Halal Food Market By Application, Domestic Markets, Challenges, Revenue, Design And Market Forecast 2023-2032|Al Islami Foods, Al-Falah Frozen Foods, BRF, DagangHalal Sdn. Bhd., Midamar Halal

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The Halal Food Global Market Report 2023 by The Business Research Company, provides halal food market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/halal-food-global-market-report

According to The Business Research Company’s Halal Food Global Market Report 2023, the market size is expected to grow from $1,300.75 billion in 2022 to $1,501.5 billion in 2023 at a compound annual growth rate (CAGR) of 15.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The halal food market size is expected to grow to $2,583.18 billion in 2027 at a CAGR of 14.5%.

The rising Muslim population across the world is significantly contributing to the growth of the halal food market. The Muslim population is a community of Islamic people who practice Islam. The increasing demand for halal-certified food among Muslims is due to the assurance of food safety and hygiene.

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The halal food market is segmented:

1) By Product: Meat, Poultry, And Seafood, Fruits And Vegetables, Dairy Products, Cereals And Grains, Oil, Fats And Waxes, Confectionary

2) By Distribution Channel: Hypermarkets, Supermarkets, Online Stores, Specialty Stores

3) By Application: Restaurant, Hotel, Home, Other Applications

Technological advancements in halal food items are key trends gaining popularity in the Halal market. With the increasing demand for halal foods, halal laboratories are actively engaged in the food safety, analysis of food products for maintaining quality standards to detect the presence of porcine material or alcohol, blockchain, and the Internet of things (IoT) are the technological advancements that strengthen the market. For instance, in August 2022, Fluree PBC, a US based open-source semantic graph database company and Sinisana Technologies, a Malaysia-based Web3 Blockchain Traceability, announced a collaboration that will allow the Malaysia-based supply chain organisation to provide unrivalled end-to-end halal food product sourcing, provenance, and safety to its customers. Using Fluree technology in its blockchain product, Sinisana guarantees openness and integrity to its supply chain and logistics customers across the whole lifecycle of halal food items, from their respective origins to grocery store shelves.

The halal food market report table of contents includes: