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According to a recent report published by Astute Analytica, titled, “Global Organic Halal Food Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030,” the global organic halal food market is registering a significant growth rate (CAGR) of 12.7% during the forecast period 2022 to 2030. The market growth is majorly attributed to increasing Islamic popularity and improved living standard of people.
With increasing Islamic popularity, organic halal food market is expected to become one of the fastest growing market in the near future. It’s popularity across the globe is gaining major traction owing to its various health benefits which is another factor that supports the market growth. Furthermore, with rising disposable income, people are more inclined towards making their lifestyle better. Consumers constantly look for healthy and quality food choices which is again the major factor driving the Organic halal food market globally.
Vegetarian Food Products Gaining Momentum in the Organic Halal Food Market
As per the Halal law, all vegetarian food is considered to be halal but nowadays halal as a concept is evolving in vegetarian products also. A product or food is considered halal if it does not contain any non-halal meat or its derivatives. Also, it should be prepared, processed, stored, and transported under strict halal laws. It should also be kept separated from non-halal foods. Many companies have launched their products with halal certification referring their product as quality product.
Effect of COVID-19 Outbreak on Organic Halal Food Market
Covid-19 outbreak has affected various industries directly or indirectly. Food industry and hotel industry has also witnessed significant impact of corona virus outbreak. People are unsure about the improvement of situation which is affecting the market growth. Studying the recovery phase of the organic halal market, owing to increasing trend of healthy food choices by people offer huge opportunities that can strengthen the market growth as people find halal food healthier and safer to consume as compared to other food products under the same category.
Key Players in the Market
Some of the big companies are Nestle, Cargill, Namet Gida, Banvit Meat and Poultry, Carrefour, Tesco, Halal-ash, Al Islami Foods, Nema Food Company, Unilever, Midamar, QL Foods, Ramly Food Processing, China Haoyue Group, Arman Group, Hebei Kangyuan Islamic Food and Tangshan Falide Muslim Food among others. Organic halal food market also provides huge potential for SMEs. With right opportunities and strategies, new players can also compete remarkably in the market.
Asia Pacific and Middle-East and African Region Primarily Contributing to the Growth
Many initiatives to promote the benefits of organic halal food is taken by government of different region. Asia Pacific and Middle East and African countries have seen significant growth in the halal food consumption. North America, South America and Europe markets are also growing remarkably. Countries like Thailand, UK, Japan, Australia with less Muslim popularity have seen high opportunities to capture the organic halal food market globally.
Indonesia also have huge potential to become leading exporter of organic halal food owing to availability of raw material.
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