According to the latest report by IMARC Group, titled “GCC Halal Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the GCC halal food market reached a value of US$ 58.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 73.7 Billion by 2027, exhibiting a CAGR of 4.1% during 2022-2027.
Halal food is a type of food and beverage prepared in accordance with Islamic dietary law. Consumption of animals that are dead before slaughtering or are not slain in the name of Allah, pork by-products, alcohol, and so on is prohibited or considered haram, according to the rules. Furthermore, these food products are packaged and stored in utensils that have been cleaned in accordance with Islamic guidelines. Poultry, meat, fish, oil and fats, fruits and vegetables, dairy products, confectionary, and other regularly consumed halal food products
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The large Muslim population in the GCC region who follow Islamic Shariah laws is primarily driving the market for halal food items. Furthermore, the expanding number of demanding regulatory frameworks enforcing halal certification is bolstering market growth. Furthermore, rising knowledge of food safety, hygiene, and dependability of these products among the region’s Muslim and non-Muslim populations is increasing demand for halal food items. Furthermore, the growing food retail sector and the increased availability of halal food and drinks through numerous distribution channels are driving market expansion. Furthermore, some worldwide firms are expanding their product portfolios to cater to the religious beliefs of their regional clients, and it is projected that this trend will continue.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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