The
global Halal Food Market is
anticipated to reach USD 922.53 billion by 2026 according to a new study
published by Polaris Market Research.
The Halal
Food market growth is primarily due to increase in Muslim populations and their
rising annual spending on food. This has created a surge in demand for halal
food & beverage products. Increasing demand has also compelled market
players to engage in authentic and branded products. Presently, consumers are
exhibiting growing interest in halal industry. This is primarily due to the
increasing consumer awareness about the nutritional and hygiene advantages, and
improving lifestyles as a result of increasing disposable income. These
products being processed and packed with much higher regulatory compliance
compared conventional food products are gaining significantly popularity.
Basically, they do not contain contents or ingredients that are against Islamic
beliefs.
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Some of the
leading industry participants in the Halal Food market include Cleone Foods,
Prima Agri-Products, Cargill, Kawan Foods, Janan Meat, Saffron Road Food,
Dagang Halal, QL Foods, Al Islami Foods and Nestle.
Halal foods
are expected to be produced, packaged, stored, and distributed as per Islamic
teachings. Moreover, these products are considered to be safe, clean, and
highly nutritional. The significant growth in Muslim populations across the
globe is expected to offer immense opportunities to Halal Food market. In addition,
the rapidly accelerating economic power of Islamic countries is anticipated to
largely influence them to spend additional money on the branded products.
The growing
issues over the absence of proper regulatory framework to assure the
authenticity of these products might be a restraint to the commercially
produced halal food. The industry can be considered as a fragmented one and the
absence of standardized regularizations has repressed the mainstream F&B
participants from venturing this section of the worldwide Halal Food market.
However, the number of small scale companies meeting the needs of the local
populations has been increasing significantly.
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Low level
of awareness about the presence of authentic halal food brands is acting as a
challenge to the industry. As a consequence, the industry is not experiencing
demands to its full potential as expected. Moreover, halal authentic issues
within the sector are considered quiet minor among consumer. Thus, this
requires manufacturers to improve their marketing strategies and production
facilities. Furthermore, it becomes difficult to understand consumer
perspective about halal food & beverage brands.
The Asia
Pacific Halal Food market is anticipated to dominate the global market by 2026,
owing to the presence of emerging nations such as India, Indonesia, Malaysia,
Bangladesh, Maldives, and Pakistan. These nations have significant population
that follows Islamic beliefs. Moreover, the rising economic conditions in the
region provides an opportunity for the foreign players to start of their
production facilities, thus offering cost effective products the consumers in
the region.
About Polaris Market Research
Polaris Market Research is a global market research and
consulting company. The company specializes in providing exceptional market
intelligence and in-depth business research services for our clientele spread
across different enterprises. We at Polaris are obliged to serve our diverse
customer base present across the industries of healthcare, technology,
semi-conductors and chemicals among various other industries present around the
world
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Phone: 1-646-568-9980
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