Published on : Jun 09, 2017
Albany, New York, June 09, 2017: According to the report, the global halal food market will exhibit an impressive CAGR of 14% during the period from 2017 to 2024 on account of growing demand from non-Muslim countries such as Australia, Brazil, and the U.S, which was earlier limited to Muslims and Muslim majority countries. Today, halal food is consumed by people across the globe, belonging to various ethnics and backgrounds. Another factor fueling the growth of the market is the increased awareness about halal food which is being circulated via social media. Various websites and blogs across the internet are spreading the awareness about halal food, creating a positive impact in countries such as France, Germany, the U.K., and the U.S. Some of these websites include: Zabiah.com, thehalalfoodblog.com, and mybigfathalalblog.com.
On the basis of geography, the global halal food market is segmented into Asia Pacific, Europe, North America, and the Middle East and Africa. Of these, Asia Pacific, on account of the high population of Muslims, remained dominant in 2014, accounting for 60% of the market, despite the Middle East and Africa region having most Muslim countries. The Middle East and Africa held the second leading position, trailed by Europe. The improved economic conditions in Muslim countries are expected to push the market’s growth. However, need to acquire halal certification will slow down the growth of the market. Also, the need to label food products appropriately will pose a challenge for the market. However, the rising trend of consuming convenience food will have a positive impact on the global halal food market.
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The players in the global halal food market comprise both multinational and local vendors, competing with each other so as to gain more market shares. Some of the recent developments among players in the market include the launch of a poultry, seafood, and snack processing factory for the retail sector and foodservice providers in Commonwealth of Independent States (CIS) countries, Russia, and Gulf Cooperation Council countries.
The report profiles leading players in the global halal food market such as Kawan Foods, Ummah Foods, Shaheen Foods, QL Foods, Cleone Foods, Saffron Road, Crown Chicken, Tahira, Prima Agri-Products, Tesco, McDonalds, Carrefour, Sickendiek Fleischwarenfabrik, Euro Foods Group, Nestle, BRF, Eggelbusch, Yum! Brands, Al Islami Foods, and Al-Falah Halal Foods. The business strategies adopted by key players to fight their way in the competitive halal food industry is studied in the report. The recent developments and business and financial overview of leading companies are also studied. The degree of competition and the entry barriers faced by new players are also analyzed in the study.
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