Halal Beef Market Will Witness Substantial Growth in the Upcoming years by 2028
The last few years have been beneficial for the Halal beef Market across the world. Strong uptake of halal food is mainly accredited to a significant hike in the population incorporating halal-certified products in their daily meals. A perpetual rise in the Muslim population coupled with the accelerated consumption of halal beef amongst non-Muslim people has augmented the demand for halal beef during the projection period. Furthermore, the progressive inclination to food quality, safety, and hygiene, and growing concerns about the cruelty against animals have left a notable impact on the demand for halal food and beverages.
Disruptive supply chains during COVID-19 have negatively affected the halal food and beverages industry. Shortage of labor deeply affected the production capacity of the leading manufacturers. In the next few years, the worldwide market is likely to be driven by a constantly increasing distribution network and an assessment of consumer buying trends.
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Conventional Retailers Thrive at the Helm of Fastest-Growing Hypermarkets
The market is mostly driven by customer information that the animal was slaughtered in a halal manner. Butcher shops supply halal meat, poultry, and fish items in most Islamic and non-Islamic nations, therefore traditional stores have a large market share. However, during the last few years, the fast expansion of distribution channels has greatly fueled segmental growth.
Supermarkets are quickly developing to invest in modern technology and provide consumers with a diverse range of items. To increase the safety and quality of the items they sell, these retail outlets are investing in complying with all regulatory criteria. The expansion and development of online retail channels would be aided by the ascension of digitization across the globe.
Asia Pacific Emerges as a Foremost Player in the Halal Beef Market
The Asia Pacific registers the highest growth rate in the halal food market during the forecast period owing to the presence of the Islamic population. The rise in animal welfare concerns and discretionary income levels of consumers are primary factors contributing to the growth of the halal food industry. Besides, the region deals in export (the Middle East and North Africa) and import (Latin America) beef at a global level. There are diverse countries like Indonesia, Malaysia, and Singapore, wherein beef is being consumed on a daily basis. Moreover, the halal food industry observed a radical shift in the non-Muslim population towards halal products due to growing awareness about the quality of food, benefits of halal food, and consumption of safe food. Additionally, the proliferating income levels are poised to offer lucrative opportunities for innovation in the production of halal food and beverages. On the whole, the halal beef market is set to expand in the APAC region on the back of increasing consumption and demand.
The global halal beef market showcases an extremely fragmented structure with diverse multinational companies as major shareholders. Prominent players in the halal beef market include Tesco plc, Tariq Halal, Amana Foods, HebeiKangyuan Islamic Food Co., Ltd., Nestlé S.A., Reghalal, Casino Service Processing, Carrefour SA, Pure Ingredients, and Isla Delice.
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