Global Halal Food Market Size and Growth Outlook
The global halal food market is projected to experience significant growth, driven by increasing demand from Muslim populations and rising awareness of halal standards. The market size is expected to expand as more consumers seek ethically produced and certified products
Dr. Abdulwasey Mohammed B.E, M.Sc., M.Sc., Ph.D.
8/14/20242 min read
The global halal food market is projected to reach a valuation of around US$ 4,570 Billion by 2030, according to Renub Research [1][5]. This represents a significant increase from the market size of US$ 2,447 Billion in 2023 [1][5]. The market is anticipated to grow at a robust CAGR of 9.33% during the forecast period from 2024 to 2030 [1][4][5].
This accelerated growth trajectory is driven by several key factors:
- Increasing recognition of halal food among non-Muslim and Muslim consumers, leading to a healthier lifestyle and improved well-being [1]
- Rapid expansion of the Muslim population globally, which is expected to comprise over one-fourth of the world's population [1][5]
- Manufacturers expanding their product portfolios with numerous value-added halal food items like pasta, vegetables, dairy products, and more [1][5]
- Stringent regulatory structures in Islamic and non-Islamic countries, involving globally accepted standards, to attract new market participants [1][5]
The halal food market is diversified across various product segments, with meat products claiming a substantial market share due to rising demand for hygienic and microorganism-free meat [1][4]. Hypermarkets and supermarkets are the dominant distribution channels, benefiting from economies of scale and providing a wide range of products at competitive prices [1][4].
Regionally, the market in India presents immense potential, driven by the migration of Muslims to different areas and the rapidly growing Muslim population with increasing purchasing power [1][5]. Other key markets include Pakistan, Indonesia, Bangladesh, China, Malaysia, and countries across the Middle East and North Africa [5].
In summary, the global halal food market is poised for significant growth in the coming years, with a projected market size of US$ 4,569 Billion by 2030 and a CAGR of 9.33% from 2024 to 2030, driven by increasing consumer demand, product diversification, and favorable regulatory environments.
iHalaal App was built keeping in mind this trajectory to capture a significant portion of the Global Halaal business
Citations:
[1] https://halalworldinstitute.org/en/news/institute-news/item/119-halal-food-market,-size,-global- forecast-2024-a-%244,569-69-billion-industry-by-2030-key-trends,-share,-growth,-insight,-impact-of-inflation,-company-analysis.html
[2] https://www.linkedin.com/pulse/halal-market-size-2024-share-growth-research-report-iarre
[3] https://www.linkedin.com/pulse/halal-food-market-report-global-forecast-from-rwxbc/
[4] https://finance.yahoo.com/news/halal-food-market-size-projected-034500701.html
[5] https://www.renub.com/halal-food-market-p.php
[6] https://www.statista.com/topics/4428/global-halal-market/
[7] https://brandingforum.org/news/industry/halal-industry-in-2024/