Halal food market valuation to hit new heights by 2030
The global halal food market is on track to hit a valuation of approximately US$ 4,569.69 billion by 2030, according to the latest report titled ‘Halal Food Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis’ released by ResearchAndMarkets.com.
The report highlighted a surge in the global halal food market, driven by several factors, including increasing consumer health consciousness, a lifestyle shift towards a halal diet, and the rapid expansion of the Muslim population worldwide.
Anticipating a steady climb, the report had forecasted an impressive Compound Annual Growth Rate (CAGR) of 9.33 per cent from 2024 to 2030 in the global halal food market. This growth was attributed to a growing consumer base, not limited to Islamic nations but globally, indicating a unified demand for products aligning with halal standards.
Major industry players had actively expanded their portfolios to meet the market’s diverse needs by including a wide range of halal-certified products such as pasta, vegetables, dairy derivatives, and more.
These initiatives enhanced product visibility and reflected the growing market space for halal foods.
Imposing comprehensive global standards and regulations related to halal certification has further propelled market growth. Measures such as the extended requirement for halal certification by the Saudi Arabia Food and Drug Authority indicated the trend towards stricter regulatory environments, attracting new market entrants.
Key segments within the global halal food market encompassed a variety of products, with meat products holding a substantial market share due to increased demand for hygienic and microorganism-free meat.
Hypermarkets and supermarkets have played a pivotal role in distribution, benefiting from economies of scale and offering a wide range of products at competitive prices.
The report emphasised the potential of the Indian market, driven by migration trends and the growing Muslim demographic. The increasing purchasing power within this community has strengthened the market base for halal foods in India.
The report also highlighted leading market participants driving industry standards and innovation. These companies were characterised by their broad strategies, developmental milestones, and financial performance, including expanding product ranges and forming partnerships to propel the global halal food market forward.
The comprehensive analysis provided by the report included a breakdown of the market by various product types, distribution channels, and specific country insights. This made it an indispensable tool for stakeholders and businesses seeking to navigate the halal food landscape effectively.
