LONDON--(BUSINESS WIRE)--The global halal food market size is poised to grow by USD 624.52 billion during 2020-2024, progressing at a CAGR of over 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The increasing consumer awareness about halal food has helped in the expansion of the market in Indonesia, Malaysia, Saudi Arabia, Singapore, UAE, and other Middle Eastern countries. The demand for halal food has also increased considerably in the US, Australia, Germany, and India in the last few years. The presence of a large number of halal food vendors and the rising number of product offerings have further increased consumer spending on halal food products. This increasing consumer expenditure on halal food will be a significant factor in driving the growth of the halal food market.
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Report Highlights:
- The major halal food market growth came from halal meat, poultry, and seafood segment. This segment primarily include halal foods such as beef, lamb meat, goat meat, chicken, turkey, and fish. The segment can be further classified as fresh halal meat, poultry, and seafood; minimally processed halal meat, poultry and seafood; and heavily processed halal meat, poultry, and seafood. The introduction of new products under the minimally processed and heavily processed halal meat, poultry, and seafood categories is expected to drive the growth of the segment.
- APAC was the largest halal food market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing consumer expenditure on halal food will significantly drive halal food market growth in this region over the forecast period.
- The global halal food market is fragmented. Al Islami Foods, BRF SA, Cargill Inc., Flying Trade Ltd., Kawan Food Berhad, Midamar Corp., Nestle SA, Tahira Foods Ltd., The American Halal Co. Inc., and Unilever Group. are some of the major market participants. To help clients improve their market position, this halal food market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global halal food market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Introduction of Blockchain will be a Key Market Trend
The requirement of dedicated storage, handling, and transportation facilities and difficulty in tracking and tracing halal food throughout the supply chain are some of the challenges in the halal food market. The adoption of blockchain technology will help in overcoming such challenges by enhancing transparency and food traceability and ensuring food safety. Blockchain will also help in sourcing and certification of halal food products, thereby eliminating fake halal products and boosting consumer confidence. The introduction of blockchain will be one of the critical halal food market trends, which will have a positive impact on the growth of the market.
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Halal Food Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist halal food market growth during the next five years
- Estimation of the halal food market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the halal food market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of halal food market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Halal beverages - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel
- Offline - Market size and forecast 2019-2024
- Online - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
Customer landscape
- Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Impact of COVID-19 pandemic on the market
- Key leading countries
- Market opportunity by geography
- Volume drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Al Islami Foods
- BRF SA
- Cargill Inc.
- Flying Trade Ltd.
- Kawan Food Berhad
- Midamar Corp.
- Nestle SA
- Tahira Foods Ltd.
- The American Halal Co. Inc.
- Unilever Group
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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