Digital Payment Is Fastest Growing Segment Fueling The Growth Of The Halal Food Market

https://www.coherentmarketinsights.com/market-insight/halal-food-market-2700
Halal Food Market


Market Overview

The Halal food market consists of wide range of food products that meet Islamic dietary standards. Major products include grains and cereals, dairy, meat and poultry, food seasoning, ready-to-eat meals, bakery items and confectionaries. Due to strict dietary guidelines that prohibit consumption of pork and alcohol based food products, there is increasing demand for Halal certified food products among Muslim population globally.

The global Halal Food Market is estimated to be valued at US$ 992.19 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Digital payment solutions are emerging as one of the key trends shaping the future of Halal food market. Major Halal food retailers and restaurants are leveraging digitization to enhance customer experience. Advancements in digital payments such as mobile wallets, debit/credit cards, net banking and digital currencies are helping customers to make convenient and secure online purchases. Rising internet and smartphone penetration supported by high adoption of digital payments among young Muslim population is expected to drive significant growth in the online Halal food market over the forecast period. Several Halal food operators are also focusing on interactive apps and websites to provide personalized shopping assistance as well as detailed product information to customers.


Segment Analysis

The global halal food market is segmented on the basis of product type and distribution channel. Based on product type, the market is segmented into halal meat, poultry and seafood, halal cereals and grains, halal fruits and vegetables, halal fats and oils, and others. The halal meat, poultry and seafood segment dominates the market and is expected to continue its dominance over the forecast period. This is owing to the growing demand for halal certified meat and poultry products among Muslim consumers.

Key Takeaways


The global Halal Food Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for halal-certified products among Muslim consumers globally.

Regional analysis 

The Middle East & Africa region dominates the global halal food market, accounting for more than 35% value share of the overall market in 2022. This is owing to the large Muslim population in the region and high consumption of halal-certified food products. The Asia Pacific region is expected to exhibit the highest growth over the forecast period due to the increasing Muslim population and economic growth in countries like Indonesia, Malaysia, and Bangladesh.

Key players:
Key players operating in the halal food market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. Cargill Inc. is the leading player in the market, accounting for over 15% of the global halal food sales. The company offers a wide range of halal certified food products catering to the demands across various regions of the world.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/halal-food-market-share-trends-analysis/

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