Global halal food and beverage market to grow fast
According to the latest research report on global halal foods & beverage made by Market Research Future, the sector is expected to grow at a CAGR of 10.2% during the forecast period, 2017-2023.
High consumption among the clients, with meat and meat products in focus, is the main factor that is amplifying the growth of the sector but there is also another insight in the future of this market regarding the increasing awareness for available benefits in consuming this type of products. Halal labelled food products, especially meat, are going to be in high demand in the next 6 years, predicts the Market Research Future's report.
At the same time, the development of the food technology is providing the extra space for the frozen food manufacturers while the mounting growth of the organized retail industry is also anticipated to be one of the important factors for increasing growth of halal food and beverage products market during the forecast period.
Consumers are interested to buy the products from supermarkets and hypermarkets instead of the normal grocery shop and that could result in a decline of the number of smaller enterprises in offline commerce. Advanced processing methods and technologies and high opportunities in developing countries are positively supporting the growth of the market and the big players in this industry are responding by expanding their product line. Top 10 companies in the halal F&B industry are: American Halal Company, Cleone Foods, Nestle, Al Islami Foods, BRF, QL Foods, Nema Food Company, Beijing Shunxin Agriculture, Namet Gida Sanayi ve Ticaret and Midamar Corporation.
On the other hand, the availability of economical alternatives and the high cost of halal products may hamper the halal foods and beverages market over the review period, according to the report.
(Photo source: Flickr/USDA)
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