Global Halal Food Market To Hit US$2.1 Trillion By 2025
Tuesday, November 21st, 2017 | 636 Views
The global halal food industry is expected to witness significant growth from 2017 to 2025, owing to the increasing Muslim population and their substantially increasing expenditure on food and beverages, according to a report by market intelligence company Grand View Research.
The global halal food market is expected to reach US$2.1 trillion by 2025, at a compound annual growth of 6.1 percent. The market was valued at US$1.24 trillion in 2016.
The total Islamic population is expected to increase from 23 percent to around 30 percent of the total world population by 2030.
Asia Pacific led the market in terms of the consumption of halal products in 2016. Around 63 percent of the global Muslim population reside in this region, with Indonesia and Malaysia accounting for over 55 percent of the regional demand in 2016.
The meat and alternatives segment held the largest market share in 2016 with a net market worth of over US$590 billion globally. The Organisation of Islamic Cooperation has set up an international standard for these food items, contributing to building consumer trust and pushing penetration of the product category to even higher levels.
Milk and milk products such as processed milk, cheese, and yogurt are expected to be another primary product segment driving growth for the global industry. Beverages such as carbonated drinks, packaged juice, and sweeteners with halal certification are also projected to witness substantial demand over the forecast period.
Governments of the Islamic as well as the non-Islamic nations and the manufacturers of halal-certified food products have been taking various initiatives in terms of marketing and educating consumers about halal products. The confidence of consumers in halal brands has been the most influential factor in the actual purchase of halal products.