Global Halal Food Market 2012-2016 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-31 00:13:01
The Global Halal Food market is to grow at a CAGR of 4.44 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in the Muslim population. The Global Halal Food market has also been witnessing increasing R&D in halal product innovations. However, the decrease in the integrity of halal foods could pose a challenge to the growth of this market.
The rapid growth in non-Muslim countries offers huge potential for the Global Halal Food market. Though Halal foods have huge demand in regions populated by Muslims, a significant contribution is being witnessed from non-Muslim economies. Currently, Halal foods are not limited to the Muslim population and they are also being consumed by the general population. In fact, they are widely accepted by other communities as they are considered safe, of high quality, and to have been prepared using hygienic procedures. Moreover, the integrity of the food is maintained during the production process. Hence, there is huge potential for Halal foods due their increased acceptance and demand in the developed non-Muslim countries.
One of the major drivers in the market is the increase in the Muslim population. With the increase in the Muslim population, the consumption level of Halal foods also increases as Muslims are the potential and primary consumers. The majority of the demand for Halal foods comes from the APAC region as this region is densely populated with Muslims.
The major challenge faced by the market is the certification of products by authentic bodies. Certification issues are generally noticed in products exported by local markets. Because of this certification issue, consumers may lose confidence in the product´s Halal status and stop buying it.
The key vendors dominating this market space are Carrefour S.A., NestlÃ© S.A., McDonald´s Corp., and Yum!Brands Inc. Other vendors are Allanasons Ltd., Al-Islami Foods, MISC Berhad, and Tesco plc.
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