The leading markets are Asia Pacific and Middle East regions, which have a considerable concentration of the around 1.8 billion global Muslim population as of 2015. The Asia Pacific region has the highest market share in terms of revenue (US$594 billion) and is projected to maintain its dominance in the market over the forecast period (2014-2024), the consultancy said. A growing Muslim population, especially in India and Indonesia, and the more awareness among consumers in the region from countries such as Pakistan, India, and Bangladesh, Indonesia, Singapore, and the Philippines are expected to drive the market over the forecast period.
The absence of a uniform halal standard across countries makes it challenging for vendors to get their products halal-certified. Hexa Research says there is a need for oversight on the halal food industry considering the halal meat scandals in Europe and North America regions.
Processed food & beverages dominated the market, contributing US$836.6 billion in 2016. This segment is expected to maintain its leading position over the forecast period as well. The food & beverage segment is followed by the baked products segments and confectionery segments. Over the forecast period, baked goods are expected to grow at a CAGR of 9.6% with an increasing demand for ready-to-eat and packaged products such as cookies, doughnuts, savoury pastries, pretzels, biscuits and cakes.
Some of the leading players operating in the halal food market are Al Islami Foods, QL Foods, Saffron Road Food, Dagang Halal, Janan Meat, Kawan Foods, Cargill, Prima Agri-Products, Nestle and Cleone Foods. Over the past few years, fast food chains such as KFC and McDonald's have started providing halal certified products to widen their customer base, Hexa Research said.
Hexa Research also put the global halal market at 1.8 billion Muslims as of 2015, and said halal demand has gone beyond consumable products to cosmetics and pharmaceuticals and service sector components such as marketing, logistics, and packaging.
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| Source: Hexa Research. Global halal food revenue, by end use, 2014-2024, in US$ billion. |
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Buy the Hexa Research Halal Food Market Size and Forecast, By Application (Processed Food & Beverages, Bakery Products and Confectionary**), and Trend Analysis, 2014 - 2024 report.
*This is often repeated but non-Muslims typically express no interest in whether there is halal certification for a product because it is more hygienic or healthier. They will buy a product because it is positioned that way irrespective of whether it is halal. They are interested however in whether there was cruelty to animals involved and may buy a halal product because it has not been tested on animals.
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