Global Halal Food Market to Reach US$ 2.9 Trillion by 2024 – IMARC Group

Global Halal Food Market to Reach US$ 2.9 Trillion by 2024 - IMARC Group

“Global Halal Food Market Fostered by Escalating Muslim Population: IMARC Group”
The global halal food market has witnessed robust growth over the past few years. This can be accredited to rapidly increasing Muslim population across the globe and growing consumer awareness about the health benefits of halal-certified food products.

According to the latest report by IMARC Group, titled “Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global halal food market reached a value of US$ 1.6 Trillion in 2018. Halal food refers to food products that have been certified by the Islamic dietary law to be permissible for consumption by the Muslims. These food products must not comprise prohibited ingredients such as pork, blood, alcohol and other intoxicants, and the meat of carnivorous animals. According to the law, halal food must be prepared and stored in utensils that have been cleansed according to the Islamic dietary guidelines. For instance, lamb and chicken are considered halal, provided they are slaughtered by a Muslim slaughterer while reciting a dedication, known as the shahada.

Market Trends:

The meaning of Halal food has undergone a transformation over time. It earlier referred to slaughtered animal meat that is free from alcohol or any kind of intoxication. However, it has now acquired the meaning of toxin-free, clean, fresh and a healthier food option, which has significantly increased its popularity across the globe, especially among the health-conscious consumers. Furthermore, a rapidly growing Muslim population is one of the key factors influencing the sales of halal food. Additionally, rising disposable income has increased the expenditure capacity, which has led to people spending more on meat and related products. Other factors such as promotional activities by manufacturers also positively contribute to the market growth. On account of the aforementioned factors, the global halal food market size is anticipated to reach a value of US$ 2.9 Trillion by 2024, expanding at a CAGR of nearly 11% during 2019-2024.

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Global Halal Food Market Summary:

Market Breakup by Product

1. Meat, Poultry & Seafood
2. Fruits & Vegetables
3. Dairy Products
4. Cereals & Grains
5. Oil, Fats & Waxes
6. Confectionery
7. Others

On the basis of the product, the market has been divided into fruits and vegetables; meat, poultry and seafood; oil, fats and waxes; dairy products, cereals and grains; and confectionery. Currently, the meat, poultry and seafood segment accounts for the majority of the market share.

Market Breakup by Distribution Channel

1. Traditional Retailers
2. Supermarkets & Hypermarkets
3. Online
4. Others

Based on the distribution channel, the market has been classified into traditional retailers, supermarkets and hypermarkets, and online. Amongst these, supermarkets and hypermarkets are the most popular channel of distribution.

Browse full report on global halal food market with Table of Contents:

Market Breakup by Region

1. Asia Pacific
2. Middle East & Africa
3. Europe
4. North America
5. Latin America

On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.

Competitive Landscape

The competitive landscape of the market has also been analyzed in the report with some of the major players operating in the market being QL Foods, Al Islami Foods, Dagang Halal, Saffron Road Food, Kawan Foods, Janan Meat, Prima Agri-Products, Cargill, BRF, Nestle, Tahira Food and Al-Falah Halal Foods.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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