The Asia-Pacific region is one of the most profitable markets available for the growth of halal food & beverage products. The region is expected to hold the largest market share during the forecasted period. The increasing Muslim population, the growing popularity of halal food among non-Muslims, and the rising awareness about food security, freshness, & nutrition are the major factors that contribute to the halal & beverage market growth in Asia-Pacific. Due to the large Muslim population in China, Muslim cuisines have inherited Chinese cooking methods, such as steaming, roasting, and stewing, which is boosting the consumption of halal food in the country. Also, lamb and mutton dishes are commonly available, owing to the presence of small Islamic restaurants and food stalls in major cities of the country. This has been helping to increase the awareness about halal food among the non-Muslim population and expand the market growth. Around 63% of the global muslim population resides in this region. Indonesia, Pakistan, India, Bangladesh and Myanmar are some of the countries with the largest Muslim population in the world. In the research report prepared by Bonafide Research titled- Asia Pacific Halal Food and Beverage Market Outlook 2027, a study has been presented discussing various intricacies of the halal food and beverages market backing with sufficient data points to support qualitative judgments. Based on the obtained data, the market stood around USD 930 Billion in 2021 which is anticipated to grow with more than 7% for 2022-2027. The research report present insights from different geographies namely- China, Pakistan, India, Indonesia, Bangladesh, and the Rest of Asia Pacific. The market has been segmented on the basis of product lines to give a deeper understanding. The product lines which formed the basis of the study was – halal meat, seafood and poultry market, halal milk and milk beverages products, halal fruits and vegetables, halal grain products market, halal beverages, and halal confectionery, bakery, and other products. The various sales and distribution channels identified for halal products are hypermarkets/supermarkets, traditional retail channels in form of convenience stores, online channels, and other sales channels such as specialty stores, exhibitions, etc.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample
Indonesia is home to world’s largest Muslim population and has the biggest chunk of market share in Asia Pacific’s halal foods and beverages market share. Due to similar favorable demography, Pakistan and Bangladesh are the major Asia halal markets. Indonesia, Pakistan and Bangladesh account to roughly around 45% of the total market in the Asia Pacific region. However, it imperative to note that the rest of Asia Pacific region other than China, Pakistan, India, Indonesia, Bangladesh contribute to about 57% of the region’s halal market. In the region, the most consumed halal products are the halal meat, poultry and, seafood products. Almost 40% of these sales are accounted to traditional retail channels which is the most dominant sales and distribution channel in the region for halal foods and beverages products. However as e-commerce is rapidly growing in the region, halal foods and beverage markets sales generated through online channels is showing strong growth of more than 9% CAGR. On the other hand, China has also been investing significantly in domestic halal food companies to be a leading exporter of halal food. For instance, the country has made an investment of AED 1.35 billion in Dubai Halal Food Park. The country is also known for its food safety concerns. Consumers are assured of food quality and safety by conducting stringent checks and tests. These factors are predicted to propel the overall halal food & beverage market in the country. The ambitious trade plans of the country, for instance, the ‘One Belt One Road’ initiative, are estimated to increase China’s export prospects, especially with regard to halal products. There have also been large-scale investments in domestic halal food companies in China. The halal food & beverage market has huge growth potential in countries like India, where there are untapped sources. The country’s domestic production is on the increase due to the growing middle-class population, along with government initiatives that entail foreign investments. The per capita income pf the Muslim population in the Indian region has increased, thereby boosting their means and capacity to fulfill their need for high-quality halal food & beverages. The lack of a comprehensive initiative with regard to the certification of halal food & beverages might hinder the market growth in India. The market boasts the presence of several well-established companies. QL Foods Sdn Bhd is a subsidiary of QL Resources Berhad that manufactures minced meat. The company produces and sells surimi products under several brands such as Mushroom, OceanRia, Suria, and Ika’s. Its products are produced in compliance with certifications such as Hazard Analysis and Critical Control Points (HACCP), Makanan Selamat Tanggungjawab Industry (MeSTI), and Good Manufacturing Practice. Australia, Hong Kong, Indonesia, Japan, Canada, and the U.S are the export hubs of the company.
Recent Developments: 1. In March 2019, Archer Daniels Midland (ADM) published about the launch of its high-quality organic flours that will be added to the complementary range of organic and cereal-based products. 2. In January 2019, Croda International Plc announced that it had obtained Halal certification for 15 biopolymer ingredients. Its Halal compatible range includes surfactants, emollients, fatty acids and alcohols, humectants, inorganic UV filters, lanolin and derivatives, rheology modifiers, gelling agents, special mixtures and bases, individual cationic compounds, active ingredients and botanical extracts. This aids the organization to expand its portfolio and also to meet the needs and requirements of customers. Covid-19 Impacts: The Covid-19 pandemic had a great impact on the global food sector, along with the associated industries. Halal ingredients market was also suffered during this period with the lockdown of countries and the shutdown of manufacturing units. However, in the coming years, the increasing consumer preference for healthy food products is likely to create immense opportunities for players in this industry. Major Companies Present In the Market QL Foods Sdn Bhd, Unilever, Kawan Foods Berhad, Cargill, Prima Agro-Products, Nestle S.A., BRF S.A., Al-Falah Halal Foods Ltd
Considered In the Report • Geography: Asia-Pacific • Historical year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027 Countries covered: • China • India • Pakistan • Indonesia • Bangladesh Aspects Covered In the Report • Market Size By Value for the historic time period (2016-2021) • Market Size By Value for the forecast time period (2022-2027) • Market Share by Product (Halal Meat, Poultry & Seafood, Halal Milk & Milk Products, Halal Fruits & Vegetables, Halal Grain Products, Beverage Products, Others) • Market Share by Sales Channel (Hyper Market/ Supermarket, Traditional Retail, Online, Others) • Market Share by Country (2016, 2021 & 2027F) The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the halal food & beverage industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.