Cibi e Bevande
Halal Food Market to reach US$ 2,043.20 Bn by end of 2027, Says Coherent Market Insights
https://www.coherentmarketinsights.com/insight/request-sample/2700
The types of animals that are permitted to be slaughtered for halal food are mainly cows, sheep, poultry and fish. The laws of slaughtering these animals are specified in the Quran and are therefore strictly followed by Muslims.
The growing Muslim population is a prime factor driving growth of the halal food market. According to the World Health Organization (WHO), the global Muslim population is expected to grow twice as fast as non-Muslims by 2030. By 2030, Muslims are expected to comprise over a quarter of the global population. Moreover, according to the WHO, the global population of Muslims was around 2 Bn in 2017.
The expansion of the retail sector is also contributing growth of the . Moreover, the growing use of general population globally is again fostering growth of the market. According to the India Brand Equity Foundation, India's retail sector was estimated at US$ 883 billion , with grocery retail accounting for US$ 608 billion . The market is projected to reach ~US$ 1.3 trillion by 2024.
Growing promotional &marketing activities in the form of discounts on products are expected to provide lucrative growth opportunities. Moreover, rapid urbanization is another major factor augmenting growth of the market. According to the United Nation, in 2018, 55% of the world's population lives in urban areas, a proportion that is expected to increase to 68% by 2050.
The rising popularity of halal food coupled with the improvement in the supply chain is expected to bring bright market opportunities. For instance, in October 2019 , KT (formerly Korea Telecom) announced its plan to develop a global traceability blockchain for halal food. The firm claims that the system will streamline authenticating halal products, which must be produced following Islamic law.
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Increasing expansion of facilities by key players for halal food products is expected to be one of the trends in the market. For instance, in July 2018 , Saudi Arabia's Food and Drugs Authority (SFDA) has announced its plans to launch the world's largest center for halal food and products. It will provide a reference for halal food and products and services, halal certification, and research and studies in collaboration with universities and research centers.
Growing partnership and agreement among key players is expected to foster growth of the market. For instance, in March 2020 , Impossible Foods has partnered with a national restaurant partner: The Halal Shack. With 8 locations in New York , California , and Texas and 25 more locations in development nationally, The Halal Shack combines the best of Mediterranean and Middle Eastern flavors with a classic American spin for a delicious and unique dining experience.
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, by Product Type (Dairy Products, Meat Products, Grain Products, Vegan Products, and Others), by Distribution Channel (Hypermarkets, Supermarkets, Specialty Stores, Online Channels, Convenience Stores, and Others), and by Region ( Middle East and North Africa ) - Size, Share, Trends, and Forecast till 2025.
, by Product Type (Skin Care, Hair Care, and Color Cosmetics), by Distribution Channel (Hypermarkets, Supermarkets, Specialty Stores, Online Stores, and Others) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
– Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2018-2026
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Coherent Market Insights
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