NEWARK, Del, June 15, 2022 (GLOBE NEWSWIRE) -- The global halal food market is set to witness growth at a CAGR of 9.7% and top a valuation of US$ 3.0 Tn by 2032. When it comes to halal certification, many Islamic countries have their own set of rules and restrictions. However, the Malaysian government has worked to establish a global halal standard. Malaysia's Research Centre for Islamic Affairs established a national halal certification in 1974.
The Department of Islamic Development Malaysia (JAKIM) took over the implementation of the halal certification system, In 2005, in addition to monitoring and enforcing halal compliance in Malaysia, Malaysia's halal certificate is the only internationally recognised emblem and certification system supported by the Malaysian government. approved for use by all Muslim nations, as it is a member of the Organisation of Islamic Conference (OIC).
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Other nations' halal certification authorities were either created by local provinces or governments, or they were endorsed by non-governmental organisations (NGOs). The Halal Industry Development Corporation (HDC) was created in 2006 to further improve Malaysia's position as the world's leading halal centre. It was established with the goal of raising halal standards while also promoting commercial and industry development and branding.
More than 70 small and medium enterprises (SMIs) in the halal food manufacturing industry already call the Prima Halal Food Park home. All of these SMIs can join the Prima Vendor Program, which allows them to make halal cuisine under the PRIMA brand. The items are then distributed via PRIMA's dedicated sales network.
Independent food and beverage producers can also create halal cuisine under their own brand names. In this instance, businesses must build their own distribution network while simultaneously contributing to the park's central services and shared facilities expenditures.
Key Takeaways from Market Study
- The halal food market is worth of US$ 1.2 Tn sales in 2022.
- The halal food market is expected to expand at CAGRs of 9.7% through 2032.
- Global halal food demand is projected to grow year-on-year (Y-o-Y) growth of 9.1% in 2022.
- The halal food market is growing with a notable boost towards the production to reach USD 3.0 Tn by 2032.
- Increasing requirement for the food among both Muslims and non-Muslims, advancement in healthy technologies incorporated, and strict regulations implementations are the factors driving growth of the market and to be the influencing factors among consumers, which is driving sales of halal food across global markets.
- Demand for halal food grew at 8.8% CAGR between 2017 and 2021.
- Prima Quality Food Industries Sdn Bhd, The Halal Food Company, Cargill Incorporated, Pacmoore Products Inc., and Al Islami Foods are expected to be the top players in the industry.
- Halal food isolate with powdered form segment are in heavy demand from infant formula industry carrying a notable market share.
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“Because of the stringent regulations in attaining halal certification, halal cuisine has evolved from being a religious dietary choice to an assurance of safe, healthy, hygienic and reliable food. The move to adopt uniform halal standards across OIC countries will allow them the opportunity to raise the standard of halal food and further strengthen the perception and market share of halal products in the global food trade,” says a Future Market Insights analyst.
Competitive Landscape
- Prima Quality Food Industries Sdn Bhd
- The Halal Food Company
- Cargill Incorporated
- Pacmoore Products Inc.
- Al Islami Foods
- Halal Fine Foods
- Nestlé S.A.
- Wellmune® (Kerry Plc)
- Kewpie Corporation
- YHS (SINGAPORE) PTE LTD
Key halal food brands are looking for new strategic partnerships to develop the applications in food and beverage industry, along with infant formula and dietary supplements, while core business brands are focusing on developing nutritional and high quality food solutions to customers with several product innovations.
- Delivery startup Jahez in Saudi Arabia raised US$36 million for its commission-free halal food ordering website, DeliverDXB, which launched in Dubai March of 2020.
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Halal Food Market by Category
By Nature:
- Organic
- Conventional
By Product Type:
- Meat, Poultry and Seafood
- Dairy Products
- Fruits, Nuts and Vegetables
- Fats, Oil and Waxes
- Grains and Cereals
- Beverages
- Others
By Application:
- Food & Beverages
- Nutraceuticals & Dietary Supplements
- Infant Formula
- Animal Feed Industry
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global halal food market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on nature (organic and conventional), product type (meat, poultry and seafood, dairy products, fruits, nuts and vegetables, fats, oil and waxes, grains and cereals, beverages, and others), and application (food & beverages, nutraceuticals & dietary supplements, infant formula, animal feed industry, and others), across seven major regions of the world.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. % of Operating Margin Analysis
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Global Halal Food Market- Pricing Analysis
3.6.1. Price Point Assessment by Region
3.6.2. Price Point Assessment by Product Type
3.6.3. Price Forecast till 2032
3.6.4. Factors affecting Pricing
3.7. Forecast Factors - Relevance & Impact
3.8. Regulatory Landscape
3.8.1. Packaging & Labelling Regulations
3.8.2. Certifications and Certifying Agency Overview
3.8.3. Import/Export Policies
3.9. Regional Parent Market Outlook
3.10. Consumers Survey Analysis
3.11. Macro-Economic Factors
3.12. Product Claims & Nutritional Information Scan by Buyers
4. Global Halal Food Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (MT) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (MT) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Full Toc click Here
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