Global Halal Food & Beverage Market Forecasted to Reach a Trillion Dollar Valuation by 2026
The “Global Halal Food & Beverage Market Outlook, 2026” report has been added to ResearchAndMarkets.com’s offering.
During the period of 2015 to 2020, the global halal food and beverages market grew by roughly USD 412 Billion. It has been forecasted that the market will reach the double trillion figure by 2026.
One major driver for this growth is the rapidly growing Muslim population which is also the fastest-growing religion in the world. However, it is interesting that halal food and beverages products is not only demanded by Muslim consumers but is also gaining popularity among Non-Muslim consumer.
The research report presents insights from different geographies, namely – North America, Latin America, Europe, Middle East Africa, and the Asia Pacific with major economies playing a role in the halal food and beverages market. The market has been segmented on the basis of product lines to give a deeper understanding.
The product lines which formed the basis of the study was – halal meat, seafood and poultry market, halal milk and milk beverages products, halal fruits and vegetables, halal grain products market, halal beverages, and halal confectionery, bakery and, other products. The various sales and distribution channels identified for halal products are hypermarkets/supermarkets, traditional retail channels in form of convenience stores, online channels, and other sales channels such as speciality stores, exhibitions, etc.
As demographic trends play an important role in influencing the consumption demand of halal products, it is no surprise that the Asia Pacific and Middle East Africa region combined to contribute about 90% of the global halal food and beverages market share and Latin America being having the lowest market share of all.
As more and more consumers are demanding halal labelled food, the halal food industry has itself diversified into a new product line. Halal meat, poultry and seafood have traditional relevance and account for the majority of halal foods and beverages market sales. However, the fastest growing product categories that have been observed worldwide are halal products in the form of bakery, confectionery and other products which are growing at roughly 8 to 9%.
Another interesting pattern that has been observed during the research is that, in major Islamic regions such as Asia Pacific and Middle East and Africa, traditional retail channels drive the sales for the halal foods and beverages market whereas other regions such as North America, Europe and Latin America have supermarkets and hypermarkets as the major sales channels for the halal market.
Big box retailers in form of supermarkets and hypermarkets cater to customers by serving large verities of products. However, globally, of all sales channels, online sales channels show an unparallel and promising growth. During the period of 2015 to 2020, the online sales channels generated sales at a CAGR of 8.17%, which has been predicted to increase to 9.42% during the forecast period of 2020 to 2026. The major players driving the halal foods and beverages market are Al Islami Foods Co., QL Foods Sdn Bhd, Saffron Road, Dagandhalal Group, Janan Meat Ltd, Kawan Foods Berhad, Cargill, Prima-Agri Products, Nestle SA, BRF SA, Al-Falah Halal Foods Ltd. and Tahira Foods Ltd.