Straits Research Unveils Halal Meat Market Report, Predicts Robust Growth During Forecast Period

Straits Research, a leading global market research and consulting firm, has released its latest report on the global Halal Meat Market, offering an in-depth analysis of the market size, key trends, growth projections, and opportunities. The global halal meat market was valued at USD 870.4 billion in 2023 and is projected to reach USD 1,654.8 billion by 2032, with a CAGR of 7.4% during the forecast period (2024-2032).

Market Definition:

Halal meat refers to meat that has been prepared in accordance with Islamic dietary laws, which include specific methods of slaughtering the animal. These laws ensure the meat is permissible for consumption by Muslims. The halal meat market encompasses a wide range of products, including beef, poultry, lamb, and goat, among others, that are produced, processed, and certified as halal. This market has been growing due to the rising Muslim population worldwide and the increasing demand for halal products in both Muslim and non-Muslim communities.

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Latest Trends in the Halal Meat Market:

1. Rising Global Muslim Population and Changing Dietary Preferences: The increasing global Muslim population is fueling the demand for halal meat products. In addition to this, dietary preferences are shifting towards meat that meets halal standards, not just for religious reasons but also due to perceived health benefits.
2. Growth of Halal Certification Programs: Halal certification has become more widespread, not only in Muslim-majority countries but also in non-Muslim countries. This trend is enabling greater access to halal meat products and creating a more efficient global supply chain for halal meat.
3. Surge in Demand for Halal Processed and Packaged Meat Products: With the growing urbanization and busy lifestyles, there is a rising demand for halal processed and packaged meat products. These products are convenient, readily available, and meet the dietary requirements of a large segment of the global population.

Growth Factors Driving the Halal Meat Market:

1. Increasing Muslim Population Worldwide: The growing Muslim population globally is the primary driver for the halal meat market. As this population continues to expand, the demand for halal-certified meat products also rises, creating a significant market opportunity.
2. Higher Demand for Ethically-Sourced Meat: Consumers, particularly in non-Muslim countries, are becoming more aware of ethical sourcing and animal welfare practices. Halal meat, which adheres to strict animal welfare standards, is gaining traction among these consumers.
3. Expansion of the Halal Meat Industry in Non-Muslim Countries: Halal meat is gaining popularity outside of Muslim-majority countries, with increasing numbers of supermarkets and restaurants offering halal-certified meat to cater to a broader consumer base.

Key Market Opportunities:

1. Growth in Online Halal Meat Retail: The rise of e-commerce platforms is opening up new opportunities for the halal meat market. Online platforms allow consumers to conveniently purchase halal meat from various regions, thus driving market growth.
2. Development of Halal Meat Substitutes and Plant-Based Options: As the demand for plant-based and alternative protein sources grows, there is an opportunity for companies to explore halal-certified plant-based meat alternatives to cater to a wider range of consumers.
3. Untapped Emerging Markets: Developing regions, particularly in Africa and Southeast Asia, present significant opportunities for halal meat manufacturers to expand their market presence due to the growing Muslim population and increasing awareness of halal products.

Market Segmentation:

The Halal Meat Market is segmented as follows:

• By Product Type:
• Beef
• Poultry
• Lamb
• Goat
• Others
• By Distribution Channel:
• Supermarkets/Hypermarkets
• Online Retail
• Specialty Stores
• Traditional Retail
• By Certification:
• Halal Certified
• Non-Halal Certified

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Key Players in the Halal Meat Market:

• Al Islami Foods
• Saffron Road
• Hilal Foods
• Almarai
• Midamar Corporation
• BRF S.A.
• Euro Prime
• Saudi Agriculture and Livestock Company (SALIC)
• JBS S.A.
• HMC (Halal Meat Company)

Research Methodology:

Straits Research follows a robust and data-driven research methodology, combining both primary and secondary research to ensure accurate and reliable data. Primary research involves direct interviews with industry experts, market participants, and stakeholders to gather firsthand information. Secondary research relies on existing reports, databases, and publicly available data. The research team analyzes these insights to present a comprehensive and unbiased view of the halal meat market.

Go-To-Market Framework:

The go-to-market strategy for the halal meat industry involves the following steps:

1. Market Penetration and Expansion: Focus on expanding into emerging markets and untapped regions where halal meat demand is rising, particularly in Africa, Southeast Asia, and Europe.
2. Product Innovation: Develop new product offerings, including halal-certified plant-based and processed meat products, to cater to a broader range of consumer preferences.
3. Strategic Partnerships: Establish collaborations with supermarkets, restaurants, and online retailers to expand market reach and ensure easy availability of halal meat products.
4. Branding and Consumer Education: Invest in marketing campaigns to raise awareness about the benefits and ethical sourcing of halal meat. Provide transparency around halal certification processes to build consumer trust.

Regional Insights:

• Dominated Region: The Asia-Pacific region currently dominates the halal meat market, primarily driven by the large Muslim population in countries like Indonesia, Pakistan, and India. This region is expected to continue dominating the market due to population growth and rising disposable incomes.
• Fastest Growing Region: Europe is anticipated to be the fastest-growing region during the forecast period. The increasing demand for halal meat from both Muslim and non-Muslim consumers, combined with the growing number of halal-certified restaurants and retail outlets, is fueling market growth.

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