The market for Halal Food and Drinks Will Reach USD 3.27 Trillion by 2028

In 2020, the worldwide market for halal food and beverages reached a value of USD 1.96 trillion, and it is anticipated to expand from USD 2.09 trillion in 2021 to USD 3.27 trillion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 6.56% within the forecast period of 2021-2028. The increasing global Islamic population, coupled with heightened consumer concerns regarding food safety, quality, and animal welfare, has significantly elevated the demand for halal food and beverages, according to our research. Furthermore, the continuous expansion of distribution networks and adjustments in consumer purchasing patterns are expected to contribute substantially to the global market's growth in the coming years.

Key players in the Halal Food and Beverages Market include Cargill, Inc. (Minnesota, U.S.), Nestle S.A. (Vevey, Switzerland), American Foods Group, LLC (Wisconsin, U.S.), Unilever (London, U.K.), BRF S.A. (State of São Paulo, Brazil), Saffron Road (Connecticut, U.S.), Tahira Foods Ltd. (London, U.K.), Al Islami Foods (Dubai, UAE), QL Foods Sdn Bhd (Perak, Malaysia), and DagangHalal Group (Kuala Lumpur, Malaysia).

The initial months of the COVID-19 pandemic disrupted all stages of the supply chain in the halal food and beverage industry. Major manufacturers in both Islamic and non-Islamic nations experienced a reduction in workforce, significantly impacting production capacity. Additionally, a decrease in demand for retail products such as pre-cooked and ready-to-eat meat items adversely affected the industry. The positive trend in consumer preferences for halal products, driven by their perceived health benefits and quality, is expected to fuel the growth of the halal food and beverages market in the foreseeable future. Islam is the fastest-growing religion globally, with the global Muslim population representing about 28.26% of the total world population, as reported by the Government of Saudi Arabia.

Furthermore, the increasing awareness among the Muslim population about the necessity to consume only halal food strongly contributes to the global market's growth. Moreover, the rising disposable income levels among the Islamic population are anticipated to further propel market growth in the years to come.