has also been analyzed in the report with some of the major players operating in the market being QL Foods, Al Islami Foods, Dagang Halal, Saffron Road Food, Kawan Foods, Janan Meat, Prima Agri-Products, Cargill, BRF, Nestle, Tahira Food and Al-Falah Halal Foods.
Key highlights of the report:
1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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