What Is Halal Food? Halal is an Arabic word that translates into “permissible.” The term halal also spelled hallal or halaal is associated with Islamic dietary laws and deals mostly with halal meat that needs to be prepared in accordance with Islamic requirements. There are many types of halal foods and halal meat that branch off as segments of their own such as certified meat, poultry, and seafood as long as they are prepared halal. Additional halal food include nuts, eggs, peanut butter, tofu, halal deli products, and legumes. Cereal products are also halal such as rice and pasta; all fruits and vegetables that do not contain haram ingredients like alcohol, gelatine, and bacon. Milk and dairy products are halal with the exception of products made with animal rennet, vanilla extract, gelatine, pepsin, or lipase
Technavio predicts that the global halal food market will post a compound annual growth rate (CAGR) of 7.4% between 2019 to 2023. A key contributing factor affecting the growth of the halal food industry is the concern around authentic halal food products and the increased demand for halal food around the world.
Many companies are expanding into products as more streamlined halal foods products backed by blockchain technology, where the supply chain can be more efficiently monitored. Key challenges that the blockchain helps answer in the global halal food market is around enhancing transparency, food traceability, and ensuring safer halal food products. An example of a typical concern from companies discovered by Technvio is centered around ingredients in deli meats. Even if the deli meat is labeled halal, you can’t ensure if the other ingredients are also halal. This is a key area blockchain technology is assisting with the market.
The demand for blockchain technology in the global halal food market is directly related to the authenticity of halal food products. Adoption of blockchain technology at the vendor level enables companies to keep track of information at every point of the supply chain. This leads to a better understanding of safety standards being up to par. At the consumer level, this trend helps enhance the end consumers’ confidence in these halal food vendors and their products.
The scale of the global halal food industry is experiencing tremendous growth, the market is highly fragmented with several key players occupying a good chunk of the market share. Due to high volume sales, halal food product revenues are up drastically — and are predicted to continue rising. In the age of an expanding market and a vast supply chain, a big roadblock among halal food vendors and consumer have been the prevalence of fake halal products. To combat the rise of fake halal products we are seeing more companies invest in the blockchain for authentication.
The highest segment in the global halal food industry is the halal meat, poultry, and seafood segment accounting for the highest market share. The various segments in the halal food market are actually growing at an even faster rate than the overall market.
Technavio’s global halal food market report does a deep dive analysis of the various factors affecting the growth of the global halal food market size. According to Technavio, the top companies leading the market are Al Islami Foods, BRF SA, Humza Foods, Saffron Road, and Unilever Group.
Technavio's report goes into detail about the 4 main segmentations in the market, with the Halal meat, poultry, and seafood segment accounting for the largest share of the market. The report additionally segments by halal bakery, confectionery, and cocoa; halal fruits, vegetables, and nuts; halal beverages; halal cereals, seeds, and grains; halal oils, fats, and waxes; and other halal foods. A deep analysis and accurate predictions for the market are also made in the report including a detailed analysis of halal food trends in the market such as the shift toward blockchain technology to combat the authenticity of halal food. To get access to more detailed stats in the market look at Technavio's free market snapshot.
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From a geographical market segment standpoint, the APAC region continues to lead the way for the global halal food market making up 51% of the market share, followed by Europe, MEA, North America, and South America. Indonesia continues to be the key player in the APAC region for halal food products. Other countries where demand for halal foods continue to soar in are Malaysia, Singapore,
Globally, the halal food industry’s overall economic impact continues to rise — estimated to grow by $655.1 billion by 2023. Technavio finds that much of this growth has been driven by key vendors in the market adopting blockchain technology geared towards enhancing transparency in the halal food market.
“APAC will provide a large number of growth opportunities for halal food manufacturing companies over the forecast period. The increasing consumer expenditure on halal foods is the key factor driving the growth of the market in the region. In MEA, countries such as Saudi Arabia and UAE are investing heavily in halal tourism. The growth of halal tourism in the Middle East is encouraging many online tour operators in the region to offer halal-friendly accommodation and food to travelers. Many such factors are expected to boost the growth of the market”
Technavio’s report is highlighted by an in-depth analysis and predictions on customer behavior patterns affecting the growth of the global halal food market size. Technavio’s market research insights also cover the variety of factors accelerating growth in the global dietary supplements market and the growth of related markets such as the vitamins industry. Comprehensive analysis of the global as well as regional markets of the dietary supplements market; including a detailed analysis of what is leading to growing demand from the Americas, EMEA and the APAC region.
Technavio is a global market research company specializing in niche and emerging technologies. The company has published over 15,000 reports on hundreds of industries and technologies, serving more than 1,000 organizations globally and over 100 Fortune 500 companies. Its offerings include syndicated research, subscription services, and custom research offerings to help businesses make fast, effective, well-founded decisions. Headquartered in London, UK and with offices across 7 countries, Technavio’s 500 in-house analysts and 16 years of experience allow the company to offer unmatched insights into countless markets. Discover what Technavio can do for you at https://www.technavio.com/.
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