Halal Food Market Valued at USD 2,545.9 Billion in 2023, Projected to Reach USD 5,243 Billion by 2030 with a 9.6% CAGR, Reports MarkNtel Advisors

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, cites MarkNtel Advisors in the recent research report. The cultural norm to only consume halal-certified food products for the Islamic belief population across the globe has been the key driver contributing to the market growth. The widespread presence of Muslim communities and Islamic cultures across the globe is sustaining the demand for halal food products all around the world. Also, the increasing immigration of Muslim communities in Western countries and their surging influence on other communities through their delicacies is growing the demand for halal food products in the market.

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In addition, the increasing halal tourism worldwide owing to growing religious travel is proliferating the demand for halal-certified food products. Muslims visiting other nations generate the demand for halal-certified stays, hotels, restaurants, etc., to suit their ethical considerations. This, in turn, increases the demand for food facilities offering halal food products. Apart from the Muslim population dominated nations like Saudi Arabia, the UAE, Malaysia, etc., other nations such as Brazil, Argentina, China, Taiwan, etc., are offering optimum requirements related to halal certification and boosting the halal tourism in their respective economies. As a result, the establishment of hotel chains, restaurants, and cafes serving halal food is generating more demand for halal food products & propelling market growth.

Moreover, the rising health concerns and awareness about animal cruelty and the environment are leading to a surging demand for plant-based halal food products globally. Consumers worldwide are grappling with one or another lifestyle disorder due to their sedentary lifestyles. Disorders like diabetes, cholesterol, etc. are prevailing across the globe, which is leading consumers to switch towards healthy and plant-based diets propelling the demand for plant-based halal food products. Also, the halal requirements of the consumers align perfectly with the plant-based considerations, which further surges the demand for plant-based halal food products.

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Additionally, the food providers launching halal-certified plant-based food are further increasing its adoption among consumers, which is proliferating the growth of the overall Global Halal Food Market. Furthermore, the increasing awareness about the cleanliness and safety of halal food products among consumers is leading them to opt for halal-certified products even for non-Muslims. The strict adherence to hygiene & sanitation while preparing halal foods brings surety to the consumer base propelling its adoption and surging overall market growth, further states the research report, "Global Halal Food Market Analysis, 2024."

Global Halal Food Market Segmentation Analysis

Meat Products Segment Expected to Hold Major Market Share

Based on type, the market is segmented into Meat Products, Dairy Products, Fruits & Vegetables, Cereals & Grains, Plant-based, and Vegan Products. Of them all, the meat products segment is poised to experience significant market share in the forecast period owing to increasing meat consumption habits among Muslims. Meat has been a staple food of the Muslim community across the globe.

Arabic & Mughlai cuisines are not only consumed by the Muslim population but also by other populations due to their flavors, blend of spices, cooking methods, etc. As a result, this has portrayed a burgeoning establishment of hospitality facilities serving such cuisines for their customers, especially in Western countries, such as the US, Canada, European Nations, etc. Additionally, halal meat and dishes prepared from meat, are considered to be an important part of the meal course during any festivities, and celebrations, apart from routine meals.

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The Middle East & Africa is Anticipated to Account for a Prominent Market Share

The Middle East & Africa have secured the largest market share in recent years and are expected to maintain this course in the forecast period as well. This is primarily due to the high Muslim population in the region, vast presence, and followers of Islamic culture. Countries such as Saudi Arabia, Egypt, the UAE, Qatar, Turkey, etc., have a high Muslim population, which creates the demand for halal-certified food products.

Moreover, major companies like Nema Halal, Al Islami Foods, etc., are present in the region and are providing innovative and new products in halal food. These companies launch new products as per the growing demand of the consumers, their ever-changing tastes & preferences, etc., to maintain their company's market share. Further, the booming hospitality sector in the region is also a significant driver of halal food products in the Middle East. Thus, with burgeoning halal tourism and high halal food demand, the Middle East & Africa region is holding a considerable share of the global market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players in the Global Halal Food Market include Cargill Inc, BRF Global, Mondelez International, Del Monte Llc, Unilever Plc, Nestlé (Malaysia) Berhad, Tyson Foods Inc, Al Islami Foods, Saffron Road, QL Resources Berhad, Garuda Foods, Haoyue Group, Kawan Food Manufacturing Sdn Bhd, American Foods Group LLC, Tahira Foods Ltd, etc. and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

What are the industry's overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
What are the trends influencing the current scenario of the market?
What key factors would propel and impede the industry across the globe?
How has the industry been evolving in terms of geography & solution adoption?
How has the competition been shaping across various regions?
How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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