Gaps in the halal market pave way for smaller newcomers
The diversified, fragmented halal certification ecosystem is leaving room for smaller companies to challenge the big players in an expanding halal market, shows the State of the Global Islamic Economy 2018/19 report.
Muslims all over the world have spent almost $1.3 trillion on food and beverages in 2017 and the study forecast this global spend to grow 6.1 percent to $1.86 trillion by 2023, reports Salaam Gateway magazine.
Large gaps existing in the halal certification ecosystem, now comprising more than 300 bodies, present opportunities for businesses and investors in various markets, including organic and all-natural food, baby food, and meat snacks. North American and European businesses have shown to be receptive to new trends emerging in this market and to the evolving needs of Muslim consumers.
Other niche markets that can be exploited at a fast pace of growth are the ingredients and food and meal kit delivery markets, according to the report.
(Photo source: XMRE meals.com)
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