Market Trends of Halal Food & Beverage Industry
This section covers the major market trends shaping the Halal Food & Beverage Market according to our research experts:
Increasing Muslim Expatriate Population
The global Muslim population is increasing, and so is the demand for food products that are halal certified. The expenditure on food products from Muslim countries across the globe has registered substantial growth in the past couple of years, strongly accelerating the halal food and beverage products market. The halal food and beverage sector has grown globally in recent years. The number of Muslim expatriates has increased in recent years, which have led to a distributed demand for halal food and beverage from different parts of the world. According to the world population review, Indonesia catered to the highest Muslim population in 2021. Additionally, most Muslims demand halal certification to meet the increased need for quality assurance. Also, multinational food producers across the world continue to get the halal certification, indicating the sector's broader viability, from Haribo candy to Nestle, to Saudi Arabia's Savola Group. This helps the companies gain the concerned population's trust, leading to further market growth.
Middle-East and Africa Region Emerges as the Largest Market
The Middle-East and Africa region has the highest demand for halal products because of the larger Islamic population in the region altogether. Islam is the largest religion in Middle Eastern, and the Muslims prefer halal meat due to their Sharia law (rules and regulations followed by the Muslim community). According to the International Halal Accreditation Forum (IHAF), Kuwait is one of the top 10 countries which have a high Islamic Economy Score across the globe. Additionally, according to the forum, around 60% of the research conducted in the Kuwait Institute for Scientific Research caters to halal and its benefits. This further increases the demand for halal food and beverage in the region. Alongside, the government regulations in the region are increasing the requirement for halal certification in most of the products, which compels the companies to fulfill this in order to tap the market. For instance, in 2021, Saudi Arabia Food and Drug Authority (SFDA) extended the mandatory presence of halal certification from imported meat and meat-based products to all imported confectionery, long-shelf life products, frozen and chilled products, milk and dairy products, and fats and oils.
