Food & Beverages Halal Market Growth
The global halal market for food and beverages is valued at $1140 million USD in 2018 and will reach $1590 USD by the end of 2025, growing at a CAGR of 4.3% during 2019-2015. The global halal food market is anticipated to rise at a considerable rate during the forecast period between 2022-2028.
This is due to the increasing Muslim population and their substantially increasing expenditure on food and beverages, which is considered as the main driving force of this market.
Governments of the Islamic as well as non-islamic nations including the manufacturers of halal-certified food products, have been taking various initiatives in terms of marketing and educating consumers about the importance of halal products.
The confidence that consumers has in halal products have become the most influential factor in the actual purchase of halal products.
According to an article published by Salaam Gateway, in November 2019, 63.6% of Muslim globally spend USD $2.2 trillion on halal food and lifestyle products. Halal meat has always been a remarkable business segment. In 2021, meat and alternatives held the largest segment and is expected to maintain dominance over the forecast period.
Over the past few years, halal food items have become so popular amongst both Muslim and non-Muslim consumers as they have evolved from being just an identification mark of religious observation to assurance of food safety, hygiene and realibility.
Due to the rising demand of halal products, many islamic and non-islamic countries are starting to implement a stringent regulatory framework. For instance, in October 2019, the government of Indonesia have made the decision to make the halal certification mandatory for halal food products and to established the halal products certification through the agency, Badan Penyelenggara Jaminan Produk Halal (BPJPH).
In conjuction with the ongoing Halal trade show Thaifex-2022 that is happening from 24-28 May 2022, Thaifex Anuga is hosting a segment called Thaifex-Anuga Halal market. The segment is dedicated to exhibitors that is specialising in Halal-certified food and beverage products.
This special segment will also be focusing on the trending products and also innovative packaging that is related to the rapidly-growing halal market around the world.
