Halal Market size is estimated to reach $341 billion by 2026, growing at a CAGR of 9.3% during the forecast period 2021-2026. Halal Certification is a method that ensures the quality of the products is according to the rules implemented by the Islamic council. Halal-certified products are increasingly being adopted among consumers across the world owing to the growing awareness about the importance of quality assurance, reliability, and food safety. The rise in the adoption of halal processed milk and other milk products in developed nations, growing demand for halal grain products, an increase in the adoption of halal meat products among the young population, rise in the demand for halal cosmetic products, and the growing investment by the key players to develop halal certified pharmaceuticals are the factors that are set to drive the growth of the Halal Market for the period 2021-2026.
Halal Market Segment Analysis-By Product Type
The Halal Market based on the Product Type can be further segmented into Food and Beverages, Cosmetic and Personal Care, and Others. The Food and Beverages segment held the largest share owing to the factors such as the increase in the demand for halal processed milk and natural milk products and the rise in the product launches by the key players. The growing demand for halal meat products among the young population is driving the growth of the Halal Market. The Cosmetic and Personal Care segment is estimated to be the fastest-growing segment with a CAGR of 9.8% over the period 2021-2026. This growth is owing to the factors such as the growing investment by the key players to develop halal cosmetic products and the increase in awareness about the benefits of halal cosmetic products.
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Halal Market Segment Analysis - By Distribution Channel
The Halal Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Online Channels, Specialty Stores, and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020 owing to the factors such as the cost-effectiveness and the availability of a wide range of halal meat and grain products with different brands and price ranges. The presence of distinct product shelves coupled with attractive schemes in supermarkets is driving the growth of the Halal Market. The Online Channels segment is estimated to be the fastest-growing segment with a CAGR of 10.4% over the period 2021-2026. This growth is owing to the factors such as the growing demand for digitalized shopping experiences among the customers, an increase in the adoption of halal processed milk and other milk products in online channels, and the rise in the demand for door-stop delivery.
Halal Market Segment Analysis - By Geography
The Halal Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. Asia-Pacific held the largest share with 34% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the adoption of halal processed milk and other milk products in developed nations and the increase in the product launches by the key players. The rise in the demand for halal meat products among the young population is driving the growth of the Halal Market. North America segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the increase in the demand for halal grain products and the growing investment by the key players to develop halal pharmaceutical products.
Halal Market Drivers
Rise in the Adoption of Organic Color Products
Customers across the world are increasingly shifting towards organic products owing to the growing awareness about the harmful effects of compounds, such as carcinogenic and carbon black compounds. This rise in the adoption of organic color products has propelled the demand for halal products, which is one of the major factors driving the growth of the Halal Market.
Increase in the Demand for Halal Products among Non-Muslim Consumers
Halal food products, such as meat products, grain products, and processed milk products are increasingly being popular among non-Muslim consumers owing to the rise in inclination towards quality assurance, reliability, and food safety. Moreover, manufacturers are launching value-added halal products, which is further propelling the growth of the Halal Market.
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Halal Market Challenges
High Certification Costs for Halal Products
The key players in the market are increasing their investment to carry out various research and development activities for developing Halal grain and meat products. However, high certification costs for halal products are one of the major factors that are estimated to reduce the growth of the Halal Market.
Halal Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Halal Market. Key companies of this market are Kellogg Company, Nestle SA, Glanbia Nutritionals, Clara International, Inika Organic, Ivy Beauty Corporation Sdn Bhd, Al Islami Foods, Sampure Minerals, Halal Cosmetics Company, and Elaheh Halal Cosmetics Inc among others.
Acquisitions/Product Launches:
In January 2021, Al Islami Foods has launched its first halal plant-based burger made with organic sunflower protein and plant-based protein to meet the increasing demand for healthier vegan alternatives and 100% vegan products in the UAE.
Key Takeaways
Geographically, the Asia-Pacific Halal Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of halal processed milk and other milk products in developed nations.
The increase in the demand for halal meat products among the young population is driving the Food and Beverages segment. However, high certification costs for halal products are one of the major factors that are said to reduce the growth of the Halal Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Halal Market report.
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