Halal Food and Beverage Industry Overview
The global halal food and beverage market is expected to reach USD 1063.11 billion by 2030, according to a new report by Grand View Research, Inc. The global halal food industry is expected to witness a CAGR of 3.6% during the forecast period owing to the increasing Muslim population and their substantially increasing expenditure on food & beverages, which is considered the main driving force of this market. According to an article published in Salaam Gateway, in November 2019, 63.6% of Muslims globally spend USD 2.2 trillion on halal and Islamic food and lifestyle products.
Governments of the Islamic, as well as the non-Islamic nations and the manufacturers of halal-certified food products, have been taking various initiatives in terms of marketing & educating consumers about these products. The confidence of consumers in halal brands has been the most influential factor in the actual purchase of these products. According to an article published in Salam Gateway, in November 2020 Egypt’s council of ministers introduced the ‘Halal in Egypt’ mark for Egyptian halal exports, while the Philippines’ Department of Trade and Industry (DTI) also launched an official national logo.
Halal Food and Beverage Market Segmentation
Grand View Research has segmented the halal food And beverage market based on product, distribution channel, and region.
Based on the Product Insights, the market is segmented into Meat & Alternatives, Milk & Milk Products, Fruits & Vegetables, Grain Products, and Others
- The meat & alternatives segment held the largest market share of 51.6% in 2021 and is expected to maintain dominance during the forecast period.
- Growing consumer preference for bacteria-free meat owing to health, hygiene, and safety concerns, the demand for these products will witness a rise in the foreseeable period.
- Moreover, respect for the welfare of animals, and a degree of acculturation are also some of the vital influencers in the growth of the segment.
- However, grain products are projected to register the fastest growth during the forecast period with a CAGR of 4.3% from 2022 to 2030.
- Cereals or grain products are gaining momentum among consumers due to their nutritional benefits. These products include wheat, rice, pasta, bread, and breakfast cereals.
Based on the Distribution Channel Insights, the market is segmented into Supermarkets/Hypermarkets, Departmental Stores, Online, and Others
- Hypermarket & supermarket was a larger distribution channel with a market share of around 75.5% in the global revenue in 2021. An increasing number of these stores across various regions have experienced a surge in the distribution of halal food in the market.
- Further, the convenience of physically verifying halal-certified products in these stores will vouch for the growth of this segment.
- The online distribution channel is anticipated to register faster growth during forecast years with a CAGR of 5.0% from 2022 to 2030.
- The rapid digital transformation brought on by Muslim and non-Muslim consumers looking for healthy, flavorful, and convenient meals that can be delivered at home, will boost the segment growth.
Halal Food and Beverage Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The halal food & beverage market is highly fragmented with the presence of a large number of regional and local players. Companies have been implementing various expansion strategies, such as partnerships and new product launches, to stay ahead in the game. For instance, in August 2021, Crescent Foods, an American pioneer in premium hand-cut halal meat and poultry products launched a turnkey foodservice program for college and university dining halls, nationwide. The company will offer a wide range of products including hand-cut beef, lamb, turkey (seasonally), and chicken products for on-campus dining, including restaurants.
Some prominent players in the global Halal Food and Beverage market include:
- Nestlé S.A
- Cargill, Incorporated
- Unilever
- American Halal Company, Inc.
- Al-Falah Halal Foods
- Prima Agri-Products
- One World Foods Inc.
- Midamar Corporation
- QL Foods
- Rosen's Diversified Inc.
Order a free sample PDF of the Halal Food and Beverage Market Intelligence Study, published by Grand View Research.
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