(Food-Beverage-News.Com, July 10, 2024 ) Pune, 09, July 2024: The Global Halal Foods Market Size Was Valued at USD 2447.44 Billion in 2023, and is Projected to Reach USD 4985.09 Billion by 2032, Growing at a CAGR of 9.3% From 2024-2032.
Halal, from Arabic meaning "permissible," denotes regulations in Islam, especially for food and beverages. Halal meat certification requires strict slaughter guidelines; otherwise, it is "haram" or forbidden. Prohibitions include alcohol, blood, pork, pig by-products, animals not slaughtered in Allah's name, and those deceased before slaughtering. Halal food undergoes meticulous packaging and storage with strict utensil cleanliness guidelines.
The growing Muslim population has expanded the halal industry beyond food into travel, hotel services, and fashion, aligning with global ethical consumption trends. This sector is poised for growth due to rising sustainability, environmental, and animal welfare concerns. Key importers, like Saudi Arabia, Malaysia, and the UAE, demand halal food, with Brazil, Australia, and India leading in exports, particularly beef, underscoring their pivotal roles in the global halal market.
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The rise in consumer expenditure on halal food is driven by the growing global Muslim population and shifting consumer attitudes towards ethical and sustainable consumption. As more people adhere to Islamic dietary principles, demand for halal-certified products increases, appealing to both Muslim and non-Muslim consumers.
The globalization of markets and improved accessibility have made diverse halal food options more available, catering to a broader audience. Additionally, the demand for convenience and ready-to-eat halal products has surged due to modern, fast-paced lifestyles. Halal food producers can capitalize on this trend by offering pre-packaged meals, snacks, and on-the-go options. The symbiotic growth of the Ready-To-Eat (RTE) market and the halal food market highlights the alignment of consumer preferences for convenience with adherence to Islamic dietary requirements.
The Asia Pacific region dominates the halal food market due to its large Muslim population in countries like Indonesia, Malaysia, and Pakistan, which drives significant demand for halal products in adherence to Islamic dietary laws. Economic growth and increased disposable income in the region also play crucial roles, enabling consumers, especially in urban areas, to spend more on high-quality halal products. Additionally, the rising awareness of halal food standards among consumers is boosting market growth, leading to a broader range of halal product preferences. While meat, poultry, and seafood remain key categories, there is a growing demand for other halal-certified products, such as dairy and fruits and vegetables.
Halal Foods Market Segment Analysis
By Type
Halal Food
Halal Drinks
Halal Supplements
The dominance of the Halal Food segment in the market is attributed to the increasing global preference for Halal-certified products. As the Muslim population expands and consumers, both within and outside Muslim-majority regions, become more conscious of dietary choices, the demand for Halal Food experiences substantial growth. Halal Food encompasses a wide range of products, from staple items like meat and poultry to processed and packaged foods, appealing to diverse consumer preferences. The dominance of the Halal Food segment is also driven by ongoing efforts in diversification and innovation within the industry. Companies are actively expanding their product offerings, introducing new and innovative Halal food products to meet the evolving tastes and preferences of consumers.
Introspective Market Research, a Food and Beverages industry research firm, has released the following reports:
Clean Meat Market: The Clean Meat Market Size Was Valued at USD 19.99 Million in 2023 and is Projected to Reach USD 77.81 Million by 2032, Growing at a CAGR of 16.3% From 2024-2032.
Meat Snacks Market: The Global Meat Snacks Market size is expected to grow from USD 4.22 billion in 2023 to USD 8.87 billion by 2032, at a CAGR of 8.6% during the forecast period (2024-2032).
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