The Arabic word for acceptable. Halal is primarily seen as Halal which means food that is acceptable under the Islamic guidelines as originate in the Qu’ran most food and drinks are measured Halal unless they are undoubtedly stated as the outlawed in the Qua’an and hadith.
In addition, the halal industry is dependent on a credence that Muslims should eat food and use goods such as greasepaints that are “halalan toyibban”, which means allowable and nourishing. In fact, the halal market is non-exclusive to the Muslims, and has attained growing reception among non-Muslim customers who link halal with the ethical consumerism. Essentially, the halal industry has now prolonged outside the food segment to involve the pharmaceuticals, cosmetics, health products, toiletries and medical devices as well as service segment components such as logistics, marketing, print and electronic media, packaging, branding, and financing. Not only has this, the halal food market is developing more effectively as one of the most moneymaking and persuasive market showgrounds in the world food business in the present trend.
According to the report analysis, ‘Global Halal Food Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024’ states that in the global halal food market, there are numerous key players which working professionally for leading the fastest market growth and dominating the high value of market share across the globe during the short span of time while implementing the profitable strategies, decreasing the restraints, determining the market growth drivers actively and effectively delivering the better consumer satisfaction includes Nestle, Cargill, Nema Food Company, Midamar, Namet Gida, Banvit Meat and Poultry, Carrefour, Isla Delice, Casino, Tesco, Halal-ash, Al Islami Foods, BRF, Unilever, Kawan Foods, QL Foods, Ramly Food Processing, China Haoyue Group, Arman Group, Hebei Kangyuan Islamic Food, Tangshan Falide Muslim Food, Allanasons Pvt and several others.
Furthermore, in consumption market, the worldwide consumption value of halal food rises with the 8.14% average growth rate. The East Asia and Middle East & North Africa are the primarily consumption regions owing to the superior requirement of the downstream benefits. In 2015, these two economies engaged 56.83% of the global consumption capacity in total.
Halal food has principally three categories, which involve the fresh products, frozen salty products, administered products and several others. With the great number of Islam populace and economy improvement, the customers will demand more halal food products. So, halal food has a broad market prospective in the future. The producers engaged in the industry are trying to introduce the great purity and good taste halal food through developing the technology.
Although, the global market for Halal Food is predicted to increase at a CAGR of roughly 6.1% over the next five years, will reach 1630 million USD in 2024, from 1140 million USD in 2019. The foremost raw materials for halal food are fresh meat, food seasoning, packing materials and several other additives. Vacillations in the cost of the upstream product will influence on the introduction cost of halal food, and then control the price of halal food. The introduction cost of halal food is also an imperative factor which could influence the cost of halal food. The halal food producers are annoying to decrease the production cost by increasing production manner. Therefore, the market of halal food will increase in the coming years more positively over the near future.
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Ankur Gupta, Head Marketing & Communications