Halal food market: increased health spending
The global market for halal foods is growing rapidly, owing to the increase in the Muslim population and the increase in the number of people who consume these foods for non-religious reasons. US sales of the overall halal food market in recent years have increased to US $ 20 billion in 2016, an increase of 15.0% since 2012. This trend is also expected to continue in the near future.
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The increase in the Muslim population is expected to propel the growth of the global halal food market during the forecast period. For example, according to the Pew Research Center, the number of Muslims in the Asia-Pacific region is expected to grow from around 1 billion in 2010 to around 1.3 billion in 2030. Additionally, the launch of halal meat products in herbal is also expected to help market growth. For example, in October 2020, the Ministry of Finance and Economy of the Government of Brunei launched Plantasti, the world’s first Halal plant-based meat “Ready to Eat Meal”.
Uniform standards for halal products are expected to provide lucrative growth opportunities for players in the global halal food market. For example, in November 2020, the 8th meeting of the Multilateral Recognition Arrangement Committee (MRAC) of the International Halal Accreditation Forum (IHAF) called for the unification of halal criteria. In addition, initiatives to boost exports of halal products are also expected to contribute to the growth of the market. For example, in February 2020, Malaysia’s halal promotion agency, Halal Development Corporation, signed a memorandum of understanding with Acrosx Japan Inc. to boost exports of halal products to Japan.
Among the regions, Asia-Pacific is expected to experience significant growth in the halal food market, due to the strict halal laws. For example, in October 2019, the Indonesian law on halal products entered into force. Many consumer products and related services that enter and are marketed in the country must now be Halal certified, while some products and services will have until 2022 to comply.
The Middle East is also expected to experience significant growth in the halal food market, owing to the growing number of halal food and product centers. For example, in July 2018, the Food and Drugs Authority (SFDA) of Saudi Arabia announced plans to launch the world’s largest center for halal foods and products including meat, poultry, other food products. , cosmetics, drugs and medical devices.
Global Halal Food Market, By Product Type:
Global Halal Food Market, By Distribution Channel:
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The major players operating in the global halal food market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF SA and Saffron Road Food.
April 2018: Al Islami Foods announced that Mitsubishi Corporation has acquired a minority stake in the UAE-based halal food maker.
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