LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global halal food market report. This research report also lists nine other prominent vendors that are expected to impact the market during the forecast period.
The global halal food market was valued at USD 1,090.01 billion in 2016. The market will grow steadily at a CAGR of almost 16% during the forecast period. Indonesia, Turkey, Pakistan, and Iran are the key contributors to the global halal food market. Malaysia, the UAE, and China are a few of the countries that strongly maintain halal food integrity. Apart from religious norms, health considerations and concern for animal welfare factor significantly in the global halal food market.
Competitive vendor landscape
The global halal food market is highly fragmented, with the presence of many vendors including international and regional players. These include processing businesses, foodservice companies, farms, and supermarkets. Market players compete against each other on product variation, product portfolio, and pricing.
“Supermarkets compete with specialized product offerings and focus on ethical marketing. Organized retail is the most popular channel for Muslim shoppers. Over the past five years, supermarkets have expanded their product offerings,” says Manjunath Reddy, a lead food research analyst from Technavio.
Increased competition may lead to vendors reducing their product prices, which could negatively affect vendor margins and market growth. The market comprises companies of varying sizes, specializations, and financial strengths.
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Top five wooden halal food vendors
Al Islami Foods
Al Islami Foods procures raw materials like poultry, beef, fruits, and seafood from a chain of global suppliers. It imports beef and poultry from Brazil, vegetables from the Netherlands and Belgium, fruit from Egypt, and seafood from the UAE and Vietnam. The company has its representative offices in Brazil to maintain a close relationship with its suppliers. These representatives also supervise slaughtering processes.
BRF is one of the largest producers of fresh and frozen protein foods globally. The company mainly focuses on creating new, practical, convenient, and healthy food products. Processed products include frozen processed meat, specialty meat, portioned products, and frozen prepared entrees. Its range of specialty meats include sausages, bologna, ham products, frankfurters, salamis, steak, bacon, hamburgers, and cold meat.
Nestlé's products include medical food, confectionery, bottled water, baby food, breakfast cereals, coffee and tea, pet food, dairy products, ice cream, frozen food, and snacks. Nestlé Malaysia is the company's largest producer of halal products. These halal-certified products are sourced, produced, and distributed according to the Islamic laws.
QL Foods is an agro-food company and was established as one of the subsidiaries of QL Resources Berhad. It is one of the largest producers of surimi and surimi-based products in Asia.
Saffron Road Food
Saffron Road Food is a natural food company. It was the world's first halal-certified and hormone-free food company whose products were sold at Whole Foods stores. The company is known for its halal foods and frozen food products.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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