Global Halal Food & Beverage Market Overview, 2022-2027

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. In the research report prepared by Bonafide Research titled- Global Halal Food and Beverage Market Overview 2022-2027, a study has been presented discussing various intricacies of the halal food and beverages market backing with sufficient data points to support qualitative judgments. According to the report, the market was valued around USD 1690 Billion which is anticipated to cross over USD 2500 Billion during the forecast period. Further, the market is projected to grow with more than 7% CAGR for 2022-2027. The research report present insights from different regions namely- North America, Latin America, Europe, Middle East and Africa, 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.

The growing Muslims population is the biggest driver for the halal foods and beverages market globally. Asia Pacific has the biggest population of Muslims and similarly contribute to almost 90% of the total market share. However, its is interesting to note that Latin America which has the smallest share in the global halal foods and beverages market with a share of less than 0.5%, is home to home to the biggest halal exporting country- Brazil. Globally it has been observed that the most demanded halal foods and beverages products are the halal meat, poultry and seafood products. Almost 40% to 50% of the total market sales is generated by halal meat, poultry and seafood. Halal fruits and vegetables and halal grain products have the smallest chunk in the global market with a combined market share of about 10%. However confectionery, bakery and other related products were the fastest growing product segment in the market forecasted to grow at a CAGR of more than 9%. As halal foods and beverages are getting more popular and seeing increased demand over the globe, the sales and distribution channels are growing simultaneously. Traditional retail channels have shown the slowest growth rate. On the other hand, riding on the wave of e-commerce, online sales channels are proving to be effective and efficient for halal food and beverages market sale growing at a CAGR of roughly 8-9%. Indonesia, Turkey, Pakistan, Bangladesh make up for almost 35% of the total global halal foods and beverages market and as the Muslim population grows, these major halal markets along with Arab and other Middle East and African nations are expected to be major avenues for halal investments. Covid-19 Impacts: The disruption of the halal food and beverage industry’s supply chains due to the swift spread of COVID-19 have affected the market growth. The leading manufacturers in Islamic and non-Islamic countries experienced a reduction in labor, which significantly affected the production capability. Furthermore, the slowdown in demand for retail products such as pre-cooked and ready-to-eat meat products negatively influenced the industry. However, the rising concerns related to immunity increased the demand for health improving products to maintain immunity. Consumers’ inclination towards healthy, nutritious, and safer products is rising. The positive evolution of consumers’ preferences towards safe and quality halal products is expected to boost this industry in the upcoming years. Major Companies Present In the Market Al Islami Foods Co., QL Foods Sdn Bhd, Saffron Road, Midamar Corporation, Unilever, Kawan Foods Berhad, Cargill, Prima Agro-Products, Nestle S.A., BRF S.A., Al-Falah Halal Foods Ltd, Tahira Foods Ltd., American Foods Group

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Manmayi Raval

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Considered In the Report • Geography: Global • Historical year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027 Regions covered: • North America • Europe • Asia-Pacific • South America • Middle East & Africa 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)

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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.