Global Halal Food Market Spurred by Adoption of Halal Certification System
Halal food refers to food items and beverages which adhere to the strict Islamic dietary law. Some of the halal food products include vegetables, milk, nuts, pasta, rice, bread, tea, coffee, carbonated drinks and sweeteners which are prepared without using ingredients such as animal shortening, alcohol, vanilla extract, lard, animal rennet, gelatin, etc. The concept behind halal food is to maintain clean, fresh and healthy production of food. Due to a shift in consumer perceptions, halal food has also gained popularity among the non-Muslim population. According to IMARC Group, the global halal food market size was estimated to be US$ 1.4 Trillion in 2017.
Various fast food chains are now offering halal products to the consumers in their offerings such as burgers, sandwiches, salads, etc. This has increased the scope for mergers and acquisition activities outside the traditional halal distribution channel so as to access both the Muslim and non-Muslim population. Further, South Korea and the UAE had collaborations in defense, education, energy and agriculture in the past few decades. In line with this, South Korea has adopted the halal certification system so as to expand the agriculture export business between the two countries and provide new product variants in the UAE. Moreover, the Organization of Islamic Cooperation (OIC) has taken initiative to set an international standard for halal food items which has helped the players in building consumer trust, and thus, increase their sales. Owing to the aforementioned factors, the halal food market value is expected to reach US$ 2.6 Trillion by 2023, projecting a CAGR of around 10% during 2018-2023.
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Meat, Poultry and Seafood is the Leading Segment
There are different types of halal food products available to the consumers including meat, poultry & seafood, fruits & vegetables, dairy products, cereals & grains, oil, fats & waxes, confectionery and others. Amongst these, the demand for meat, poultry and seafood products has rapidly increased across the globe on account of the rising adoption of halal certification system. Moreover, fast-paced lifestyle of the consumers has led to an increase in the demand for packaged foods. This, in turn, has boosted the growth of the food service sector, thereby providing a positive thrust to the halal food market.
Traditional Retailers Dominate the Market
Halal food products are majorly distributed through traditional retailers across the globe. Apart from convenience and variety provided by them, traditional retailers deliver fresh, quality and halal guaranteed products to the consumers. Moreover, they offer warm and friendly service and allow for price negotiation. Other major distribution channels include supermarkets and hypermarkets, online and others.
Asia Pacific Represents the Largest Market
Asia Pacific represents the leading market, holding the majority of the total halal food market share. A large section of the Muslim population resides in countries such as India, Pakistan, Myanmar and Bangladesh. Further, the bilateral initiative between South Korea and the UAE is another major factor for the growth of the halal food products in the region. Constantly rising population coupled with increasing consumer awareness towards Islamic food and lifestyle is also proactive in maintaining the market growth. Other major markets include the Middle East and Africa, Europe, North America and Latin America.
On examining the competitive landscape of the market, it has been found that the halal food market is fragmented in nature due to the presence of a large number of players. Some of the key players operative in this market include Al Islami Foods, QL Foods, Saffron Road Food, Dagang Halal, Janan Meat, Kawan Foods, Cargill, Prima Agri-Products, Nestle, BRF, Al-Falah Halal Foods and Tahira Food.
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