Halal Food Market Overview:
Today, a universal conception of halal food is that it is clean, fresh and a healthier production. Traditionally though, this was a concept of the Islamic Law and referred to being free of swine and alcohol. This has evolved to be accepted by one and all and consumers today, who know their money’s worth demand for halal foods and beverages only. A very pertinent example of a non-halal product is the pork. A major contributor to this trend is the substantial affect of the increasing Islamic population, which is expected to increase from the current 23% to 30% by 2030. It is to be noted, that halal no longer concerns only meat but also applies to cereals, fruits and vegetables and milk and its products amongst many more.
Halal Food Market was valued at USD xx million in 2017 and projected to reach USD xx million by 2022 growing at a CAGR of xx% during the forecast period 2017 to 2022.
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A confusing standard set to determine halal standards has caused the organizations to be cautious before entering this industry. Government and linked enterprises, private organizations and other independent Halal certification bodies have all different standards that inhibit the entry of newer players into the market. They also keep changing the standards often that further causes regulatory issues. However, manufacturers are still trying to incorporate change from raw material, product development to finished product packaging, marketing and spreading the benefits of consuming these products.
Halal Food Market Drivers and Restraints:
Because of growing food adulteration and food-borne diseases on a rise, stakeholders are willing to invest in the betterment of providing better food. Because the investment is no longer confined to just the food items, but also includes the storage, packaging, handling, transportation and delivery, a substantial investment is required for the same. Similarly, consumers are willing to go an extra mile for that ‘halal’ cut in lieu of better health albeit for a little extra price. Milk and milk products, beverages like carbonated drinks, processed juices are all under the radar for providing halal products eventually. The market is thus believed to continue momentum across the global landscape.
Halal Food Market Geographic Segmentation:
Geographically the Halal Food Market is segmented into North America, Asia Pacific, Europe, Middle East and Africa and South America. Among these regions, Asia Pacific is expected to dominate the market because this region accounts for the largest muslim population in the world. Pakistan, India, Indonesia, Bangladesh, Myanamar and Morocco are the leading counries for Halal Food Market.
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Halal Food Market Key Players:
The global halal food and beverage industry is segmented with companies like Allanasons Pvt, Tangshan Falide Muslim Food, Kawan Foods, Namet Gida, Midamar, Cargill, Arman Group, Banvit Meat and Poultry, Isla Delice, Al Islami Foods, Casino, BRF, QL Foods, Halal-ash, Nestle, Kellogg, Coca-Cola operating across the world map. Nestle alone constitutes 35% of the halal food aggregate.
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