The global halal food market is expected to grow at a CAGR of close to 16% during the forecast period, 2017-2021.
Technavio has announced its latest market research report on the global halal food market, under its food portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Al Islami Foods, BRF, Nestlé, QL Foods, and Saffron Road Food.
According to Manjunath Reddy, a lead analyst for food research at Technavio, “Social media and internet act as a source of information about halal food, increasing visibility and demand for halal food. It functions as a community-based mediator of standards. Various websites like TripAdvisor and Yelp have dedicated sections and dining options for halal food. Websites like Zabiah.com, HalalTrip, thehalalfoodblog.com, mybigfathalalblog.com, and halalfoodguy.co help consumers to find restaurants that serve halal food in a particular location.”
Marketing activities play an important role in creating and spreading awareness about halal food. Social media also plays an important role in spreading awareness about halal food. Consumers usually use social media to find information regarding halal food.
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Increased demand for convenience foods
The purchase and demand for convenience and packaged foods is on the rise with the improvement in living standards, lifestyles, and disposable incomes of consumers in Muslim countries. To tap into this demand, many players such as Saffron Road Food have come up with frozen, packaged, and convenience foods. They are offering frozen nuggets, sliced polonies and sliced meat, snacks, appetizers, desserts, sauces, and various other products. Various e-commerce websites also sell frozen and packaged halal food products to consumers.
Development of substitutes
Food and beverage products like pork, liquor, and many other forms of animal meat are forbidden as they are considered haram and cannot be consumed by Muslims. But, the increasing popularity of these segments has led to the development of substitutes for haram products. For instance, frog legs can substitute white chicken meat and bacon, made from pork, can be replaced with beef bacon.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Halal Food Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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