(MENAFN- Coherent Market Insights) The Arabic term for halal is "lawful or permissible." In other words, this type of food is something you can eat with minimal worry that it contains any forbidden food ingredients. It is usually cooked in very exacting manners so as not to allow the dish to be contaminated and is only eaten by Muslims.
Market Dynamics
Increasing Muslim population is expected to propel growth of the global halal food market over the forecast period. For instance, according to Pew Research Center, the number of Muslims in the Asia Pacific is projected to increase from about 1 billion in 2010 to about 1.3 billion in 2030. Moreover, launch of plant-based Halal meat products is also expected to aid in growth of the market. For instance, in October 2020, Ministry of Finance and Economy, Government of Brunei, launched Plantasti, the world’s first Halal plant-based meat ‘Ready to Eat Meals’.
Uniform standards for halal products is are expected to offer lucrative growth opportunities for players in the global halal food market. For instance, in November 2020, The 8th Multi-Lateral Recognition Arrangement Committee (MRAC) meeting of the International Halal Accreditation Forum (IHAF) called for the unification of halal criteria. Moreover, initiatives to boost exports of halal products is also expected to aid in growth of the market. For instance, In February 2020, Malaysia’s halal promotion agency, Halal Development Corporation signed a memorandum of understanding with Acrosx Japan Inc. to boost the exports of halal products to Japan.
Among regions, Asia Pacific is expected to witness significant growth in the halal food market, owing to stringent Halal laws. For instance, in October 2019, Indonesia's Halal Product Law came into effect. Many consumer products and related services that enter and are traded in the country must now be Halal-certified, while some products and services will have until 2022 to comply.
Middle East is also expected to witness significant growth in the halal food market, owing to increasing number of halal food and product centers. For instance, in July 2018, Saudi Arabia’s Food and Drugs Authority (SFDA) announced plans to launch the world’s largest center for halal food and products that include meat, poultry, other food items, cosmetics, medicines, and medical devices.
Competitive Analysis
Major players operating in the global halal food market include, Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., and Saffron Road Food.
April 2018: Al Islami Foods announced that Mitsubishi Corporation has acquired a minority stake in the UAE-based halal food manufacturer.
MENAFN09042021005305011848ID1101890686
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.