June 15, 2022 09:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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NEWARK, Del, June 15, 2022 (GLOBE NEWSWIRE) -- The global halal food market is set to witness growth at a CAGR of 9.7% and top a valuation of US$ 3.0 Tn by 2032. When it comes to halal certification, many Islamic countries have their own set of rules and restrictions. However, the Malaysian government has worked to establish a global halal standard. Malaysia's Research Centre for Islamic Affairs established a national halal certification in 1974.

The Department of Islamic Development Malaysia (JAKIM) took over the implementation of the halal certification system, In 2005, in addition to monitoring and enforcing halal compliance in Malaysia, Malaysia's halal certificate is the only internationally recognised emblem and certification system supported by the Malaysian government. approved for use by all Muslim nations, as it is a member of the Organisation of Islamic Conference (OIC).

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Other nations' halal certification authorities were either created by local provinces or governments, or they were endorsed by non-governmental organisations (NGOs). The Halal Industry Development Corporation (HDC) was created in 2006 to further improve Malaysia's position as the world's leading halal centre. It was established with the goal of raising halal standards while also promoting commercial and industry development and branding.

More than 70 small and medium enterprises (SMIs) in the halal food manufacturing industry already call the Prima Halal Food Park home. All of these SMIs can join the Prima Vendor Program, which allows them to make halal cuisine under the PRIMA brand. The items are then distributed via PRIMA's dedicated sales network.

Independent food and beverage producers can also create halal cuisine under their own brand names. In this instance, businesses must build their own distribution network while simultaneously contributing to the park's central services and shared facilities expenditures.

Key Takeaways from Market Study

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“Because of the stringent regulations in attaining halal certification, halal cuisine has evolved from being a religious dietary choice to an assurance of safe, healthy, hygienic and reliable food. The move to adopt uniform halal standards across OIC countries will allow them the opportunity to raise the standard of halal food and further strengthen the perception and market share of halal products in the global food trade,” says a Future Market Insights analyst.

Key halal food brands are looking for new strategic partnerships to develop the applications in food and beverage industry, along with infant formula and dietary supplements, while core business brands are focusing on developing nutritional and high quality food solutions to customers with several product innovations.

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Halal Food Market by Category

Future Market Insights, in its new report, offers an impartial analysis of the global halal food market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

The study offers compelling insights based on nature (organic and conventional), product type (meat, poultry and seafood, dairy products, fruits, nuts and vegetables, fats, oil and waxes, grains and cereals, beverages, and others), and application (food & beverages, nutraceuticals & dietary supplements, infant formula, animal feed industry, and others), across seven major regions of the world.

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    3.3. Product launches & Recent Developments

        3.5.1. Supply Side Participants and their Roles

            3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)

        3.5.3. List of Raw Material Suppliers

        3.5.4. List of Existing and Potential Buyer’s

    3.6. Global Halal Food Market- Pricing Analysis

        3.6.1. Price Point Assessment by Region 

        3.6.2. Price Point Assessment by Product Type

    3.7. Forecast Factors - Relevance & Impact

        3.8.2. Certifications and Certifying Agency Overview

    3.12. Product Claims & Nutritional Information Scan by Buyers

4. Global Halal Food Market Analysis 2017-2021 and Forecast, 2022-2032

    4.1. Historical Market Size Value (US$ Mn) & Volume (MT) Analysis, 2017-2021

    4.2. Current and Future Market Size Value (US$ Mn) & Volume (MT) Projections, 2022-2032

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