Global Halal Food Market
This report covers the present scenario and the growth prospects of the Global Halal Food market for the period 2012-2016. To calculate the market size, the report considers revenue generated from sales of various Halal food products, which include livestock and processed food. It also presents the vendor landscape and a corresponding detailed analysis of the top four vendors in the market. In addition, the report discusses the major drivers that influence the growth of the Global Halal Food market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends that are emerging in the market.
Halal is an Arabic term which means “permissible” or “lawful”. The opposite of Halal is Haram, which means “prohibited” or “unlawful”. These are terms that each Muslim needs to consider in all facets of his/her life such as banking, clothes, and food.
Nowadays, Halal and Haram hold a universal meaning and are popularly used in relation with hygienic and high-quality food products, meat products, cosmetics, personal care products, leather goods, and food ingredients. Though Halal foods were initially prepared for Muslims, they are currently consumed globally by people of all religions and ethnic backgrounds as they are recognized for their safety, hygiene, and ethical quality, and this factor is driving the Global Halal Food market.
Currently, the Global Halal Food market is witnessing steady growth. The market was led by the APAC region in 2012, with Malaysia and Thailand being its major contributors. The MEA region was the second largest contributor to the market and it was followed by Europe and the Americas. Carrefour S.A., McDonalds Corp., Nestlé S.A., and Yum! Brands Inc. are the major players in this market. The Global Halal Food market is expected to grow at a CAGR of 4.44 percent during the period 2012-2016.
The growth of the Global Halal Food market is supported by several drivers. One of the major drivers in the market is the increase in the Muslim population. With the increase in the Muslim population, the consumption of Halal food has also increased as Muslims are the potential and primary consumers. The majority of the demand for Halal food comes from the APAC region as this region is densely populated with Muslims. Another major factor driving the growth of the market is the increased awareness among consumers about Halal food.
Although the Global Halal Food market has numerous drivers, it is confronted by some growth inhibitors. The major challenge faced by the market is the certification of products by authentic bodies. Certification issues are generally noticed in products exported by local markets. As a result of this certification issue, consumers may lose confidence in the product’s Halal status and stop buying it. Maintaining the integrity of Halal food products is another major challenge in the Global Halal Food market.
Despite the challenges, the Global Halal Food market is witnessing significant growth. This is primarily because of the presence of several trends emerging in the market. A major trend being witnessed in this market is the increased potential in non-Muslim countries. Since their initial development in regions populated by Muslims, Halal food products have drawn significant contributions from non-Muslim economies. They are now internationally recognized and accepted as safe and hygienic food products by all communities, which is boosting the growth of Halal food products. Another major trend emerging in the market is the growth prospects of ecommerce. Thus, the future of the Global Halal Food market is expected to be promising during the forecast period because of the presence of several drivers and trends emerging in the market.
Global Halal Food Market
The Global Halal Food market includes all food products and beverages that are permissible by Islam. Halal foods are beef and poultry products that are Halal-certified or are from a Halalcertified slaughterhouse, and the major markets for these food products are primarily Islamic countries. However, Halal foods are currently in high demand in other countries as they are considered fresher and more hygienic. They are also considered better for the health because of the limited presence of harmful chemical derivatives in the food and the proper food processing methods used in their preparation.
Market Size and Forecast
The Global Halal Food market was valued at US$697.52 billion in 2012 and is expected to reach US$829.74 billion by 2016, growing at a CAGR of 4.44 percent.
The Global Halal Food market is expected to witness steady growth during the forecast period. The market for Halal food products is expanding, and their demand and the range of new varieties and products being offered are increasing. Furthermore, an increase in the demand for healthy and fresh food among the non-Muslim population is expected to support the growth of the Global Halal Food market during the forecast period. Additionally, the demand is expected to grow in the APAC region and the MEA region due to the increase in the Muslim population and the increase in the disposable income in these regions.
Global Halal Food Market 2012-2016 (US$ billion)
In addition, the perception of Halal food has spread beyond religious choice. Hence, it is enticing customers who are environmentally aware and health-conscious and those who follow a vegetarian diet. Furthermore, the Halal process is perceived to be a gentler and more organic way of processing meat; therefore, this creates a perception in consumers that the product is also of better quality, safer, and more hygienic. In addition to the Islamic population, the consumption of Halal food products is increasing in the non-Islamic regions because of consumer awareness about their hygiene, freshness, and low levels of toxins. For instance, in the UK, Halal meat makes up over 12 percent of the overall meat sales although the Muslim population only accounts for just over 3 percent of the UK population.