Halal meat market to grow by 7% over the next 4 years
Although the COVID-19 crisis has made a clear stamp on most of the meat markets around the world, the halal meat market is to increase by 7% over the next 4 years, according to the most recent report issued by Technavio.
Technavio has been monitoring the halal food market and it is poised to grow by USD 624.52 billion during 2020-2024, progressing at a CAGR of over 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
"The COVID-19 pandemic continues to transform the growth of various industries; however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a high impact on the halal food market," according to the analysts.
51% of the market's growth will originate from the Asia-Pacific region during the forecast period. The market is driven by the increasing consumer expenditure on halal food. However, increasing threats from fake halal food will hamper the market growth. Globally, the top players can be identified as Al Islami Foods, BRF SA, Cargill Inc., Flying Trade Ltd., Kawan Food Berhad, Midamar Corp., Nestle SA, Tahira Foods Ltd., The American Halal Co. Inc., and Unilever Group.
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