According to a report available on Radiant Insights, Inc.; the halal food market is likely to show significant growth by 2025.
Growing Muslim population and their spending on food and beverages can propel the market over the forecast period (2018 to 2025).
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Rising concerns regarding health and hygiene impacts the consumption pattern of the consumers. The hygiene benefits associated with these food products are likely to increase its demand in Muslim as well as non-Muslim individuals. Since, halal-certified products with halal label assures that, these products are made in hygienic method and safe to consume. High demand for convenience food is expected to boost the market growth in the years to come. Improving standard of living and disposable income of consumers specially in Muslim counties has increased the demand for convenience and packaged food. In addition, advantages such as short preparation time effortlessness of cooking have increased the popularity of convenience food in teenagers and working professionals.
Worldwide halal food market can be segmented on the basis of product, end users/applications, and region.
As per product, the market can be bifurcated into fresh products, frozen salty products, processed products, and others. Based on end users/applications, the market can be catheterized into restaurant, hotel, home, and others.
Geographically, the market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
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Asia Pacific is likely to grow significantly in the coming years. Factors such as rising Muslim population, increasing disposable income, growing awareness among the individual are likely to boost the product demand in the region. Countries such as Pakistan, Indonesia, Bangladesh, India, Morocco, and Myanmar are estimated as the largest Muslim population in the world.
Middle East and Africa is expected to create better opportunities in the market during the estimated period. Rising population and growing consumer awareness regarding Islamic lifestyle and food particularly in the Middle East are considered as the major driving factors for the market.
African countries such as Egypt and Nigeria are reported as the highest Muslim residents. Additionally, rising popularity of these foods across the non-Muslims in the region due to growing awareness regarding food safety, nutrition, healthiness, and freshness are likely to boost the product demand in the region.
North America is also likely show considerable growth due to availability of these products in grocery and convenience store.
Europe market is expected to grow due to grow due to presence of Muslims in Britain and France. Supermarkets in the region are also leading the market growth in the region.
Prominent companies operating in the market include Cargill; Nestle; Midamar Corporation; Banvit Meat and Poultry; and Isla Delice. The market is highly fragmented due to presence of regional and international players. Participants are mainly focusing to provide quality food to sustain in the market. Players are expected to compete each other on the basis of price and product differentiation.
For instance, Midamar Corporation, a halal brand provides halal chicken, beef, lamb, and turkey products. The company has recently developed Chicago Style Italian beef line and beef breakfast strips for the food-service segment. The company has introduced products such as beef strips, beef jerky, Chicago Style Beef, hot links, and smoked franks at exhibition held in Dubai. The company has also introduced a hickory smoked Beef Breakfast Strips, which can be serve as a breakfast in hotel buffets or restaurant.
Browse More Reports of Foods and Beverages Industry:
1) Mezcal Market – https://www.radiantinsights.com/research/global-mezcal-market-2018-2022
2) Goat Milk Powder Market – https://www.radiantinsights.com/research/global-goat-milk-powder-market-professional-survey-report-2018
3) Ancient Grain Market – http://foodsandservices.blogspot.com/2018/06/ancient-grain-industry-global-market.html
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