According to a new report published by Fast. MR titled, “Halal Food Market by Product and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global halal food market was estimated at around USD 554 million in 2019 and is expected to grow with the CAGR of 4.2% during the forecast period 2024-2027. The increasing popularity of halal food among non-muslims driving the market growth.
Halal food which was earlier referred to as the food choice for Islamic community has broken its image from religion-specific food to a more dynamic, cleaned, hygienic food type. Over a few years, the demand for the product has widely increased among non-muslims owing to its cleanliness and hygienic standards. The product has gained higher penetration in non-muslim countries such as India, Australia, and others. Therefore, rising penetration of the product in the non-muslim community is projected to positively influence the market growth over the coming years.
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Despite the change in perception, the growth of the Islamic population is projected to remain a key driver for the market growth over the coming years. The overall growth in the Islamic population has observed sturdy growth over the last decade. For instance, the global Muslim community increased from nearly 1.5 billion to roughly 2.1 billion from 2009 to 2016. In addition, it is predicted that over the next twenty years, the Muslim population is expected to grow tremendously. Thus, the growing Islamic population is projected to positively influence the growth of the halal food market over the forecast period.
The Asia Pacific is estimated to remain the most dominant region as nearly 63% of the global Muslim population is concentrated within the region. Key countries of the region including India, Pakistan, Indonesia, Malaysia, and Bangladesh have a huge population of the Islamic community. Thus, these countries are anticipated to drive the demand for halal food over the predicted timeline.
Key vendors of the Halal Food Market are Coco-Cola, Royal Invitee, Cargill Corporation, Tahira Foods Ltd, Nestle S.A., BRF S.A., Janan Meat Ltd., Kawan Foods Berhad, Dagang Halal Food, and Al Islami Foods Co. Industry participants are focusing on mergers and acquisitions to enhance their market presence.
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