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The halal food industry is being driven by the rising meat consumption among the growing global Muslim population. The growth is supported by the rising per capita incomes of the consumers and the adoption of halal certified foods by major food and beverages companies. With leading fast-food chains like KFC and McDonald’s (NYSE: MCD) offering halal options in a significant proportion of their branches, the market is expected to receive a further boost. In the coming years, the market is expected to be catalysed by the rising penetration and expansion of e-retail companies, especially in the emerging economies, as they extensively stock halal-certified products. Thus, the market is expected to be significantly influenced by the expansion of its distribution channels beyond traditional retailers, specialising in halal food.
The Asia Pacific region in currently providing extensive growth opportunities for the halal food industry. The industry in the region is being primarily supported by the presence of an expansive Muslim population. Countries like Indonesia, Pakistan, and Bangladesh are expected to be the key markets for halal food in the region. The market in these countries is being bolstered by the rising implementation of regulations pertaining to halal certification and labelling. In October 2020, Indonesia adopted the Halal Product Law, under which all consumer and related products that enter or are being traded in the country must have a Halal-certification. Since the first phase of the law is focused on food and beverages, the halal food industry is expected to receive a significant boost in the country.
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The major players in the global halal food market are Al Islami Foods, QL Foods Sdn Bhd, Nestlé S.A, DagangHalal Sdn. Bhd., Cargill Inc., and Tahira Foods Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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