Halal Food Market Growth Rate, Application, Revenue, Trend, Size and Forecasts to 2027: QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food

Global Halal Food Market – Insights
The term “Halal” is defined as permissible and in alteration it is used as lawful. Halal food is prepared following Islamic dietary laws and regulations that determines what is lawful, clean, and permissible. Global halal food market is driven by factors such as increasing Muslim population coupled with improvement in supply chain in the retail sector.
Major players operating in the global halal food market include Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food.

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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 increasing use of halal products by the general population globally is driving growth of the global halal food market over the forecast period.

Lack of global regulatory body for certification of halal food products is expected to restrain growth of the halal food market in the near future. New halal standards are being developed by the European Committee for Standardization (CEN) for halal-based products, so as to prevent individual member states from creating their own national halal standards.
However, several EU nations are against un-stunned slaughter that is used in halal food. Countries such as Denmark, Norway, Latvia, and Sweden ban slaughter without stunning. This in turn, is expected to affect growth of the halal food production, thus hampering growth of the global halal food market.

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The global halal food market was valued at US$ 715.0 Bn in 2018, and is expected to register a CAGR of 12.7%, in terms of revenue over the forecast period (2019 to 2027), to reach US$ 2,043.2 Bn by 2027.

Based on product type, meat products segment accounted for the largest market share in the Asia pacific halal food market. The segment growth in the region is driven by the rising Muslim population in the region coupled with growing consumption of meat products. The trend is expected to continue over the forecast period. According to Cornell University Library’s publication in April 2017, the total Muslim population across the world was estimated to be 1.57 Bn during the 2016 to 2017, wherein 60.0% of the Muslim population resides in Asia Pacific.

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