Global Halal Food Market is projected to grow at a CAGR 5.94%
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Halal Food Market – Forecasts from 2020 to 2025” to their offering.
Growing population, increasing affluence, a growing religious adherence, ethical consumerism are the core factors, among others which are anticipated to drive the growth of this market.
As per the report, the market pertaining to the Global Halal Food Market is expected to reach US$2,047.163 billion by 2025, from US$1,448.094 billion in 2019.
Halal food no longer relates to a traditional sense of consumption practices observed by individuals of the Islamic faith. Due to a shift in consumer perception, and growing government initiatives being enshrined in their national strategies, the global halal food market is expected to be catapulted to a new echelon. From the perspective of national strategies, it is important to note that the food processing industry of The Kingdom of Saudi Arabia (KSA) is reportedly uniquely placed to foster the growth of Hala food market due to the increasing demands of Saudi food products from domestic, regional and international spheres wherein halal food has been at the forefront, among other food products. Moreover, KSA is renowned for its authentic halal food products especially those pertaining to Mecca and Medina. Further Saudi Arabia’s Food and Drugs Authority (SFDA), has reportedly announced what has been known as the largest center for halal food and products which has been subsumed under the kingdom’s agenda of reformation known as Vision 2030. The objective is to provide a reference for halal certification, halal food and products, and services, halal research and studies in collaboration with universities and research centers.
Besides n 2019, as a part of China’s Belt and Road Initiative which is an infrastructural project, the UAE and China had reportedly signed $3.4 billion worth of new deals, within which the second agreement is aimed at creating $1bn food manufacturing and processing plant named ‘Vegetable Basket’ in Dubai to import, processing, pack and exporting agricultural, marine and animal products. Shifting towards the southeast Asia, at the 2nd Philippine National Halal Conference, the national 'Halal' logo of the Republic of the Philippines was reportedly unveiled. The Philippine Halal Logo will be issued by the Philippine Accreditation Bureau as a regulatory acknowledgment of products and services which adhere to the standards set by the Philippine National Halal Certification Scheme and other related laws. With regards to Indonesia, its launch of the Islamic Economics Masterplan (MEKSI) 2019-2024 by Indonesian Ministry of National Development Planning and the Indonesia Halal Economy Report (by IHLC) is set to be a major facilitator for the halal economy of the country pushing the halal food market trend of the world to new heights. To this end it is important to note that the President of Indonesia His Excellency Joko Widodo had reportedly inaugurated Halal Park at the Bung Karno Sports Stadium in Senayan, Central Jakarta, 2019 and announced that the construction for a bigger version of the aforesaid called the Halal Lifestyle District will commence in the next year or two, and with a total investment of $17.75 million and spanning across 21,000 sq. mts. of land the construction will be expedited by the state-owned PT Wijaya Karya Tbk (IDX: WIKA).
Further with regards Malaysia, in 2018 with the aspiration to transition Malaysia into a global halal hub by 2020 and the government of Malaysia, reportedly allocated 100 million ringgits to upgrade the capability of SMEs in the halal industry through various programs to increase exports. Further, for the year 2020, 10 million ringgits will be reportedly allocated to the Ministry of Entrepreneur Development with the aim of dissemination of advocacy and awareness for halal certification, development of halal products, and platforms that will enable local players to successfully leverage the global halal market. The aforementioned initiatives and strategies have been envisioned and subsequently set in motion by the governments of the OIC thereby making it also important to note that the recognition of the demand and the plausibility of discovering new revenue-generating opportunities by tapping into the 16.9% increase average per capita income in OIC countries as of 2018 from 2010, as reported in OIC ECONOMIC OUTLOOK 2019 is another aspect that is expected drive the growth of the global halal market.
As a part of the report, the major players operating in the global halal food market, which have been covered are Al Islami Foods, American Foods Group, LLC, Cargill, Incorporated, Danisco, Halal Fine Foods, Nestlé, Pacmoore Products Inc, QL Resources Sdn Bhd, Tahira, and Unilever
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-halal-food-market
This report segmented the global halal food market on the basis following terms:
By Product Type
- Meat, Poultry & Seafood
- Dairy Products
By Distribution Channel
- North America
- South America
- United Kingdom
Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
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