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Halal Food Market, Size, Global Forecast 2024: A $4,569.69 Billion Industry by 2030 - Key Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

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Research and Markets
Fri, March 1, 2024 at 3:57 PM GMT+3:30·5 min read
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Global Halal Food Market

Global Halal Food Market
Global Halal Food Market
Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- The "Halal Food Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.

Global Halal Food Market is predicted to be valued at around US$ 4,569.69 Billion by 2030

In the past few years, halal food merchandise has gained recognition among non-Muslim and Muslim purchasers. Halal food intake can lead humans to a wholesome lifestyle and enhance human improvement. The most apparent impact that may be visible from halal food intake is regarding physical well-being. Also, halal meal intake can contribute to a healthy mind's growth.
Global Halal Food Market is anticipated to increase at a CAGR of 9.33% in the forecast period (2024 to 2030)

The increasing Muslim populace globally is significantly contributing to the marketplace's increase. Muslims are expected to incorporate over one-fourth of the global populace. With the expanded need, producers have increased their product portfolio by imparting numerous value-added halal food items, like pasta, vegetables, juice, milk, yogurt, and cheese. Further, sizeable corporations' production of halal-certified meals will boost product visibility among purchasers.

Moreover, various Islamic and non-Islamic countries are applying strict regulatory structures, which involve globally accepted standards, to attract new participants in the market. Recently, the Saudi Arabia Food and Drug Authority (SFDA) prolonged the mandatory requirement of halal certification from imported meat and meat-based goods to all imported sweets, long-service life products, frozen and chilled goods, milk and dairy products, and fats and oils.

With the increased demand for halal foods, manufacturers have extended their portfolio by establishing numerous value-added food commodities, including sandwiches, cookies, hot dogs, soups, candies, burgers, creams, and pizzas.

Thus, increasing the implementation of strict rules regarding halal foods is likely to propel market growth. Hence, the global halal food market was US$ 2,447.44 Billion in 2023.

Islam is the fastest-expanding religion, mainly in Asia Pacific, which will positively impact the demand for halal products in the area. As per an article published in China Highlights, in February 2022, about 25 million Muslims are living across China, and they are further strengthened in small groups, with Islam being the central community. The increasing awareness among Muslims regarding the necessity of consuming non-haram food because of their religious sentiments is expected to drive the market.

Meat products are estimated to have the majority share in the halal food market

By product, the global halal food market is fragmented into Meat, Poultry & Seafood, Fruits & Vegetables, Dairy Products, Cereals & Grains, Oil, Fats & Waxes, Confectionery, and Others. The meat phase is predicted to dominate the halal food industry. This is due to the increasing demand for microorganism-free meat, pushed via fitness, hygiene, and protection worries. In addition, there is a growing awareness and consideration for animal welfare and diversity, key elements driving an increase in this section.

Hypermarkets and supermarkets are major distribution channels in the halal food market

By distribution channel, the global halal food market is categorized into Hypermarkets & supermarkets, Online Stores, Convenience Stores, Specialty Stores, and Others. Supermarkets and hypermarkets have contributed to most of the halal food market percentage. The main driving forces are the growing presence and choice of supermarkets and hypermarkets.

As the global inflation rate rises, purchasers decide to shop from supermarkets, given that they can access a wider variety of options and other economic blessings, discounted charges, incentives, and a couple of offers on more recent merchandise. Moreover, several new groups launch their products in supermarkets due to a higher customer footfall, which translates to better advertising and marketing or advertising value performance.

The Muslim population in India has significant potential for growth in the halal food market

The market for halal food in India is expected to experience huge growth. This is due to the migration of humans from Muslim-ruled areas to different areas, which has contributed to a giant boom in the Muslim populace inside India. As the range of Muslims maintains to rise, so too does the demand for halal food, with this fashion predicted to remain in the foreseeable future. The hastily growing Muslim populace, coupled with their increasing purchasing power, is anticipated to drive a similar boom within the halal grocery store for the duration of the forecast period.

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