According to Inkwood Research, the Global Halal Food & Beverage Market is set to record a CAGR of 5.73% in terms of revenue over the forecasting period of 2023-2032.
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The global Halal food and beverage market has emerged as a significant and rapidly growing segment within the global food industry. Halal products adhere to Islamic dietary laws and regulations, making them permissible for consumption by Muslims. This market has gained substantial traction not only among Muslim populations but also among non-Muslim consumers seeking ethically sourced and high-quality products.
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Product Launches by Giant Food Chains Drive Growth Prospects
The expenditure on meat and poultry is nearly the same for both Muslims and non-Muslims on average. However, due to adherence to halal requirements, Muslims residing in Europe face limited options when it comes to meat and poultry choices. As a result, numerous restaurant chains have responded to the increasing consumer consciousness about food and beverage sources by incorporating halal meat in their menus.
To illustrate, prominent European supermarket chains like Tesco, ASDA, Auchan, Carrefour, and Edeka have introduced halal meat in select locations. In some large French supermarkets, dedicated sections have been designated for halal food products like chicken sausage, paella, and lasagna. Notably, Auchan, a supermarket chain, offers an array of approximately 30 pre-cooked halal meals alongside 80 cured meat products that hold halal certification.
Furthermore, renowned French companies specializing in charcuterie and catering, such as Fleury Michon, Herta, and Pierre Martinet, have unveiled product lines compliant with halal standards. Even Évian, a well-known brand, has affixed a halal seal to certain bottles of its water to assure Muslim consumers that the product has not come into direct contact with alcohol, which would render it haram or impure.
Supermarket & Hypermarket: Dominating Distribution Channel
Due to the extensive retail space that caters to a diverse range of preferences, supermarkets and hypermarkets stand out as dominant distribution channels for halal food and beverages in the region. Factors like business expansion and the increasing number of hypermarkets and supermarkets amplify sales through these retail formats, making a substantial contribution to the global halal food and beverages market. Notably, there has been a significant rise in sales of halal food and beverages facilitated by these large-scale retail outlets. The availability of a wide array of brands remains a pivotal factor driving this growing consumer inclination.
Asia-Pacific: Fastest-Growing & Dominating Region
Asia-Pacific encompasses diverse cultures and countries with significant Muslim populations, contributing to a robust demand for products that adhere to Islamic dietary laws. The market’s growth is propelled by factors such as an expanding Muslim population, rising consumer awareness, and a shift toward ethical and health-conscious consumption.
Local companies are focusing on expanding their presence for a competitive edge, which drives the high competitive rivalry in the market. Some of the leading companies in the market are Cargill Incorporated, Isla Délice, PrimaBaguz Sdn Bhd, etc.
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