Categories: Food & Beverages

Halal Food Market Growth Trajectory Through 2024-2033

The Halal Food Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Halal Food Global Market Report 2024, The halal food market size has grown rapidly in recent years. It will grow from $1496.23 billion in 2023 to $1727.74 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increasing Muslim population, globalization and cultural diversity, rising awareness of halal certification, tourism and halal tourism trends, halal food innovation and product diversity.

The halal food market size is expected to see rapid growth in the next few years. It will grow to $2928.57 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to focus on clean label and natural ingredients, innovations in plant-based and meat alternatives, halal cosmetics and personal care products, rising disposable income in Muslim markets, health and wellness trends in halal products. Major trends in the forecast period include increased collaboration between halal certification bodies, blockchain technology for halal verification, digital platforms for halal certification, globalization of halal products, halal convenience foods.

The rising Muslim population across the world is significantly contributing to the growth of the halal food market. The Muslim population is a community of Islamic people who practice Islam. The increasing demand for halal-certified food among Muslims is due to the assurance of food safety and hygiene. According to Pew Research Center, a US-based nonpartisan American think tank, the growth of the Muslim population in the world is expected to increase by around 2.19 billion by the year 2030. Therefore, the rising Muslim population is expected to drive the growth of the halal food market.

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The halal food market covered in this report is segmented –

1) By Product: Meat, Poultry, And Seafood, Fruits And Vegetables, Dairy Products, Cereals And Grains, Oil, Fats And Waxes, Confectionary

2) By Distribution Channel: Hypermarkets, Supermarkets, Online Stores, Specialty Stores

3) By Application: Restaurant, Hotel, Home, Other Applications

Major companies in the halal food market are focused on developing convenience food, such as certified halal ready meals, to cater to growing chilled halal demand and to gain a competitive edge in the market. Certified halal ready meals are pre-prepared food items that adhere to Islamic dietary laws and have obtained official certification confirming compliance with halal standards. For instance, in June 2022, The Halal Food Company, an Ireland-based company providing independently certified premium halal meal solutions, launched Panang Chicken Curry, Peri Peri Stir Fry with Grilled Chicken, Beef Lasagna, Shepherd’s Pie, and Macaroni Pasta with Slow Cooked Meatballs, a new certified halal ready meals range in its 140 Sainsbury’s stores. With an estimated 4.2 million individuals following a halal diet in the UK, the new offerings are expected to fill a gap in the market for premium, chef-prepared meals inspired by diverse cultural cuisines. The company is further planning to expand its range to include sandwich fillings and finger foods, offering an extensive selection of Muslim-targeted convenience food.

The halal food market report table of contents includes: