Halal Products Market worth USD 7,081.55 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Halal Products Market by Product Type, by Material (Fresh Products, Frozen Salty Products, Processed Products, Others), by End User (Households, Food Services (HoReCa), Food Processing Industry, Others), by Distribution Channel, By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global halal products market size is expected to grow from USD 3,769.40 million in 2022 to USD 7,081.55 million by 2033, at a CAGR of 5.9% from 2023 to 2033.

The halal products market consists of sales of halal products services by entities (organizations, sole traders, and partnerships). The expanding Muslim population globally, as well as increased concerns about food safety, hygiene, and dependability, will drive the market throughout the projected period. Furthermore, prominent market participants producing halal-certified foods will boost product exposure among customers. The growing interest of non-Muslim customers in the consumption of vegan food items, along with the development of goods by halal producers for these aware consumers, is expected to boost market growth.

On the other hand, the government's strict laws and regulations would be the most difficult hurdle to the expansion of the halal food business. High expenditures connected with R&D capabilities will also impede industry expansion.

Global Halal Products Market Segmentation

The overall halal products market has been segmented into product type, material, end user, distribution channel, and region.

• By Product Type (Meat, Poultry & Seafood, Fruits & Vegetables, Milk and Dairy Products, Cereals & Grains, Oil, Fats, Cream, & Waxes, Confectionary, Others)
• By Material (Fresh Products, Frozen Salty Products, Processed Products, Others)
• By End User (Households, Food Services (HoReCa), Food Processing Industry, Others)
• By Distribution Channel (Traditional Retailers & Departmental, Stores, Supermarkets & Hypermarkets, Online Stores, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Online segment is at the highest CAGR during the forecast period

Online segment is expected to grow at the highest CAGR during the forthcoming period. The fast digital revolution caused by Muslim and non-Muslim customers seeking nutritious, delectable, and quick meals that can be delivered to their homes will drive category growth. Kitopi, a Dubai-based cloud kitchen, for example, obtained USD 60 million in Series B investment in February 2020 and USD 415 million in Series C fundraising in July 2021 to assist the firm expand further in the Middle East and enter the Southeast Asian market in December 2021. A further increase in in-home delivery during COVID-19 will sustain the segment's expanding trend.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. Migration from Muslim-majority countries to other regions is one of the critical factors driving the Asia-Pacific region's rapidly growing Muslim population. Demand for various types of food has grown as the number of Muslims has increased, and this trend is expected to continue over the projected period, propelling the market in this area.

According to a Pew Research Centre study released in April 2019, India would have an 11.1% Muslim population in 2060. The constantly growing Muslim population, as well as their psychological development, are projected to drive the market throughout the forecast period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the halal products market. It also consists of the profiles of leading companies such as IFFCO, Al Islami Foods, Banvita?, Cargill, Incorporated, Changchun Haoyue Halal Meat Industry Co Ltd, Allanasons Pvt Ltd, Nestle S.A., Unilever, Hebei Kangyuan Islamic Food Co.,Ltd, Isla Délice, Kawan Food Manufacturing Sdn Bhd, Midamar Corporation, One World Foods, QL Foods Sdn Bhd, RAMLY FOOD PROCESSING SDN BHD, Rosen's Diversified Inc., Tesco.com, NEMA FOOD, AL-FALAH FROZEN FOODS and NAMET. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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