SEATTLE, Sept. 03, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the MENA halal food market was valued at US$ 145.4 billion in 2017 and is projected to witness a CAGR of 10.4% over the forecast period (2018–2025). Growth of the MENA halal food market is attributed to multiple health benefits offered by halal food products such as very less or no incidence of food contamination. Increasing consumer preference towards natural & healthy food products is projected to aid in growth of the halal food market in MENA region.
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https://www.coherentmarketinsights.com/market-insight/mena-halal-food-market-2084
Key Trends and Analysis of the Halal food Market:
- Among product type, meat products segment accounted for the largest market share in the MENA halal food market in 2017. The segment is projected to retain its dominance over the forecast period, owing to increasing consumption of meat products in MENA. According to the study conducted by Agriculture & Agri-Food Canada on livestock and meat trends in the Gulf Cooperation Council (GCC), imports of meat & meat products was valued at US$ 5 billion in 2015.
- Grain products segment is projected to be the fastest growing segment over the forecast period. Grains are considered as halal when they are not made up of any haram ingredients. Rapid adoption of halal cereal products as a convenience food is projected to create growth opportunity for the segment in the near future.
- Among distribution channel, online stores segment is expected to account for significant market share in the market, owing to busy lifestyles and shifting consumer preference towards online purchasing. Furthermore, advantages of online purchasing, which include doorstep delivery, discounts, and availability of various options is a major factor, which makes it a preferred medium for purchasing various products.
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Key Market Takeaways:
- Middle East accounted for the largest market share in the MENA halal food market in 2017. In Middle East, regional government authorities such as the Emirates Authority for Standardization and Metrology (ESMA) are taking initiatives to develop an optimal model for halal food regulations. Such activities are projected to have positive impact on Middle East halal food industry.
- Key players operating in the MENA halal food market are investing significantly to enhance their presence in Middle East. For instance, in November 2017, Al Islami Foods, a leading UAE halal food manufacturer, opened its biggest food production facility in Sharjah’s Hamriyah Free Zone.