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Halal Food Global Market Report 2023
Major players in the halal food market are Al Islami Foods, Al-Falah Frozen Foods, BRF, DagangHalal Sdn. Bhd., Midamar Halal, Prima Agri-Products, QL Foods Sdn. Bhd., Saffron Road Food, Tahira Foods Ltd.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Halal Food Global Market Report 2023" - https://www.reportlinker.com/p06310135/?utm_source=GNW
, The American Halal Co. Inc., American Foods Group LLC, Beijing Shunxin Agriculture, and Jingyitai Halal Food.
The global halal food market grew from $1,300.75 billion in 2022 to $1,501.5 billion in 2023 at a compound annual growth rate (CAGR) of 15.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The halal food market is expected to grow to $2,583.18 billion in 2027 at a CAGR of 14.5%.
The halal food market consists of sales of certified meat and poultry, seafood, nuts, eggs, peanut butters.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The halal food refers to the food that meet Islamic standards of food.Halal food is free from ingredients that Muslims are restricted to eat according to law or food that is processed manufactured or stored in vessels that are clean enough according to Islamic laws.
Halal food is safer to eat, more ethical, less prone to meat contamination, and improves metabolism as this food is free of pork, alcohol/intoxicants, poisons, and unhygienic content.
The Asia-Pacific was the largest region in the halal food market in 2022. The regions covered in the halal food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of halal food are meat, poultry, and seafood, fruits and vegetables, dairy products, cereals and grains, oil, fats and waxes, and confectionary.Meat is a meal made from the flesh of an animal.
Halal food is distributed using hypermarkets, supermarkets, online stores, and specialty stores channels. The food is used by households, food services, and the food industry.
The rising Muslim population across the world is significantly contributing to the growth of the halal food market.The Muslim population is a community of Islamic people who practice Islam.
The increasing demand for halal-certified food among Muslims is due to the assurance of food safety and hygiene. According to Pew Research Center, a US-based nonpartisan American think tank, the growth of the Muslim population in the world is expected to increase by around 2.19 billion by the year 2030. Therefore, the rising Muslim population is expected to drive the growth of the halal food market.
Technological advancements in halal food items are key trends gaining popularity in the Halal market.With the increasing demand for halal foods, halal laboratories are actively engaged in the food safety, analysis of food products for maintaining quality standards to detect the presence of porcine material or alcohol, blockchain, and the Internet of things (IoT) are the technological advancements that strengthen the market.
For instance, in August 2022, Fluree PBC, a US based open-source semantic graph database company and Sinisana Technologies, a Malaysia-based Web3 Blockchain Traceability, announced a collaboration that will allow the Malaysia-based supply chain organisation to provide unrivalled end-to-end halal food product sourcing, provenance, and safety to its customers. Using Fluree technology in its blockchain product, Sinisana guarantees openness and integrity to its supply chain and logistics customers across the whole lifecycle of halal food items, from their respective origins to grocery store shelves.
In January 2021, Agthia Group, a UAE-based food, and beverage company acquired an 80% stake in Nabil Foods for an undisclosed amount.Through this acquisition, Agitha has immediate access to new revenue streams and significant cross-selling opportunities to support its growth strategy.
Nabil Foods is a Jordan-based manufacturer and distributor of a wide range of frozen and chilled 100% halal products – from chicken shawarma sandwiches to kubbeh balls.
The countries covered in the halal food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The halal food market research report is one of a series of new reports that provides halal food market statistics, including halal food industry global market size, regional shares, competitors with a halal food market share, detailed halal food market segments, market trends and opportunities, and any further data you may need to thrive in the halal food industry. This halal food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06310135/?utm_source=GNW
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