Halal, in Arabic language, stands for lawful or permissible. Due to unclean food processing & packaging methods, food might get contaminated with bacteria or pathogens. Halal foods are manufactured with stringent halal regulations, which do not allow any haram (unlawful or unsuitable) ingredients to be mixed with the main product. Therefore, halal food products are gaining popularity among consumers, as they offer excellent advantages over most of the conventional food products.
In 2017, Halal Expo Dubai and Salaam Gateway teamed up to increase foreign direct investment in Dubai. The agreement will provide common platform to global investors, exhibitors, and trade visitors to increase awareness about Halal Expo Dubai. Moreover, in 2017, China invested US$ 1 trillion in ‘One Belt One Road’ initiative to accelerate growth of halal food market in GCC. Such activities are projected to have positive impact on growth of the halal food market in MENA.
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Middle East held a dominant position in the MENA halal food market in 2017 and is expected to retain its dominance over the forecast period. The halal food market in Middle East was valued at US$ 130.0 billion in 2017, projecting a CAGR of 10.5% during the forecast period from 2018 to 2025. In the Middle East, Saudi Arabia & UAE are the most lucrative market for halal food.
In North Africa, lack of halal food regulatory authorities and lack of halal food infrastructure (supply chain) are major restraining factors affecting market growth. Increasing Muslim population in North Africa is one of the major reasons for the region to be a potential destination for halal food investment.
According to a study by Coherent Market Insights, the MENA halal food market was valued at US$ 133.9 billion in 2017 and is expected to witness a CAGR of 10.4%, in terms of revenue, during the forecast period from 2018 to 2025, to reach US$ 291.3 billion by 2025.
Increasing focus on developing halal food infrastructure (product manufacturing, product testing facilities) and favorable government initiatives to promote halal food products in MENA region is projected to fuel growth of the MENA halal food market over the forecast period. Among product type, meat products segment accounted for highest market share in 2017. Owing to increasing consumption of meat, the segment is projected to retain its dominance over the forecast period. Middle East accounted for the largest share in 2016 and is expected to retain its dominance over the forecast period. This is mainly due to large presence of manufacturers of halal food products in the region.
Major Players in the MENA Halal Food Market –
Some of the major players operating in the MENA halal food market include Cargill Inc., Al Islami Foods, BRF, Agthia, Fine Foods, Rhodes Food Group Holdings Ltd, Global Food Industries, LLC, and Alpha Fine Foods.
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