Halal food market to reach $2.10 trillion by 2025
The report gives as a main driving force for the $2.10 trillion rise of the halal food market the increase in expenditure for halal food and non-beverages among the Muslim population.
From the total halal food products, halal meat & alternatives are forecast to become the largest product segment by 2025.
Nowadays, halal applies to the entire concept of fresh, clean, and healthier production as well as services of food.
Furthermore, between 2009 and 2016, the worldwide Muslim population increased from nearly 1.57 billion to over 2.1 billion and it is expected to increase from 23% in the present situation to nearly 30% from the world's total population by 2030.
While in 2014 the expenditures on halal food in the Muslim regions reached an estimated sum of $1.8 trillion and it is further expected that this sum will increase to $2.6 trillion by 2020, according to State of the “Global Islamic Economy” cited by the report.
"The International Monetary and Financial Systems reported that at one instance where the global economy is entering a secular stagnation owing to decline in investments and the aging population, the Islamic economy, on the other hand, stands in stark contrast offering vast opportunities for the economic growth. These factors are anticipated to be crucial factors backing the halal foods industry growth," the report states.
Asia Pacific and the Middle East & African region are the top two areas which will contribute to the global food market's growth. On the other hand, South Korea is gaining further acces to the global halal food market due to the bilateral agreement between the country and Abu Dhabi.
Asia Pacific accounts for the largest share of the global halal food market, with revenue estimates of nearly $530 billion in 2016. The main reason for this is that Asia Pacific has the largest share from the global Muslim population.
"Indonesia, Pakistan, India, Bangladesh, Myanmar are some of the Asia Pacific countries with the largest Muslim population in the world. Hence, feeding this vast community in Asia Pacific has led to the substantial size of the halal food market which in fact is the largest in the world," the report shows.
When referring to the Middle East and Africa, the report states a number of 327 million Muslims, this being another growing halal food consumer region and providing thus potential opportunities for importers.
An important country mentioned in the report is the United Arab Emirates (UAE), where the local authorities recently launched “Halal National Mark” as there was an absence of single or proper certification in the region, and henceforth the manufacturers in the region have been adhering to these standards.
Photo source: Wikimedia Commons/Jubair1985
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