Evolving Opportunities In Halal Food Market 2019-2023
The global halal food market size is poised to grow by USD 655.1 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of close to 8% during the forecast period.
The market is driven by increasing consumer expenditure on halal food. Also, the introduction of blockchain is anticipated to further boost the growth of the halal food market.
Until the last decade, there was significant demand for halal food only from countries such as Indonesia, Malaysia, Saudi Arabia, Singapore, and UAE. However, the market has picked up pace in various other countries such as the US, Germany, Australia, and India owing to increasing consumer preference toward halal food. Based on estimates, the consumer expenditure on halal food in Germany is expected to grow considerably during the forecast period. Key countries such as Indonesia, Malaysia, and Singapore are also witnessing an increase in the demand for halal foods. The increasing consumer expenditure on halal food is one of the key factors driving the growth of the global halal food market.
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Major Five Halal Food Companies:
Al Islami Foods
Al Islami Foods operates under two segments, namely Al Islami and Aladdin. The company offers various halal food products such as whole chicken, chicken parts, franks and sausages, burgers, minced, international flavors, family packs, crunchy items, snacking, seafood, vegetables, french fries, and fruits.
BRF SA operates through four business segments, which primarily reflect its geographical structure. The segments are Brazil, Halal (consisting of the Middle East, North Africa, Malaysia, and Eastern Europe), International (consisting of Africa, Asia, Europe, Eurasia, and the Americas) and Other Segments. The company offers a range of halal food products under three brands, namely Banvit, OneFoods/Sadia Halal, and Perdix.
Humza Foods offer Samosas, Spring rolls, Kebabs, Grills and sausages, Vegetables, Premium range, Fish, Fresh meat and poultry, and Paratha. The key offerings of the company include a range of halal foods. A few of them include; Chicken Chappel Kebabs, Meat Spring Rolls, Chicken Grills, Masala Fish, and Chicken Wings.
Saffron Road offers world cuisine meals, appetizers, meal starters, naan, and snacks. The key offerings of the company include a range of halal food. chicken biryani with basmati rice, Madras curry & chicken meatballs with basmati rice, Korean-inspired sweet chili chicken bowl with white rice, shoyu ramen bowl with chicken, chicken tenders, pad Thai simmer sauce, coconut curry korma sauce, and chili lime chick bean crisps are some of the halal foods offered by the company.
Unilever Group operates through various segments, which include beauty and personal care, home care, and food and refreshment. The company offers a range of halal products under its brand, Knorr. Moroccan Chorba soup with Mutton-Halal and Harira Halal Soup are some of the halal foods offered by the company.