Halal Foods and Beverages Market – Overview
The recognition of Islamic Sharia law in terms of food preparation in non-muslim countries around the world has increased the expansion of halal food and beverages market. Market reports associated with the food, beverages & nutrition sector made accessible by Market Research Future along with published reports on other sectors have been lately put out along with a report on this industry. The market is foreseen to grow with a CAGR of 8.9% over the forecast period.
The spread of the concept of halal foods and beverages has increased demand considerably. The demand for halal ingredients is elevated especially in the bakery & confectionery industry. The development of various retail channels is raising the possibility of market growth. Moreover, the rising demand for ready to eat meals is shaping the expansion of the market further and increasing the consumer base positively. The technological advancements in the food and beverage sector will further incentivize the growth of the market over the forecast period.
Segmental Analysis
The Halal Foods and Beverages Market Overview is segmented on the basis of category, type, packaging, and distribution channel. On the basis of the type, the market segmentation consists of beverages, bakery & confectionery, sweet & savory snacks, meat & meat products, dairy & frozen desserts, oils & fats, and others. The bakery & confectionery segment is controlling the market due to the rise in the demand for halal ingredients for the production of bakery & confectionery products. Furthermore, the altering consumer preferences for convenience food have resulted in the development of the dairy & frozen desserts segment. By category, the market is segmented into frozen, fresh, and others. Among the segments, the fresh segment is leading the market based on improved consumption of fresh poultry and meat products worldwide. Though, the frozen segment is expected to observe a stable growth over the forecast period due to changing consumer inclination towards frozen foods. On the basis of the packaging, the market is segmented into metal, glass, paper, plastic, and others. Among the packaging segments, the plastic segment is governing the market due to its sturdiness and simplicity of transportation. The distribution channel segment is divided into non-store based and store based. The store-based distribution channel is leading the market in the forecast period.
Detailed Regional Analysis
The regional analysis of halal foods & beverages market is segmented into APAC, Europe, North America, and rest of the world (RoW). The Asia Pacific region is leading the halal foods & beverages market followed by the North American region. In the Asia Pacific region, Pakistan and China are the key consumers of halal foods & beverages, which, in turn, is enhancing the market growth in this region. Additionally, rising consumption of halal poultry and meat products and speedily growing population in emergent countries of Asia Pacific is giving a thrust to the development of the halal foods & beverages market. Also, variable consumer preference towards halal food & beverage products in nations like the U.S., Mexico, and Canada in the North American region is expected to improve the halal foods & beverages market during the forecast period.
Competitive Analysis
The market appeal and competitors’ dynamics are markedly enhanced by the strategies that are being utilized by market players. The market is greatly lifted by the developments that are occurring in the market. The successful integration of supply chain management is steadily increasing the development of the market. The critical success factors in the market are easily achieved in the market leading to an elevated pace of development in the forecast period. The innovation in products and services of the markets will modify the progression of development of the market substantially. The long-run viability of the market is highly dependent on the techniques and the strategic roadmaps that are engaged by market players. The amplified level of emphasis on the variation of products is increasing the number of customers in the market substantially.
Cleone Foods Ltd. (U.K), Nestle S.A. (Switzerland), Al Islami Foods (the UAE), QL Foods Sdn. Bhd. (Malaysia), BRF S.A. (Brazil), Namet Gıda San. ve Tic. Inc. (Turkey), Nema Food Company (U.S.), American Halal Company, Inc. (U.S.), Beijing Shunxin Agriculture Co., Ltd. (China), and Midamar Corporation (U.S.) are the eminent players in the market.
According to the MRFR reports, the global Halal Foods and Beverages Market Size is likely to attain a over USD 3.27 Trillion Billion by the end of 2030 while flourishing at a healthy CAGR of over 8.9% during the forecasted era.
Industry Updates:
The Tokyo city municipalities are targeting Muslim visitors by motivating their food businesses to gain halal certification ahead of the 2020 Olympics which Japan will be hosting. Specifically, the Taito ward in the northeast of the metropolis has deployed a scheme since late 2015 to offer subsidies to food establishments that invest in halal status. Through the initiative, companies will be repaid 50 percent of the cost of certification.
