New York
City, 24 January 2019: The global Halal Food Market is anticipated to
reach USD 922.53 billion by 2026 according to a new study published by Polaris
Market Research.
The Halal
Food market growth is primarily due to increase in Muslim populations and their
rising annual spending on food. This has created a surge in demand for halal
food & beverage products. Increasing demand has also compelled market
players to engage in authentic and branded products. Presently, consumers are
exhibiting growing interest in halal industry. This is primarily due to the
increasing consumer awareness about the nutritional and hygiene advantages, and
improving lifestyles as a result of increasing disposable income. These
products being processed and packed with much higher regulatory compliance
compared conventional food products are gaining significantly popularity.
Basically, they do not contain contents or ingredients that are against Islamic
beliefs.
Halal foods
are expected to be produced, packaged, stored, and distributed as per Islamic
teachings. Moreover, these products are considered to be safe, clean, and
highly nutritional. The significant growth in Muslim populations across the
globe is expected to offer immense opportunities to Halal Food market. In
addition, the rapidly accelerating economic power of Islamic countries is
anticipated to largely influence them to spend additional money on the branded
products.
 |
The growing
issues over the absence of proper regulatory framework to assure the authenticity
of these products might be a restraint to the commercially produced halal food.
The industry can be considered as a fragmented one and the absence of
standardized regularizations has repressed the mainstream F&B participants
from venturing this section of the worldwide Halal Food market. However, the
number of small scale companies meeting the needs of the local populations has
been increasing significantly.
Low level of
awareness about the presence of authentic halal food brands is acting as a challenge
to the industry. As a consequence, the industry is not experiencing demands to
its full potential as expected. Moreover, halal authentic issues within the
sector are considered quiet minor among consumer. Thus, this requires
manufacturers to improve their marketing strategies and production facilities.
Furthermore, it becomes difficult to understand consumer perspective about
halal food & beverage brands.
Competitive Landscape and Key Vendors:
The Asia
Pacific Halal Food market is anticipated to dominate the global market by 2026,
owing to the presence of emerging nations such as India, Indonesia, Malaysia,
Bangladesh, Maldives, and Pakistan. These nations have significant population
that follows Islamic beliefs. Moreover, the rising economic conditions in the
region provides an opportunity for the foreign players to start of their
production facilities, thus offering cost effective products the consumers in
the region.
Some of the
leading industry participants in the Halal Food market include Cleone Foods,
Prima Agri-Products, Cargill, Kawan Foods, Janan Meat, Saffron Road Food,
Dagang Halal, QL Foods, Al Islami Foods and Nestle.
No comments:
Post a Comment