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Bonafide Research discusses different factors influencing the emerging Global Halal food and beverage market. Expected to grow at 7.34% CAGR
May, 14
2021

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Bonafide Research discusses different factors influencing the emerging Global Halal food and beverage market. Expected to grow at 7.34% CAGR

 

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In halal foods and beverages market, the market is not just influenced by normal market forces and business environmental factors, but religious sentiments, rules play a significant role. They form the very basis of why an entire separate sub category exists under global foods and beverages market, catering specifically to the Muslim community. The Islamic laws specifies that certain items are “permissible” to be consumed and others are not. The items permissible to be eaten or consumed are called halal foods. However, the principle does not only limits to what to be eaten. For a permissible food to be considered to be halal, there are enlisted rules regarding its slaughtering, processing as well as culturing and raising of such produce. As Islam is the 2nd largest religion in the world and is the fastest growing religion of all, the halal foods and beverages market globally is an emerging one. And as it is getting more and more popular, halal foods and beverages are also being demanded by Non-Muslims. As per the research report published by Bonafide Research titled- Global Halal Food and Beverage Market Overview, 2026, the market grew by USD 412.33 Billion during the period of 2015 to 2020 and has been forecasted to grow at a CAGR of more than 7.34%

In the global trade of halal foods and beverages products, it has been identified that interestingly, the biggest producers and exporters of halal foods and beverages are far from the Islamic countries and come from Latin America and North America. Undoubtedly, Asian Muslims countries also play a major role in export of halal foods and beverages products, but the world’s largest halal foods and beverages exporter happens to be Brazil. However as far as domestic markets are concerned, Indonesia, Turkey, Pakistan, Bangladesh, Saudi Arabia are some of the biggest halal foods and beverages markets where as countries like Mexico, Argentina, Brazil have the smallest halal foods and beverages market in the world. As small and medium scale enterprises turn to scale their halal exports game, they need to comply with many different halal certification standards as different countries have different rules for halal certification. This is one of the biggest regulatory obstacles that is dragging the growth of the global halal foods and beverages market.

Asia Pacific as a region has the biggest market for halal foods and beverages in the market followed by Middle East and Africa. However, when people migrate from these regions to Europe and North America, they take with themselves their food and culinary cultures. Riding on this wave of globalisation with increased access to the internet, even people in Non-Muslim countries are getting aware of halal foods and beverages products. As halal products find their places in the respective food industries of these Islamic minority countries, people are willing to explore and try new culinary flavours in tastes. The halal food doesn’t enhance taste, but the restaurant, eateries and hotels while serving dishes and food of different global cultures, halal products are required as an ingredient to present the Islamic dishes. Therefore, the hotel and restaurant industries play a crucial role in penetration of halal foods and beverages in the present-day western countries. The Muslim migrants and millennial Muslims are increasing the demand for a wider variety of halal foods and beverages products. Halal was earlier synonymous to just meat and meat products. But recently halal has diversified itself to various different food and beverages items like fruits and vegetables, dairy as well as bakery, confectionery and other products. The bakery, confectionery and other related products are the fastest growing halal foods and beverages categories in the world with a promising growth rate of about 8% to 9%. It can be safely said, that in the coming times, halal food and beverages will expand to more varieties just like halal products other than foods and beverages.