Government initiatives and consumer concerns related to health are major
factors influencing the growth of global vegan food market, says consultancy Absolute Market Insights (AMI). Vegan foods include fruit, vegetables, nuts, cereals, pulses, milk,
yoghurt, cream, margarine, cheese, soy products, as well as dairy
alternatives and meat substitutes.
The global vegan food market was valued at US$10.66 billion in 2018 and
is anticipated to reach US$27.98 billion by 2027, growing at a CAGR of
11.4% over the forecast period, according to AMI. Consumer preferences across the globe toward vegetarian and
flexitarian food are driving the demand for vegan food products, AMI said. Consumers are more inclined towards a healthy lifestyle today and
largely prefer plant-based food products to provide their nutrition, the consultancy elaborated. Whereas vegetarians do not eat meat or fish, flexitarians have a primarily vegetarian diet but may occasionally take meat or fish.
Governments have also been introducing vegan food items to reduce meat consumption, due to associated health concerns and environmental issues. The China government has taken the initiative to reduce its citizens' meat consumption by 50% to combat global warming. The ongoing prevalence of the coronavirus (COVID-19) has accelerated the trend.
Food manufacturers such as Beyond Meat and Impossible Foods have responded to the trend with plant-based food products that resemble meat in terms of taste and texture, while restaurant chains have begun to offer dishes that feature plant-based 'meat'.
Report highlights include:
- The dairy alternatives segment is expected to witness a tremendous growth over the forecast period.
- The online distribution channel registered highest market share in 2018 and is expected to further proliferate over the forecast period.
- The Asia Pacific market is anticipated to witness highest growth over the forecast period.
Some of the players mentioned in the report include ADM, Amy's Kitchen, Beyond Meat, Blue Diamond Growers, Conagra, Hain Celestial, Hormel Foods Kellogg, Kraft Foods, LIGHTLIFE FOODS, Marlow Foods (Quorn), NESTLÉ, Smithfield Foods, THE WHITEWAVE FOODS COMPANY, and Tyson Foods.
Within the Asia Pacific region, the following countries are studied: China, Japan, India, New Zealand, Australia, South Korea, Indonesia, Thailand, Malaysia, and Singapore. Southeast Asia, the Rest of Southeast Asia and the Rest of Asia Pacific are also segmented as regions. For the Middle East and Africa, KSA, UAE and Kuwait are some of the countries studied.
Details:
Buy the report (April 2020)
Showing posts with label outlook. Show all posts
Showing posts with label outlook. Show all posts
Friday, 17 April 2020
Tuesday, 17 December 2019
Halal F&B CAGR projected to be over 6% up to 2028
The global market for halal food & beverages is projected to register a CAGR of 6.05% from 2020 to 2028. The surging Muslim population and the increasing awareness among the non-Muslim population regarding halal foods, are the dominant factors, said Inkwood Research.
According to Inkwood Research, there has been an increasing preference for organic and natural food and beverage products across the globe. This trend is an opportunity for halal food products at a time when the Muslim population is increasing globally.
Within the halal food industry, manufacturers are focusing on innovating and diversifying, as well as marketing the health benefits of halal-certified foods.
The increasing standardisation of halal certification is also set to drive increased opportunities.
However, inappropriate hygienic practices, poorly-maintained production and processing facilities, and expiring halal certification weakens the trust of consumers.
As of 2019, the Asia Pacific region dominated the market in terms of market share.
Crescent Foods, Nestle, QL Foods, Al Islami Foods., Cargill Inc., are among the prominent companies in the market.
Buy the report by Inkwood Research (December 2019)
According to Inkwood Research, there has been an increasing preference for organic and natural food and beverage products across the globe. This trend is an opportunity for halal food products at a time when the Muslim population is increasing globally.
Within the halal food industry, manufacturers are focusing on innovating and diversifying, as well as marketing the health benefits of halal-certified foods.
The increasing standardisation of halal certification is also set to drive increased opportunities.
However, inappropriate hygienic practices, poorly-maintained production and processing facilities, and expiring halal certification weakens the trust of consumers.
As of 2019, the Asia Pacific region dominated the market in terms of market share.
Crescent Foods, Nestle, QL Foods, Al Islami Foods., Cargill Inc., are among the prominent companies in the market.
Buy the report by Inkwood Research (December 2019)
Monday, 2 December 2019
UAE outbound tourism expected to be worth US$24 billion by 2025
The United Arab Emirates (UAE) Outbound Tourism Market, Tourist Numbers, Countries, and Purpose of Visit report has been added to ResearchAndMarkets.com's offering.
Outbound tourism includes the travelling activities of residents from one country to another. For the UAE, the market is estimated to be worth US$24 billion by the year 2025 due to increasing globalisation, says Renub Research.
The UAE has emerged as an important source of outbound tourism market over the years and is expected to grow due to factors such as a rise in disposable income, passion to explore the world and increasingly-efficient flight connectivity to different parts of the world. In addition, UAE citizens also choose to travel to learn about different cultures. These heritage travellers usually visit historic and culturally-significant sites to meet with the locals and learn about their traditions and ways of life.
In terms of purpose of visit, holidaymakers are most common. Other segments studied include business (MICE), visits to friends and relatives (VFR) as well as "others" - education and medical treatment for example.
Emiratis generally travel to Gulf countries nearby, like KSA and Qatar. In the Asia-Pacific, Emiratis like to travel to Australia, India, Malaysia, and Thailand. According to a UAE government survey held in 2015, there were 3.5 million trips from UAE, 40% of which ended up in KSA.
APME countries covered in the report include Australia, India, Malaysia, Singapore and Turkey.
Details:
Buy the report (June 2019)
Outbound tourism includes the travelling activities of residents from one country to another. For the UAE, the market is estimated to be worth US$24 billion by the year 2025 due to increasing globalisation, says Renub Research.
The UAE has emerged as an important source of outbound tourism market over the years and is expected to grow due to factors such as a rise in disposable income, passion to explore the world and increasingly-efficient flight connectivity to different parts of the world. In addition, UAE citizens also choose to travel to learn about different cultures. These heritage travellers usually visit historic and culturally-significant sites to meet with the locals and learn about their traditions and ways of life.
In terms of purpose of visit, holidaymakers are most common. Other segments studied include business (MICE), visits to friends and relatives (VFR) as well as "others" - education and medical treatment for example.
Emiratis generally travel to Gulf countries nearby, like KSA and Qatar. In the Asia-Pacific, Emiratis like to travel to Australia, India, Malaysia, and Thailand. According to a UAE government survey held in 2015, there were 3.5 million trips from UAE, 40% of which ended up in KSA.
APME countries covered in the report include Australia, India, Malaysia, Singapore and Turkey.
Details:
Buy the report (June 2019)
Monday, 28 October 2019
Global halal food market to surpass US$2 billion by 2027
The global halal food market was valued at US$715 billion in 2018, and is projected to see a CAGR of 12.7% from 2019 to 2027 in terms of revenue.
Growth drivers include an increasing Muslim population worldwide, coupled with development in the retail sector supply chain. According to World Health Partners, Muslims have the highest fertility rate compared to other religious groups.
However, lack of a standardised body for certification of halal products is a major factor hampering growth.
Increasing consumer spending on food & beverage is expected to provide ample of opportunities for global halal food market. For instance, according to the State of the Global Islamic Economy, the global Muslim consumer invested around US$1,128 billion on food and beverage in 2015.
Based on product type, meat products accounted for the largest share of 44.2% by revenue in the global halal food market for 2018. The grain products segment is expected to record fastest growth over the forecast period. Traditionally, grains are considered as halal when they are not made up of any haram or unlawful ingredients. However, expansion and diversification of the halal food market along with global nature of grain trading have led to increase inspection of all raw materials and processed grain products. Therefore, grain product manufacturers such as Kellogg Company are focusing on receiving halal certification in order to increase consumer base, globally. This in turn is expected to drive the grain products demand in the near future.
Geographically, the Asia Pacific region held a dominant position in the global halal food market in 2018. Moreover, the region is expected to the record fastest growth during 2019 to 2027. Factors such as presence of over 60% of the global Muslim population in the region together with rising expenditure of people on non-vegetarian food products is likely to provide an impetus to halal food demand from the region in the near future.
Market growth is supported by the many halal certification authorities in Asia Pacific that are gaining consumer trust. For instance, Department of Islamic Development of Malaysia has 56 halal certification bodies in 33 economies such as China, Taiwan, and various others. This helps halal-certified products to develop extensive distribution and business across Asia Pacific.
Key players mentioned in the report include Cargill, Al Islami Foods, QL Resources, Haoyue Group, Kawan Food, BRF, and Saffron Road Food.
Buy the Halal Food Market Report, by Product Type (Dairy Products, Meat Products, Grain Products, Vegan Products, and Others), by Distribution Channel (Hypermarkets, Supermarkets, Online Stores, Convenience Stores, Specialty Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 report (June 2019)
Growth drivers include an increasing Muslim population worldwide, coupled with development in the retail sector supply chain. According to World Health Partners, Muslims have the highest fertility rate compared to other religious groups.
However, lack of a standardised body for certification of halal products is a major factor hampering growth.
Increasing consumer spending on food & beverage is expected to provide ample of opportunities for global halal food market. For instance, according to the State of the Global Islamic Economy, the global Muslim consumer invested around US$1,128 billion on food and beverage in 2015.
Based on product type, meat products accounted for the largest share of 44.2% by revenue in the global halal food market for 2018. The grain products segment is expected to record fastest growth over the forecast period. Traditionally, grains are considered as halal when they are not made up of any haram or unlawful ingredients. However, expansion and diversification of the halal food market along with global nature of grain trading have led to increase inspection of all raw materials and processed grain products. Therefore, grain product manufacturers such as Kellogg Company are focusing on receiving halal certification in order to increase consumer base, globally. This in turn is expected to drive the grain products demand in the near future.
Geographically, the Asia Pacific region held a dominant position in the global halal food market in 2018. Moreover, the region is expected to the record fastest growth during 2019 to 2027. Factors such as presence of over 60% of the global Muslim population in the region together with rising expenditure of people on non-vegetarian food products is likely to provide an impetus to halal food demand from the region in the near future.
Market growth is supported by the many halal certification authorities in Asia Pacific that are gaining consumer trust. For instance, Department of Islamic Development of Malaysia has 56 halal certification bodies in 33 economies such as China, Taiwan, and various others. This helps halal-certified products to develop extensive distribution and business across Asia Pacific.
Key players mentioned in the report include Cargill, Al Islami Foods, QL Resources, Haoyue Group, Kawan Food, BRF, and Saffron Road Food.
Buy the Halal Food Market Report, by Product Type (Dairy Products, Meat Products, Grain Products, Vegan Products, and Others), by Distribution Channel (Hypermarkets, Supermarkets, Online Stores, Convenience Stores, Specialty Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 report (June 2019)
Saturday, 1 December 2018
APAC to drive global halal cosmetics and personal care market through to 2022
 |
| Source: Technavio, via Businesswire. Infographic on the global halal cosmetics and personal care market 2018-2022. |
Technavio forecasts that the global halal cosmetics and personal care market to grow at a CAGR of 13.55% from 2018 to 2022. To calculate market size, the company considered the revenue generated from the sales of halal cosmetics and personal care through online and offline channels.
A key factor driving growth is the rising Muslim population worldwide. Technavio said an increase in demand from the growing Muslim population and rising awareness of halal cosmetics and personal care products are pushing demand up. Improved standardisation and certifications are another market driver.
A key factor driving growth is the rising Muslim population worldwide. Technavio said an increase in demand from the growing Muslim population and rising awareness of halal cosmetics and personal care products are pushing demand up. Improved standardisation and certifications are another market driver.
As the Asia Pacific region (APAC) is home to more than 55% of the Muslim population, the region is experiencing a relatively higher demand for halal cosmetics and personal care products. EMEA led the market in 2017 with a global halal cosmetics and personal care market share of close to 52%. During the forecast period, the APAC region is expected to register the highest incremental growth, while the other two regions will witness a decline in their market shares.
Brands listed in the report include:
- Amara Halal Cosmetics
- Ivy Beauty Corporation
- Martha Tilaar Group
- PT Paragon Technology and Innovation, the parent company for Wardah
- Total Beauty Network, parent company of Inika
- WiproEL
“Presently, Millennial Muslim consumers are becoming conscious of their looks and appearance, propelling an interest in personal grooming among young men. This expands the consumer base of the market. Therefore, the interest in personal grooming is expected to spike the volume sales of halal cosmetics and personal care products during the forecast period,” says a senior analyst at Technavio.
As halal cosmetics and personal care become more popular, the counterfeiters will also have a field day, Technavio warns.
Friday, 30 November 2018
Non-alcoholic malt beverages to shine through to 2028
Future Market Insights (FMI) says the global non-alcoholic malt beverages market is projected to register a CAGR of 4.0% during the forecast period of 2018-2028.
FMI believes that there are untapped markets to focus on, including producing in-country. "There are several regions where malt-based beverages are imported from other countries. This leads to the high cost of premium products, as such, affecting sales in these regions. Companies are focusing on expanding and manufacturing their premium products in these regions itself, leading to comparatively lower costs. Low penetration in a few regions, coupled with the high costs of premium imported products, create an opportunity for manufacturers to expand in such regions," the company said.
Details:
The global non-alcoholic malt beverages market is expected to represent an incremental opportunity of US$856.2 million by end-2018 over 2017. By product type, the dairy-based non-alcoholic malt beverages segment is expected to register a CAGR of 4.1%.
Non-alcoholic malt beverages and other non-alcoholic drinks are becoming popular as a healthier alternative to alcoholic drinks, FMI notes. Non-alcoholic malt beverages are already very popular in the in the Middle East due to them getting halal certification. Consuming non-alcoholic malt beverages has also become a statement of higher living standards. They also taste good as compared to that of alcoholic beverages, FMI said.
Non-alcoholic malt beverages such as Milo, Vitmalt, and Hollandia Chocomalt have extra nutritional content incorporated, raising their value and changing their positioning to energy drinks.
"Non-alcoholic malt beverages are available in the market in many different flavors so that people get a choice to select their preferred drink. A few non-alcoholic malt beverages resemble beer in taste, and the only difference remains that these non-alcoholic malt beverages contain zero percent alcohol," FMI stated.
"Non-alcoholic malt beverages is also an upcoming trend seen in countries that have an improved economic condition, where the consumption of beverages is a must in social gatherings, and the standard of living is high. The appeal of non-alcoholic malt beverages is also increased due to social media, which is being used by most companies, especially targeting the youth population.
"Women are also seen to be consuming ready-to-drink (RTD) non-alcoholic beverages such as non-alcoholic malt beverages. Women have always been known to try different flavours and experiment with their drinks. Also, the health factor is given importance by women, and non-alcoholic malt beverages, having no alcohol, are proving to be a healthy option," FMI said.
FMI believes that there are untapped markets to focus on, including producing in-country. "There are several regions where malt-based beverages are imported from other countries. This leads to the high cost of premium products, as such, affecting sales in these regions. Companies are focusing on expanding and manufacturing their premium products in these regions itself, leading to comparatively lower costs. Low penetration in a few regions, coupled with the high costs of premium imported products, create an opportunity for manufacturers to expand in such regions," the company said.
Details:
Buy the report (September 2018)
Thursday, 29 November 2018
Takaful market projected to exceed US$40 billion by 2023
The IMARC Group Takaful Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023 report in ResearchAndMarkets.com's offering valued the global takaful market at US$19 billion in 2017.
Catalysed by factors such as an ethical investment policy, strong growth prospects and price competitiveness, takaful represents a strong business proposition and has a significant share of non-Muslim customers as well. The market is projected to exceed US$40 billion by 2023, at a CAGR of 13% from 2017 to 2023.
According to ResearchandMarkets.com, takaful refers to a shari'ah-compliant insurance system through which members mutually contribute a sum of money, so as to support each other in case of a loss, damage or theft. The objective of takaful is to cooperate, live harmoniously amongst the community and protect each other against uncertain mishaps, the company said. Takaful policyholders' regular monetary contributions are supervised and managed by a takaful management firm. The surplus amount is invested which helps to earn policyholders a higher profit.
The report says that takaful is rapidly gaining momentum, particularly in the Asia Pacific and the GCC region, owing to a large Muslim population. Muslims currently account for a fifth of the total global population and these levels are expected to further increase in the future.
Another major driver of the market is that, in contrast to Western countries, the majority of the world's Muslim population is young with 60% of this entire population being under 25 years of age. Catalysed by rising levels of affluence, this large young Muslim population has the potential to represent a customer base for a fairly long duration if it is captured early.
The penetration of conventional insurance is also relatively low in affluent Muslim regions like the GCC. As a result, takaful is perceived as a key instrument to raise insurance awareness and has huge opportunities in these countries.
Some of the leading players operating in the global takaful market include:
Buy the report (April 2018)
According to ResearchandMarkets.com, takaful refers to a shari'ah-compliant insurance system through which members mutually contribute a sum of money, so as to support each other in case of a loss, damage or theft. The objective of takaful is to cooperate, live harmoniously amongst the community and protect each other against uncertain mishaps, the company said. Takaful policyholders' regular monetary contributions are supervised and managed by a takaful management firm. The surplus amount is invested which helps to earn policyholders a higher profit.
The report says that takaful is rapidly gaining momentum, particularly in the Asia Pacific and the GCC region, owing to a large Muslim population. Muslims currently account for a fifth of the total global population and these levels are expected to further increase in the future.
Another major driver of the market is that, in contrast to Western countries, the majority of the world's Muslim population is young with 60% of this entire population being under 25 years of age. Catalysed by rising levels of affluence, this large young Muslim population has the potential to represent a customer base for a fairly long duration if it is captured early.
The penetration of conventional insurance is also relatively low in affluent Muslim regions like the GCC. As a result, takaful is perceived as a key instrument to raise insurance awareness and has huge opportunities in these countries.
Some of the leading players operating in the global takaful market include:
- Islamic Insurance Company
- JamaPunji
- AMAN
- Salama
- Standard Chartered
- Takaful Brunei Darussalam Sdn Bhd
- Allianz
- Prudential BSN Takaful Berhad
- Zurich Malaysia
- Takaful Malaysia
- Qatar Islamic Insurance Company
Buy the report (April 2018)
Wednesday, 6 June 2018
Growing demand for food certification
The Food Certification Market by Type (ISO 22000, BRC, SQF, IFS, Halal, Kosher, Free-From Certification), Application (Meat, Poultry, and Seafood, Dairy, Infant Food, Beverages, Bakery & Confectionery), Risk Category and Region - Global Forecast to 2023 report from Markets and Markets has been added to ResearchAndMarkets.com's offering.
The food certification market is estimated to be valued at US$8.87 billion in 2018, and is projected to reach US$11.45 billion by 2023, at a CAGR of 5.2% from 2018. Growing international trade, coupled with increasing stringency in food safety regulations, has been fuelling the demand for food certifications.
Increased consumer awareness about certified food products, a rising number of processed meat product recalls, and the prevalence of foodborne illness are some of the additional driving factors during the forecast period.
The "free-from" certifications segment is projected to grow at the highest CAGR among all food certification types from 2018 to 2023. It includes gluten-free, allergen-free, vegan, USDA Organic, and GMO-free certifications. Government bodies of various countries are actively promoting gluten-free certification schemes, systems, and programmes, Markets and Markets notes.
The high-risk foods segment, by risk category, is projected to grow at the highest CAGR during the review period.
Companies mentioned in the report include:
ALS
Asurequality
Bureau Veritas
Dekra
DNV
Eurofins
Intertek
Kiwa Sverige
Lloyd's Register
SGS
Tv Sd
UL
Explore:
Buy the Food Certification Market by Type (ISO 22000, BRC, SQF, IFS, Halal, Kosher, Free-From Certification), Application (Meat, Poultry, and Seafood, Dairy, Infant Food, Beverages, Bakery & Confectionery), Risk Category and Region - Global Forecast to 2023 report (May 2018)
The food certification market is estimated to be valued at US$8.87 billion in 2018, and is projected to reach US$11.45 billion by 2023, at a CAGR of 5.2% from 2018. Growing international trade, coupled with increasing stringency in food safety regulations, has been fuelling the demand for food certifications.
Increased consumer awareness about certified food products, a rising number of processed meat product recalls, and the prevalence of foodborne illness are some of the additional driving factors during the forecast period.
The "free-from" certifications segment is projected to grow at the highest CAGR among all food certification types from 2018 to 2023. It includes gluten-free, allergen-free, vegan, USDA Organic, and GMO-free certifications. Government bodies of various countries are actively promoting gluten-free certification schemes, systems, and programmes, Markets and Markets notes.
The high-risk foods segment, by risk category, is projected to grow at the highest CAGR during the review period.
Companies mentioned in the report include:
ALS
Asurequality
Bureau Veritas
Dekra
DNV
Eurofins
Intertek
Kiwa Sverige
Lloyd's Register
SGS
Tv Sd
UL
Explore:
Buy the Food Certification Market by Type (ISO 22000, BRC, SQF, IFS, Halal, Kosher, Free-From Certification), Application (Meat, Poultry, and Seafood, Dairy, Infant Food, Beverages, Bakery & Confectionery), Risk Category and Region - Global Forecast to 2023 report (May 2018)
Thursday, 29 March 2018
Global halal food market to reach US$739.59 billion by 2025
 |
| Source: Grand View Research. Global halal food and beverage market revenue by product, 2016. |
The global halal food market is forecast to reach US$739.59 billion by 2025, says Grand View Research. The boost is from a growing Muslim population and substantially increased expenditure on food and beverage.
According to the consultancy, the concept of "halal" has transformed into universal conception that covers the entire concept of fresh, clean, and healthier production as well as services of food. "This is completely contradictory to the traditional notion, which was restricted to only slaughtering of animals according to Islamic law or merely free from swine and alcohol," the company notes. "It is no more a mere religious obligation but has moved beyond that to become a standard of choice for both Muslims and non-Muslims*."
Demand is driven by a "large, diverse, and educated" consumer base of approximately 1.7 million predominantly young Muslims globally, which is growing at nearly double the rate of the world population, Grand View said. The total Islamic population is expected to increase from 23% today to around 30% of the total world population by 2030.
The Asia Pacific and the Middle East and African regions are the top two regions contributing to the growth of the global market. The Middle East and Africa is home to over 327 million Muslims, Grand View said, while the overall average fertility proportion of Muslims in the Asia Pacific was three offspring per woman in 2012 to 2017 period - higher when compared to the region’s total average fertility rate of two children.
Meat and alternatives were the largest product segment in 2016 with a net market worth of over US$590 billion globally. According to the Organization of Islamic Cooperation (OIC), meat products is the preferred diet of Muslims. "The Islamic population in addition to the religious value is fascinated by several central doctrines such as to protect the forthcoming generation, to preserve life, to maintain integrity and self-respect. Moreover, respect for the welfare of animals, health consciousness and a degree of acculturation are also some of the vital influencers in the growth of the halal meat and meat products market," Grand View said.
On the flip side, the international halal standardisation industry is confusing, Grand View added. Certification bodies include government-owned and linked enterprises, independent halal certification bodies (HCBs), private organisations, national standards agencies, regional bodies such as the GCC Standardization Organization (GSO), the Association of Southeast Asian Nations (ASEAN), European Commission and international establishments including the OIC and the Standards and Metrology Institute for the Islamic Countries (SMIIC).
"The primary concern for the manufacturers is to determine the specific standard that is likely to offer them the best possible access to a target market. Also, these companies have to constantly update various certifications to optimise the trade process at several instances where these become mandatory for exports. Nevertheless, leading organisations for halal standardisation and accreditation have been taking steps to harmonise the standards," Grand View said.
 |
| Source: Grand View Research. Indonesia halal food and beverage market by product, 2014 to 2025. |
A major bilateral initiative to highlight is a collaboration between Abu Dhabi, UAE and South Korea, which has allowed South Korea to gain further access to the global halal food market. Korea agreed to adopt UAE halal certification standards in 2015. The UAE's halal national mark was introduced in 2014.
According to the State of the Global Islamic Economy, the Muslim consumer spending across halal food and lifestyle in 2014 was reported to be worth US$1.8 trillion and anticipated to increase to US$2.6 trillion by 2020.
According to the State of the Global Islamic Economy, the Muslim consumer spending across halal food and lifestyle in 2014 was reported to be worth US$1.8 trillion and anticipated to increase to US$2.6 trillion by 2020.
Meat and alternatives were the largest product segment in 2016 with a net market worth of over US$590 billion globally. According to the Organization of Islamic Cooperation (OIC), meat products is the preferred diet of Muslims. "The Islamic population in addition to the religious value is fascinated by several central doctrines such as to protect the forthcoming generation, to preserve life, to maintain integrity and self-respect. Moreover, respect for the welfare of animals, health consciousness and a degree of acculturation are also some of the vital influencers in the growth of the halal meat and meat products market," Grand View said.
On the flip side, the international halal standardisation industry is confusing, Grand View added. Certification bodies include government-owned and linked enterprises, independent halal certification bodies (HCBs), private organisations, national standards agencies, regional bodies such as the GCC Standardization Organization (GSO), the Association of Southeast Asian Nations (ASEAN), European Commission and international establishments including the OIC and the Standards and Metrology Institute for the Islamic Countries (SMIIC).
"The primary concern for the manufacturers is to determine the specific standard that is likely to offer them the best possible access to a target market. Also, these companies have to constantly update various certifications to optimise the trade process at several instances where these become mandatory for exports. Nevertheless, leading organisations for halal standardisation and accreditation have been taking steps to harmonise the standards," Grand View said.
Food safety and traceability has also become a major concern, Grand View said. "It is highly expected that every stakeholder must be fully accountable and responsible for procuring, handling, manufacturing, and quality control of halal foods," the company stated.
Key findings from the report include:
• The global halal foods industry was valued at US$436.8 billion in 2016 and is estimated to grow at a CAGR of 6.1% over the next eight years
• Milk and milk products such as processed milk, cheese, and yogurt are expected to be one of the primary product segments driving growth for the global industry
• Beverages such as carbonated drinks, packaged juice, and sweeteners with halal certification are expected to witness substantial demand over the forecast period. The segment is estimated to grow at a CAGR of over 4.9% in Turkey.
• Asia Pacific was the leading consumer region in 2016. Around 63% of the global Muslim population resides here. Indonesia and Malaysia together accounted for over 55% of the regional demand in 2016.
• Major companies actively operating in the global halal food industry include Nestlé, Glanbia Cheese and Kellogg's**
• Companies have been trying to strengthen consumer trust with several marketing campaigns trying to be transparent about their production process of packaged halal foods
Explore:
*This view is often mentioned in forecasts about the halal market. This author has never encountered such views among non-Muslims. There is indeed a shift towards clean and healthy eating and a corresponding focus on the food chain. However, non-Muslims are looking for foods which satisfy the criteria for clean and healthy eating and it does not matter to them if the foods are halal or not. They are not seeking out halal foods to satisfy their preference for clean and healthy eating. Nor do they feel that the halal label means that the food is cleaner or healthier.
Key findings from the report include:
• The global halal foods industry was valued at US$436.8 billion in 2016 and is estimated to grow at a CAGR of 6.1% over the next eight years
• Milk and milk products such as processed milk, cheese, and yogurt are expected to be one of the primary product segments driving growth for the global industry
• Beverages such as carbonated drinks, packaged juice, and sweeteners with halal certification are expected to witness substantial demand over the forecast period. The segment is estimated to grow at a CAGR of over 4.9% in Turkey.
• Asia Pacific was the leading consumer region in 2016. Around 63% of the global Muslim population resides here. Indonesia and Malaysia together accounted for over 55% of the regional demand in 2016.
• Major companies actively operating in the global halal food industry include Nestlé, Glanbia Cheese and Kellogg's**
• Companies have been trying to strengthen consumer trust with several marketing campaigns trying to be transparent about their production process of packaged halal foods
Explore:
Buy the Halal Food and Beverage Market Size Report By Product (Meat & Alternatives, Milk & Milk Products, Fruits & Vegetables, Grain Products), By Region, And Segment Forecasts, 2018 - 2025 report from ReportBuyer (published February 2018)
Read Nestle's halal certification FAQ
*This view is often mentioned in forecasts about the halal market. This author has never encountered such views among non-Muslims. There is indeed a shift towards clean and healthy eating and a corresponding focus on the food chain. However, non-Muslims are looking for foods which satisfy the criteria for clean and healthy eating and it does not matter to them if the foods are halal or not. They are not seeking out halal foods to satisfy their preference for clean and healthy eating. Nor do they feel that the halal label means that the food is cleaner or healthier.
**Glanbia announced halal certification in 2012. Kellogg's has dropped halal certification as of 2017.
Thursday, 8 March 2018
KSA halal food and beverage market to have a CAGR of over 9% through to 2023
The KSA halal food and beverage market is projected to grow at a CAGR of over 9%, in value terms, from 2018 to 2023, says TechSci Research.
Increasing demand for packaged halal foods among non-Muslims*, strong import and export regulation and policies regarding halal food and beverages and increasing Muslim population in the country will spur further growth of the halal food and beverage market in the country, the consultancy said.
Major players operating in the KSA halal food and beverages market include Al Islami Foods, Amana Foods, One Foods Holdings, Khazan Meat Factory, Al Kabeer Group, Albatha, Midamar, Prairie Halal Foods, JM Foods, AL RAWDAH, Nestlé Dubai Manufacturing and Agthia.
Explore:
Buy the Saudi Arabia Halal Food & Beverages Market By Product Type (Bakery, Candy & Chocolate, Meat Products, Beverages), By Product Type (Bakery, Candy & Chocolate, Meat Products, Beverages), Competition Forecast & Opportunities, 2013 – 2023 report (December 2017)
*This view is often mentioned in forecasts about the halal market. This author has never encountered such views among non-Muslims. There is indeed a shift towards clean and healthy eating and a corresponding focus on the food chain. However, non-Muslims are looking for foods which satisfy the criteria for clean and healthy eating and it does not matter to them if the foods are halal or not. They are not seeking out halal foods to satisfy their preference for clean and healthy eating. Nor do they feel that the halal label means that the food is cleaner or healthier.
 |
| Source: TechSci Research. KSA halal food and beverage market by size, region and value, 2013 to 2023 (forecast). The west region includes Tabuk, Madinah and Makkah, while the Central region is home to Qassim and Riyadh, capital of KSA. |
 |
Major players operating in the KSA halal food and beverages market include Al Islami Foods, Amana Foods, One Foods Holdings, Khazan Meat Factory, Al Kabeer Group, Albatha, Midamar, Prairie Halal Foods, JM Foods, AL RAWDAH, Nestlé Dubai Manufacturing and Agthia.
Explore:
Buy the Saudi Arabia Halal Food & Beverages Market By Product Type (Bakery, Candy & Chocolate, Meat Products, Beverages), By Product Type (Bakery, Candy & Chocolate, Meat Products, Beverages), Competition Forecast & Opportunities, 2013 – 2023 report (December 2017)
*This view is often mentioned in forecasts about the halal market. This author has never encountered such views among non-Muslims. There is indeed a shift towards clean and healthy eating and a corresponding focus on the food chain. However, non-Muslims are looking for foods which satisfy the criteria for clean and healthy eating and it does not matter to them if the foods are halal or not. They are not seeking out halal foods to satisfy their preference for clean and healthy eating. Nor do they feel that the halal label means that the food is cleaner or healthier.
Tuesday, 6 March 2018
UAE halal food and beverage market to surpass US$5.5 billion by 2022
The UAE Halal Food & Beverages Market By Product Type (Meat Products, Beverages, Bakery, Candy & Chocolate), By Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Online & Others), Competition Forecast & Opportunities, 2012-2022 report, published February 2018 by TechSci Research, has been added to ResearchAndMarkets.com's offering.
According to the report, the UAE halal food and beverage market is expected to surpass US$5.5 billion by 2022.
Increasing Muslim population, rising per capita income and growing e-commerce are among the major factors boosting demand for halal food products in the UAE. Rising acceptance for halal food among non-Muslims, stringent import and export regulations and policies regarding halal food and beverages, and rising standards of food quality are further anticipated to spur growth in this market during the forecast period.
Some of the major players operating in UAE halal food and beverage market include Al Islami Foods, Amana Foods, One Foods Holdings, Khazan Meat Factory, Al Kabeer Group ME, Albatha, Midamar, Prairie Halal Foods, JM Foods, Al Rawdah, Nestlé Dubai Manufacturing, Agthia, Americana Group, and Aujan Industries Company.
According to the report, the UAE halal food and beverage market is expected to surpass US$5.5 billion by 2022.
Increasing Muslim population, rising per capita income and growing e-commerce are among the major factors boosting demand for halal food products in the UAE. Rising acceptance for halal food among non-Muslims, stringent import and export regulations and policies regarding halal food and beverages, and rising standards of food quality are further anticipated to spur growth in this market during the forecast period.
Some of the major players operating in UAE halal food and beverage market include Al Islami Foods, Amana Foods, One Foods Holdings, Khazan Meat Factory, Al Kabeer Group ME, Albatha, Midamar, Prairie Halal Foods, JM Foods, Al Rawdah, Nestlé Dubai Manufacturing, Agthia, Americana Group, and Aujan Industries Company.
Tuesday, 28 November 2017
State of the Global Islamic Economy Report 2017/18 forecasts Islamic finance asset value at nearly US$4 trillion by 2022
· Muslim spend on halal food and beverage forecast to reach US$1.93 trillion by 2022
Although Malaysia leads the Global Islamic Economy Indicator for this year, the UAE has been ranked first among 10 countries in three sector indicators – Modest Fashion, Halal Media and Recreation, and Halal Pharmaceuticals and Cosmetics.
HE Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of DIEDC, said: “This year’s Global Islamic Economy Indicator testifies to the success of the UAE in pioneering an appropriate Islamic economy ecosystem within a short period, when compared with other nations that have been active in fostering this niche economic system - especially in the halal industries space. Shari'ah-compliant sectors are central to the Islamic economic system and attract the most investment – thereby facilitating an Islamic economy-friendly environment.”
Addressing the developments realised in the past year, he added: “Year-on-year, we are witnessing a surge in demand for products that are manufactured in compliance with stringent environmental sustainability, safety and health standards. The meticulous adherence of Islamic economy products to such standards across the production, distribution and supply value chain explains their increased attractiveness and uptake among larger segments of the world population today."
He concluded: “The decline in oil prices has led to a fundamental shift in the nature of the economies of the GCC region and led to a greater focus in developing non-oil productive sectors. This trend has positioned the halal industry and trade in a prime position as growth drivers of the economy for the coming years.”
Nadim Najjar, MD, Middle East and North Africa at Thomson Reuters said: “For the fifth consecutive year, the State of the Global Islamic Economy Report presents the latest developments and trends from the Islamic economy while also highlighting its future direction. The Islamic economy is at the cusp of major growth and widespread recognition, having gained traction as Muslims increasingly assert their religiosity and traditional values in their economic decision making.
· Islamic finance assets expected to surge to US$3.8 trillion by 2022
· UAE ranks third globally across three sectors
The Dubai Islamic Economy Development Centre (DIEDC) has unveiled the State of the Global Islamic Economy Report 2017-2018, titled Outpacing the Mainstream. The report, issued annually by DIEDC in collaboration with Thomson Reuters, was released on the sidelines of the 5th Islamic Economy Award, held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai.
Although Malaysia leads the Global Islamic Economy Indicator for this year, the UAE has been ranked first among 10 countries in three sector indicators – Modest Fashion, Halal Media and Recreation, and Halal Pharmaceuticals and Cosmetics.
HE Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of DIEDC, said: “This year’s Global Islamic Economy Indicator testifies to the success of the UAE in pioneering an appropriate Islamic economy ecosystem within a short period, when compared with other nations that have been active in fostering this niche economic system - especially in the halal industries space. Shari'ah-compliant sectors are central to the Islamic economic system and attract the most investment – thereby facilitating an Islamic economy-friendly environment.”
HE highlighted that the indicator evaluated the health of the Islamic economy ecosystem across more than 73 countries, based on equally weighted key metric categories, including governance, awareness, and social considerations. The UAE’s exceptional performance highlights the synergy between the government’s wise vision and the practices of the private sector, he said.
Abdulla Mohammed Al Awar, CEO of DIEDC said: “Over the past few years, the findings of the report have continually provided us with new insights and perspectives to better understand the dynamics of consumer behaviour among Muslims across key markets. Each year the report offers fresh facts and statistics that project a promising future for the Islamic economy sector.”
Abdulla Mohammed Al Awar, CEO of DIEDC said: “Over the past few years, the findings of the report have continually provided us with new insights and perspectives to better understand the dynamics of consumer behaviour among Muslims across key markets. Each year the report offers fresh facts and statistics that project a promising future for the Islamic economy sector.”
Addressing the developments realised in the past year, he added: “Year-on-year, we are witnessing a surge in demand for products that are manufactured in compliance with stringent environmental sustainability, safety and health standards. The meticulous adherence of Islamic economy products to such standards across the production, distribution and supply value chain explains their increased attractiveness and uptake among larger segments of the world population today."
He concluded: “The decline in oil prices has led to a fundamental shift in the nature of the economies of the GCC region and led to a greater focus in developing non-oil productive sectors. This trend has positioned the halal industry and trade in a prime position as growth drivers of the economy for the coming years.”
Nadim Najjar, MD, Middle East and North Africa at Thomson Reuters said: “For the fifth consecutive year, the State of the Global Islamic Economy Report presents the latest developments and trends from the Islamic economy while also highlighting its future direction. The Islamic economy is at the cusp of major growth and widespread recognition, having gained traction as Muslims increasingly assert their religiosity and traditional values in their economic decision making.
"Awareness about the concept of 'halal' is on the rise, and companies are responding to these consumer needs. Also, for the first time, we have done an assessment of the future state of the Islamic economy and what it look like by 2030, which could see the emergence of numerous scaled global enterprises, if core challenges and opportunities are addressed.”
The State of the Global Islamic Economy Report 2017/18 estimates Muslim spend across food, beverage, and lifestyle sectors at US$2 trillion in 2016, accounting for 11.9% of global expenditure. By category, food and beverages (F&B) lead Muslim spend at US$1.24 trillion, followed by clothing and apparel at US$254 billion, media and entertainment at US$198 billion, travel at US$169 billion, and spending on pharmaceuticals and cosmetics at US$83 billion and US$57.4 billion respectively.
The report found halal food to be the largest and most diverse sector of the Islamic economy. New entrants have come into the market, and product offerings have firmly moved beyond being meat-focused to include candy, ready-made meals, snacks and children’s food.
Established players are expanding at home and abroad through franchising. Multinationals have also made major investments in Muslim-majority markets, anticipating rising demand. Meanwhile, private equity investment and sovereign wealth funds have been particularly active, and a number of halal investment funds are in development.
The International Halal Accreditation Forum, established in the UAE in 2017 and overseeing 19 certifiers globally, is a further positive development for the industry. With Muslim spend on food and beverages growing at nearly double that of global growth, there are significant opportunities for investment and the creation of global halal food brands, with spending expected to reach US$1.93 trillion by 2022, the report said.
The Islamic finance sector continues to evolve. Both Muslim-majority and Muslim-minority countries are recognising the segment’s potential, with banks becoming fully-fledged Islamic institutions, and governments encouraging Islamic finance to improve financial inclusion. The sukuk industry continues to mature, with a number of debut sukuk issuances over the past year and more in the pipeline.
The State of the Global Islamic Economy Report 2017/18 estimates Muslim spend across food, beverage, and lifestyle sectors at US$2 trillion in 2016, accounting for 11.9% of global expenditure. By category, food and beverages (F&B) lead Muslim spend at US$1.24 trillion, followed by clothing and apparel at US$254 billion, media and entertainment at US$198 billion, travel at US$169 billion, and spending on pharmaceuticals and cosmetics at US$83 billion and US$57.4 billion respectively.
The report found halal food to be the largest and most diverse sector of the Islamic economy. New entrants have come into the market, and product offerings have firmly moved beyond being meat-focused to include candy, ready-made meals, snacks and children’s food.
Established players are expanding at home and abroad through franchising. Multinationals have also made major investments in Muslim-majority markets, anticipating rising demand. Meanwhile, private equity investment and sovereign wealth funds have been particularly active, and a number of halal investment funds are in development.
The International Halal Accreditation Forum, established in the UAE in 2017 and overseeing 19 certifiers globally, is a further positive development for the industry. With Muslim spend on food and beverages growing at nearly double that of global growth, there are significant opportunities for investment and the creation of global halal food brands, with spending expected to reach US$1.93 trillion by 2022, the report said.
The Islamic finance sector continues to evolve. Both Muslim-majority and Muslim-minority countries are recognising the segment’s potential, with banks becoming fully-fledged Islamic institutions, and governments encouraging Islamic finance to improve financial inclusion. The sukuk industry continues to mature, with a number of debut sukuk issuances over the past year and more in the pipeline.
Further propelling growth is the adoption of Islamic fintech, be it the world’s first shari'ah-compliant robo-advisory firm (Algebra), or the first shari'ah-compliant gold platform. Notably, such endeavours have been achieved through utilising crowdfunding. Assets were estimated at over US$2 trillion in 2016, and expected to surge to US$3.8 trillion by 2022.
Family-friendly travel is getting its moment in the sun. The number of Muslims travelling is at an all-time high, and there is corresponding demand for travel that adheres to Islamic values, be it hotels and beach resorts, to dining options and airlines. Halal hotel chains are also emerging and family-friendly attractions are being developed in the GCC. Along with a plethora of new online agencies catering to Muslim tourists, the Muslim equivalents of Airbnb have emerged. Muslim spend on travel was US$169 billion in 2016, and is forecast to reach US$283 billion by 2022.
As for modest fashion, designer brands and boutiques have recognized that Modest Fashion is trending, developing new lines and Ramadan collections. Start-up Modest Fashion brands have also been making inroads around the world, particularly for Hijabs, gaining traction by spreading the word through social media. Modest athletic apparel is a notably trendy segment, with Nike getting in on the act as well as Danish label Hummel. Muslim spend on clothing was US$254 billion in 2016, and is forecast to reach US$373 billion by 2022.
Halal media is challenging perceptions and adapting to the needs of Muslim Millennials. New films are being released, TV channels are going on air, and mainstream media is increasingly embracing Islamic content, be it on Buzzfeed, or Amazon Channels offering films and documentaries about Muslim culture and life through streaming service Alchemiya. Muslim spend on media and entertainment was US$198 billion in 2016, and is forecast to reach US$281 billion by 2022.
The halal pharmaceuticals and cosmetics sector is quickly moving out of its niche status, especially halal cosmetics. Companies continue to open and make their presence felt on retail shelves and online. Multinational companies are also recognising the segment’s potential, notably US-based Orly teaming up with Muslimgirl.com to create and launch six halal nail polishes in time for Ramadhan. Spend on cosmetics was estimated at US$57.4 billion, and to reach US$82 billion by 2022.
Halal pharmaceuticals are equally gaining traction, especially the biologics (medical drug made from biological sources) and nutraceuticals (product with both food value and other health benefits), while halal-certified vaccines for dengue fever, polio and meningococcal meningitis (for Hajj) are soon to be launched worldwide. Muslims spend on pharmaceuticals was US$83 billion in 2016, and is forecast to reach US$132 billion by 2022.
Hashtag: #SGIE
Family-friendly travel is getting its moment in the sun. The number of Muslims travelling is at an all-time high, and there is corresponding demand for travel that adheres to Islamic values, be it hotels and beach resorts, to dining options and airlines. Halal hotel chains are also emerging and family-friendly attractions are being developed in the GCC. Along with a plethora of new online agencies catering to Muslim tourists, the Muslim equivalents of Airbnb have emerged. Muslim spend on travel was US$169 billion in 2016, and is forecast to reach US$283 billion by 2022.
As for modest fashion, designer brands and boutiques have recognized that Modest Fashion is trending, developing new lines and Ramadan collections. Start-up Modest Fashion brands have also been making inroads around the world, particularly for Hijabs, gaining traction by spreading the word through social media. Modest athletic apparel is a notably trendy segment, with Nike getting in on the act as well as Danish label Hummel. Muslim spend on clothing was US$254 billion in 2016, and is forecast to reach US$373 billion by 2022.
Halal media is challenging perceptions and adapting to the needs of Muslim Millennials. New films are being released, TV channels are going on air, and mainstream media is increasingly embracing Islamic content, be it on Buzzfeed, or Amazon Channels offering films and documentaries about Muslim culture and life through streaming service Alchemiya. Muslim spend on media and entertainment was US$198 billion in 2016, and is forecast to reach US$281 billion by 2022.
The halal pharmaceuticals and cosmetics sector is quickly moving out of its niche status, especially halal cosmetics. Companies continue to open and make their presence felt on retail shelves and online. Multinational companies are also recognising the segment’s potential, notably US-based Orly teaming up with Muslimgirl.com to create and launch six halal nail polishes in time for Ramadhan. Spend on cosmetics was estimated at US$57.4 billion, and to reach US$82 billion by 2022.
Halal pharmaceuticals are equally gaining traction, especially the biologics (medical drug made from biological sources) and nutraceuticals (product with both food value and other health benefits), while halal-certified vaccines for dengue fever, polio and meningococcal meningitis (for Hajj) are soon to be launched worldwide. Muslims spend on pharmaceuticals was US$83 billion in 2016, and is forecast to reach US$132 billion by 2022.
Hashtag: #SGIE
Subscribe to:
Posts (Atom)