Halal Beef Market To Witness A Surpass In Revenue Of Us$ 295.98 Billion By 2031

(MENAFN- EIN Presswire)

CHICAGO, UNITED STATES, July 25, 2023/einpresswire.com / -- Global halal beef market revenue was US$ 162.30 billion in 2022 and is projected to attain a valuation of US$ 295.98 billion by 2031, growing at a CAGR of 7.8% during the forecast period from 2023 to 2031.

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Over the past few years, there has been a steady rise in demand for halal beef globally. This is a result of the rising consumption of halal-certified foods, especially in nations like Malaysia, Indonesia, and Thailand, where a decline in British beef exports has resulted in a shift in demand from non-halal to halal markets. Australia's agricultural products, especially its meat, and cattle, are significant exporters of goods to Indonesia. The major export market for Australian feeder cattle, frozen beef, and packaged beef is Indonesia, which is also the fifth-largest market even though Indonesia consumes 2.23 kg less beef per person than the global average of 6.4 kg.

Halal beef accounts for a sizeable share of the staggering 60 million tons of beef consumed annually in the world as of the current market situation. Over the past several years, there has been a noticeable surge in the demand for halal beef, and this demand has continued to rise. This is primarily because of the growing Muslim population and growing public knowledge of the benefits of halal goods for health and hygiene. With an annual growth rate of 3 percent on average, Muslims make up an estimated 1.8 billion customers, or roughly 23% of the world's population.

With around 500,000 Muslims living there, Australia has become a global leader in the production and processing of halal meat and meat products. Over 100 nations, including the Middle East, rely on the continent as a reliable source of Halal Beef. The rising trend of non-Muslim consumers adopting halal food items for moral and security concerns will drive market growth. As a result, halal products are becoming popular as they not only adhere to Sharia regulations but also to hygienic, sanitary, and safety standards.

Processed Food Segment Mainly Use Halal Beef

The processed food segment is likely to witness the highest CAGR from 2023 to 2031. The major users of processed halal beef are quick-service restaurants (QSRs) and fast-food franchises. In areas with substantial Muslim populations, fast food chains, including McDonald's, KFC, Subway, and others have opened halal locations. For instance, McDonald's sells burgers that have received halal certification in places like Malaysia, Pakistan, and the U.K. Additionally, KFC has opened halal restaurants in a few areas.

The menus of upscale restaurants have started to include halal selections, especially in large global cities. They offer services to tourists, health-conscious non-Muslim customers, and the expanding Muslim middle and upper class. Halal beef is used in several meals, from steak to Asian foods, indicating a growing market. Additionally, emerging markets have demonstrated a surge in demand for processed halal beef, particularly in Southeast Asia and Africa. Restaurants in these areas are rapidly supplying this demand, which is helping the halal food sector expand.

Asia Pacific Region: The Major Consumer and Exporter of Halal Beef Market

The Asia Pacific region is witnessing the highest growth trajectory in the global halal beed market due to several variables, including a sizable Muslim population, rising disposable incomes, and supportive government programs. The majority of Muslims around the globe live in the Asia-Pacific region. Astute Analytica estimates that in 2022, the region will be home to 1.2 billion Muslims, or around 62% of all Muslims worldwide. The main consumer base for halal goods, including beef, is this sizeable Muslim community.

In order to operate on a worldwide scale, the Asian beef business imports beef from Latin America and exports beef to the Middle East and North Africa. For the global halal beef market, the top three exporters of beef are China, India, and Australia. China is now in the lead in this. Over the past ten years, average annual export growth rates have increased owing to rising demand from the GCC market, which consumes more than 60% of all beef exported from China.

By 2025, Muslim consumers in Indonesia, the world's largest Halal consumer market, are estimated to spend almost US$247 billion on Halal food and beverages alone as part of the country's efforts to become a global center for Halal. Numerous global FMCG and F&B companies, including Nestle, Unilever, KFC, and McDonald's, among many others, have already established significant Halal offers in Indonesia as a result of the first-mover advantage.

Competitive Landscape

The halal beef market is a competitive landscape with various players striving to capture a larger market share. Al Islami Foods, BRF S.A., and Cargill are the major companies in the market.

Al Islami Foods was founded in 1981 and has its headquarters in Dubai, United Arab Emirates. The business provides halal food items to the Middle East. They also sell a variety of halal meat items like minced meat, mutton, sausages, kebabs, and beef.

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With its headquarters in Brazil, BRF was established in 1934. BRF is a global manufacturer of fresh and frozen protein meals. BRF concentrates on raising chickens, raising pigs, and selling processed food. It sells frozen whole and cut fowl, frozen pig and cattle parts like ribs and loins, frozen whole carcasses, processed foods like marinated, frozen chicken, turkey, and rooster meat, specialty meats, and frozen prepared meals.

Some of the Prominent Players are:

.Al Islami Foods (UAE)
.NH Foods Ltd. (Japan)
.BRF S.A. (Brazil)
.Cargill (USA)
.Tyson Foods Inc. (USA)
.Midamar Corporation (USA)
.Nema Food Company (USA)
.Halal Foods International (Pakistan)
.Cleone Foods (UK)
.DagangHalal Group (Malaysia)
.Other Prominent Players

Segmentation Outline

The global halal beef market segmentation focuses on Application and Region.

By Application
.Fresh Food
.Process Food
By Region
.North America
oThe U.S.
oCanada
oMexico
.Europe
.Western Europe
The UK
Germany
France
Italy
Spain
oRest of Western Europe
.Eastern Europe
Poland
Russia
oRest of Eastern Europe
.Asia Pacific
oChina
oIndia
oJapan
oSouth Korea
oAustralia & New Zealand
oASEAN
oRest of Asia Pacific
.Middle East & Africa
oUAE
oSaudi Arabia
oSouth Africa
oRest of MEA
.South America
oArgentina
oBrazil
oRest of South America

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About Astute Analytica:

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Aamir Beg
Astute Analytica
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