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Halal Food Market Growth Forecast 2024-2033: What’s the Expected Rate?

The size of the halal food market has seen a substantial surge over the previous years. The market is expected to expand from $1496.23 billion in 2023 to $1727.74 billion in 2024, marking a compound annual growth rate (CAGR) of 15.5%. Numerous factors have driven the historical growth of this sector, including an expanding Muslim demographic, globalisation and increased cultural diversity, heightened understanding of halal certification, and trends in tourism and halal tourism. Furthermore, the emergence of innovative halal food products and a wider range of offerings have also contributed to the market’s enlargement.

In the forthcoming years, a substantial surge is anticipated in the size of the halal food market. The market is projected to augment to $2928.57 billion in 2028, growing at a compound annual growth rate (CAGR) of 14.1%. Various factors contributing to this predicted growth in the near future encompass emphasis on natural ingredients and clean labels, breakthroughs in plant-based and meat substitutes, advancements in halal cosmetics and personal care items, increased disposable income within Muslim markets, along with health and wellness trends pertaining to halal products. Emerging trends during this period comprise escalating collaborations among halal certification entities, the use of blockchain technology in halal verification, the inauguration of digital platforms for halal certification, the globalization of halal products, and the rise of halal convenience foods.

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What Factors Are Impacting the Growth of the halal food Market?

The escalation in the number of Muslims worldwide is having a significant impact on the halal food market’s growth. This community comprises people who follow Islam and have an increasing desire for halal-certified food due to the promise of hygiene and food safety. As per the Pew Research Center, a neutral American think tank, it’s predicted that there will be an increase of around 2.19 billion to the worldwide Muslim population by 2030. Therefore, the escalation in the Muslim population is predicted to steer the expansion of the halal food market.

What Are the Fundamental Segments in the Halal Food Market?

1) By Product: Meat, Poultry, And Seafood, Fruits And Vegetables, Dairy Products, Cereals And Grains, Oil, Fats And Waxes, Confectionary

2) By Distribution Channel: Hypermarkets, Supermarkets, Online Stores, Specialty Stores

3) By Application: Restaurant, Hotel, Home, Other Applications

What Trends Are Shaping the New Direction of the Halal Food Market?

Trending technological enhancements in the halal food market are becoming increasingly popular, particularly in relation to halal food products. As the demand for these foods grows, halal-specific labs are intensifying their efforts in ensuring food safety and quality by analyzing products for any traces of prohibited substances like pork or alcohol. Revolutionary technologies such as blockchain and the Internet of Things (IoT) are being utilized to bolster the market further. To illustrate, in August 2022, U.S.-based Fluree PBC, a company that specializes in open-source semantic graph databases, joined forces with Sinisana Technologies, a Web3 Blockchain Traceability firm based in Malaysia. This partnership is set to grant Malaysia’s supply chain industry the ability to offer unparalleled halal food sourcing, providence, and safety to its clientele. With the integration of Fluree’s technology into its blockchain product, Sinisana is ensuring transparency and truthfulness to its supply chain and logistics clients throughout the entire journey of halal food products, right from their origin points to supermarket shelves.

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Which Regions Are Making a Mark in the Halal Food Market Growth?

Asia-Pacific was the largest region in the halal food market in 2023. The regions covered in the halal food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Halal Food Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the halal food market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Halal Food Market Include

1. Halal Food Market Executive Summary

2. Halal Food Market Segments

3. Halal Food Market Size And Template Market Growth Rate

4. Key Halal Food Market Trends

5. Major Halal Food Market Drivers

……

25. Key Mergers And Acquisitions In The Halal Food Market

26. Top Halal Food Companies

27. Halal Food Market Opportunities And Strategies

28. Halal Food Market, Conclusions And Recommendations

29. Appendix

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