Global Halal Food Market to Reach USD 7.54 trillion by 2032, Aided by the Rising Muslim Population

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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Market Breakup by Product, Distribution Channel, End Use, and Region:

• On the basis of product, the market can be divided into meat, poultry and seafood, fruits and vegetables, dairy products, cereals and grains, oil, fats, and waxes, and confectionery, among others. 

• Based on distribution channel, the market has been categorised into traditional retailers, supermarkets and hypermarkets, and online, among others.

• By end-use, the market can be bifurcated into household and food service sectors.

• Region-wise, the global market for halal food can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising awareness of the product among consumers and manufacturers is aiding the market growth.

• The increasing purchasing power and the rising middle-class population is bolstering the growth of the market.

• The halal food industry is being catalysed by the implementation of favourable regulations in Islamic and non-Islamic countries regarding halal-certification.

• The rising online retail platforms are expected to provide a further impetus to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for halal food for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for products, distribution channels, end uses, and regional markets of halal food.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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