Research Nester has released a report titled “Halal Food Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The Jewish population is growing with a growth rate of 1.2x and has peaked 14,606,000 numbers in the year 2018 from 12,079,000 numbers in the year 1960, according to the statistics by Jewish Virtual Library.
The statistics portray the increasing Jewish population around the globe. Kosher foods are similar to halal food products and are preferred by the Jewish community. Halal foods are also preferred by the Jewish community owing to similar nature of food products, similarities in food processing, and others. Unavailability of halal food products in many Jewish nations, and the increasing demand for halal food products by the growing Jewish community population around the globe, is anticipated to support the growth of the halal food market.
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Additionally, the rise in demand from commercial food service establishments, for halal standard raw materials and ingredients, so as to increase their product offerings and maintain competition, coupled with increasing food-away-from-home expenditures, is expected to fuel the growth of halal food market.
The halal food market is anticipated to record a CAGR of around 10.9% over the forecast period, i.e. 2019-2027. The market is segmented by product type into diary, meat, grain, vegan and others. Among these segments, meat segment is anticipated to hold largest market share on account of rise in the number of consumption of meat and meat products worldwide. Total varieties of meat consumption around the globe peaked 206753 tonnes in the year 2018 from that of 179145 tonnes in the year 2010, according to the statistics by Organisation for Economic Co-operation and Development (OECD).
Geographically, the halal food market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Asia-Pacific and Middle East is anticipated to hold largest market share on account of growing awareness of halal food products amongst consumers in the region, coupled with demand for increasing halal standards and certification agencies for food products. Additionally, rising Muslim and Jewish community population in the region and the presence of large number of nations with such communities, is anticipated to raise the demand for halal food products in the region.
However, concern for lack of global regulatory body to monitor halal food standards and certifications, and to maintain similar quality and standards around the globe is estimated to act as a barrier to the growth of the market during the forecast period.
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This report also studies existing competitive scenario of some of the key players of the halal food market, which includes profiling of Al Islami Foods, BRF S.A. (BVMF: BRFS3), Nestle (Malaysia) Berhad (KLSE: NESTLE), QL Foods Sdn Bhd, Saffron Road, DagangHalal, Janan Meat, Kawan Food Berhad (KLSE: KAWAN), Cargill, Incorporated, and Prima Agro Products Ltd. (BOM: 519262).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Halal Food Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall halal food industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the halal food market in the near future.
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