LONDON–(BUSINESS WIRE)–#Foodandbeverages–The global halal food market is expected to post a CAGR of nearly 8% during the forecast period 2019-2023, according to the latest market research report by Technavio.
Several vendors are adopting blockchain to enhance transparency in the halal food market. Adoption of blockchain has enabled vendors to track information at every checkpoint. The information recorded in the blockchain can also be accessed by the consumers during purchase. The introduction of blockchain in halal logistics has improved food traceability and has also ensured food safety. This trend is expected to enhance consumers’ confidence to spend on halal products, thereby fueling the market’s expansion.
As per Technavio, the increasing consumer expenditure on halal food will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global halal food market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global halal food market: Increasing consumer expenditure on halal food
Until the last decade, there was a significant demand for halal food from countries such as Indonesia, Malaysia, Saudi Arabia, Singapore, and UAE. However, the market has picked up pace in countries such as the US, Germany, Australia, and India owing to increasing consumer preference toward halal food. Based on estimates, the consumer expenditure on halal food in Germany is expected to grow considerably during the forecast period. Key countries such as Indonesia, Malaysia, and Singapore are also witnessing an increase in the demand for halal foods. The increasing consumer expenditure on halal food is one of the key factors driving the growth of the global halal food market.
“APAC will provide a large number of growth opportunities for halal food manufacturing companies over the forecast period. The increasing consumer expenditure on halal foods is the key factor driving the growth of the market in the region. In MEA, countries such as Saudi Arabia and UAE are investing heavily in halal tourism. The growth of halal tourism in the Middle East is encouraging many online tour operators in the region to offer halal-friendly accommodation and food to travelers. Many such factors are expected to boost the growth of the market”, says an analyst at Technavio.
Global halal food market: Segmentation analysis
This market report segments the global halal food market by product (halal meat, poultry, and seafood, halal bakery, confectionery, and cocoa, halal fruits, vegetables, and nuts, halal beverages, halal cereals, seeds, and grains, halal oils, fats, and waxes, and other halal foods), distribution channel (offline distribution channel and online distribution channel), and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018 with a market share of nearly 51%, followed by MEA, Europe, South America, and North America. The dominance of APAC can be attributed to the presence of stringent halal food laws and certification process in Malaysia, Indonesia, and the Philippines.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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