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The Arabic term for halal is "lawful or permissible." In
other words, this type of food is something you can eat with minimal worry that
it contains any forbidden food ingredients. It is usually cooked in very
exacting manners so as not to allow the dish to be contaminated and is only
eaten by Muslims.
Market Dynamics
Increasing Muslim population is expected to propel growth of the global
halal food market over the forecast period. For instance, according to Pew
Research Center, the number of Muslims in the Asia Pacific is projected to
increase from about 1 billion in 2010 to about 1.3 billion in 2030. Moreover,
launch of plant-based Halal meat products is also expected to aid in growth of
the market. For instance, in October 2020, Ministry of Finance and Economy,
Government of Brunei, launched Plantasti, the world’s first Halal plant-based
meat ‘Ready to Eat Meals’.
Uniform standards for halal products is are expected to offer
lucrative growth opportunities for players in the global halal
food market. For instance, in November 2020, The 8th Multi-Lateral
Recognition Arrangement Committee (MRAC) meeting of the International Halal
Accreditation Forum (IHAF) called for the unification of halal criteria. Moreover,
initiatives to boost exports of halal products is also expected to aid in
growth of the market. For instance, In February 2020, Malaysia’s halal
promotion agency, Halal Development Corporation signed a memorandum of
understanding with Acrosx Japan Inc. to boost the exports of halal products to
Japan.
Among regions, Asia Pacific is expected to witness significant
growth in the halal food market, owing to stringent Halal laws. For instance, in
October 2019, Indonesia's Halal Product Law came into effect. Many consumer
products and related services that enter and are traded in the country must now
be Halal-certified, while some products and services will have until 2022 to
comply.
Middle East is also expected to witness significant growth in the halal
food market, owing to increasing number of halal food and product centers. For
instance, in July 2018, Saudi Arabia’s Food and Drugs Authority (SFDA)
announced plans to launch the world’s largest center for halal food and
products that include meat, poultry, other food items, cosmetics, medicines,
and medical devices.
Competitive Analysis
Major players operating in the global halal food market include,
Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food
Berhad, BRF S.A., and Saffron Road Food.
April 2018: Al Islami Foods announced that Mitsubishi Corporation
has acquired a minority stake in the UAE-based halal food manufacturer.
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