Global Halal Food & Beverage Market Research Report, 2027

The global halal food and beverages market is one of the fastest emerging consumer markets in the world. Not just in Islamic countries, but even minority Non-Islamic countries are seeing growth in the halal market. In the research report prepared by Actual Market Research titled- Global Halal Foods and Beverages Market Research Report, 2027, a study has been presented discussing various intricacies of the halal food and beverages market backing with sufficient data points to support qualitative judgments. According to the report, the market was valued around USD 1690 Billion which is anticipated to cross over USD 2500 Billion during the forecast period. Further, the market is projected to grow with more than 7% CAGR for 2022-2027. One major driver for this growth is the rapidly growing Muslim population which is also the fastest-growing religion in the world. However, it is interesting that halal food and beverages products is not only demanded by Muslim consumers but is also gaining popularity among Non-Muslim consumer. As demographic trends play an important role in influencing consumption demand of halal products, it is no surprise that the Asia Pacific and Middle East Africa region combined contribute about 90% of the global halal food and beverages market share and Latin America being having the lowest market share of all. As more and more consumers are demanding halal labeled food, the halal food industry has itself diversified into new product line. The halal meat, poultry and seafood have traditional relevance and account for the majority of halal foods and beverages market sales. However, the fastest growing product category that has been observed worldwide are halal products in the form of bakery, confectionery and other products which are growing at more than 9% CAGR. Other interesting pattern that has been observed during the research is that, in major Islamic regions such as Asia Pacific and Middle East and Africa, traditional retail channels drive the sales for halal foods and beverages market whereas in other regions such as North America, Europe and Latin America have supermarkets and hypermarkets as major sales channels for the halal market. In Non- Islamic countries, the halal market is not deeply penetrated and therefore don’t find shelf space in local convenience stores. Big box retailers in form of supermarkets and hypermarkets cater to customers by serving large verities of products. However, globally, of all sales channels, online sales channels show an unparallel and promising growth. The major players driving the halal foods and beverages market are Al Islami Foods Co., QL Foods SdnBhd, Saffron Road, Dagandhalal Group, Janan Meat Ltd, Kawan Foods Berhad, Cargill, Prima-Agri Products, Nestle SA, BRF SA, Al-Falah Halal Foods Ltd. and Tahira Foods Ltd. Governments of the Islamic, as well as the non-Islamic nations and the manufacturers of halal-certified food products, have been taking various initiatives in terms of marketing & educating consumers about these products. The confidence of consumers in halal brands has been the most influential factor in the actual purchase of these products. According to an article published in Salam Gateway, in November 2020 Egypt's council of ministers introduced the 'Halal in Egypt' mark for Egyptian halal exports, while the Philippines' Department of Trade and Industry (DTI) also launched an official national logo. Further, meat & alternatives held the largest segment in 2021 and are expected to maintain dominance over the forecast period. Halal meat has always been a remarkable business segment. For instance, in October 2019, Indonesia made halal certification mandatory for halal food products and established the halal products certification agency, Badan Penyelenggara Jaminan Produk Halal (BPJPH). Owing to the formation of these types of organizational figures the industry participants have been successful to a great extent in building consumer trust and pushing penetration of the product category to even higher levels. There is rising interest among consumers in consuming organic and natural food and beverage products, representing a strong adjacent market for halal food products to address. Halal beverages are expected to be increasingly available in western-style grocery stores, including supermarkets and hypermarket chains. In many countries, supermarkets and food producers have started reaching out to Muslim consumers by offering a wider selection of halal beverage products. The global Muslim population is increasing, and so is the demand for food products that are halal certified. The expenditure on food products from Muslim countries across the globe has registered substantial growth in the past couple of years, strongly accelerating the halal food and beverage products market. The halal food and beverage sector has grown globally in recent years. The number of Muslim expatriates has increased in recent years, which have led to a distributed demand for halal food and beverage from different parts of the world. According to the world population review, Indonesia catered to the highest Muslim population in 2021. Additionally, most Muslims demand halal certification to meet the increased need for quality assurance. Also, multinational food producers across the world continue to get the halal certification, indicating the sector's broader viability, from Haribo candy to Nestle, to Saudi Arabia's Savola Group. This helps the companies gain the concerned population's trust, leading to further market growth. Slaughtered halal animals undergo two health checks, as compared to the single inspection performed on other conventional animals. Besides this, several Islamic and non-Islamic countries are implementing stringent regulatory frameworks, which consist of globally accepted standards, to attract novel entrants in the market. Recently, in October 2019, the Government of Indonesia introduced mandatory halal labeling and certification rules, owing to which consumers nowadays prefer halal food. With an increase in the demand, manufactures have widened their product portfolio by introducing several value-added food items, including hot dogs, soups, candies, burgers, sandwiches, cookies, creams and pizzas. On the other hand, technological advancements in halal food items are key trends gaining popularity in the Halal market. With the increasing demand for halal foods, halal laboratories are actively engaged in the food safety, analysis of food products for maintaining quality standards to detect the presence of porcine material or alcohol, blockchain, and the Internet of things (IoT) are the technological advancements that strengthen the market. For instance, in July 2019, Trace Labs, a Hong Kong-based tech startup and OneAgrix, a Singapore-based online business to business marketplace for halal products, launched blockchain based halal certification system. Blockchain platform offers transparency in the halal economy and allows to trace the origin of halal food products. Recent Developments 1. In January 2021, Agthia Group, a UAE-based food, and beverage company acquired an 80% stake in Nabil Foods for an undisclosed amount. Through this acquisition, Agitha has immediate access to new revenue streams and significant cross-selling opportunities to support its growth strategy. Nabil Foods is a Jordan-based manufacturer and distributor of a wide range of frozen and chilled 100% halal products – from chicken shawarma sandwiches to kubbeh balls. 2. In 2021, Crescent Foods, an American pioneer brand providing halal meat and poultry products, launched its new hand-cut halal service through a turnkey foodservice program with different colleges and universities in the United States. 3. In 2020, deenary.com, an online marketplace, was launched for halal products in Italy. This platform was the first of its kind for all European Muslims. 4. In 2020, Koita, the United Arab Emirates-based milk company, received halal certification for all its products from World Halal Authority (WHA), which helped it expand in the Asian market. Covid-19 Impacts: The disruption of the halal food and beverage industry’s supply chains due to the swift spread of COVID-19 have affected the market growth. The leading manufacturers in Islamic and non-Islamic countries experienced a reduction in labor, which significantly affected the production capability. Furthermore, the slowdown in demand for retail products such as pre-cooked and ready-to-eat meat products negatively influenced the industry. However, the rising concerns related to immunity increased the demand for health improving products to maintain immunity. Consumers’ inclination towards healthy, nutritious, and safer products is rising. The positive evolution of consumers’ preferences towards safe and quality halal products is expected to boost this industry in the upcoming years. Major Companies Present In the Market Al Islami Foods Co., QL Foods Sdn Bhd, Saffron Road, Midamar Corporation, Unilever, Kawan Foods Berhad, Cargill, Prima Agro-Products, Nestle S.A., BRF S.A., Al-Falah Halal Foods Ltd, Tahira Foods Ltd., American Foods Group Considered In the Report • Geography: Global • Historical year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027 Regions and Countries covered: • North America (USA, Canada, Mexico,) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia,) • Asia-Pacific (China, Pakistan, India, Indonesia, Bangladesh,) • South America (Brazil, Argentina,) • Middle East & Africa (UAE, Saudi Arabia, Qatar, South Africa, Turkry) Aspects Covered In the Report • Market Size By Value for the historic time period (2016-2021) • Market Size By Value for the forecast time period (2022-2027) • Market Share by Product (Halal Meat, Poultry & Seafood, Halal Milk & Milk Products, Halal Fruits & Vegetables, Halal Grain Products, Beverage Products, Others) • Market Share by Sales Channel (Hyper Market/ Supermarket, Traditional Retail, Online, Others) • Market Share by Country (2016, 2021 & 2027F) The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the halal food & beverage industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.