By 2026, Worldwide Halal Food Market Share Will Cross USD 922.53 Billion, With 7.6% CAGAR: Polaris Market Research

The globalĀ Halal Food Market is anticipated to reach USD 922.53 Billion by 2026, at a CAGR of 7.6% according to a new study published by Polaris Market Research.

The Halal Food market growth is primarily due to the increase in Muslim populations and their rising annual spending on food. This has created a surge in demand for halal food & beverage products. Increasing demand has also compelled market players to engage in authentic and branded products. Presently, consumers are exhibiting growing interest in the halal industry. This is primarily due to the increasing consumer awareness about the nutritional and hygiene advantages, and improving lifestyles as a result of increasing disposable income. These products being processed and packed with much higher regulatory compliance compared to conventional food products are gaining significant popularity. Basically, they do not contain contents or ingredients that are against Islamic beliefs.

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Halal foods are expected to be produced, packaged, stored, and distributed as per Islamic teachings. Moreover, these products are considered to be safe, clean, and highly nutritional. The significant growth in Muslim populations across the globe is expected to offer immense opportunities to the Halal Food market. In addition, the rapidly accelerating economic power of Islamic countries is anticipated to largely influence them to spend additional money on branded products.

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The growing issues over the absence of a proper regulatory framework to assure the authenticity of these products might be a restraint to the commercially produced halal food. The industry can be considered as a fragmented one and the absence of standardized regularizations has repressed the mainstream F&B participants from venturing into this section of the worldwide Halal Food market. However, the number of small-scale companies meeting the needs of the local populations has been increasing significantly.

A low level of awareness about the presence of authentic halal food brands is acting as a challenge to the industry. As a consequence, the industry is not experiencing demands to its full potential as expected. Moreover, halal authentic issues within the sector are considered quite minor among consumers. Thus, this requires manufacturers to improve their marketing strategies and production facilities. Furthermore, it becomes difficult to understand the consumer perspectives about halal food & beverage brands.

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The Asia Pacific Halal Food market is anticipated to dominate the global market by 2026, owing to the presence of emerging nations such as India, Indonesia, Malaysia, Bangladesh, Maldives, and Pakistan. These nations have a significant population that follows Islamic beliefs. Moreover, the rising economic conditions in the region provide an opportunity for the foreign players to start their production facilities, thus offering cost-effective products to the consumers in the region.

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Top Market Players

Some of the leading industry participants in the Halal Food market include Cleone Foods, Prima Agri-Products, Cargill, Kawan Foods, Janan Meat, Saffron Road Food, Dagang Halal, QL Foods, Al Islami Foods, and Nestle.

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