The international halal food market is being projected to expand at a compound annual growth rate of 4.52%, according to a new forecast by Technavio, which added this sector is set to grow by $427.68 billion from 2022 to 2027.
Halal food is governed by Islamic dietary laws and has gained prominence beyond Muslim communities into the broader food industry. The report noted that outside of Muslim majority nations, halal food has seen “substantial expansion” into the U.S., Germany, Australia and India in recent years.
Technavio attributed the growth of this sector to the organized retail sector, the introduction of blockchain in the halal food market and the wide assortment of specialty products under the halal food category – including breakfast cereals and vegan options.
However, Technavio also noted that a “lack of globally accepted regulatory standards for halal certification hinders the market growth.”
Photo by Raysonho @ Open Grid Scheduler / Scalable Grid Engine / Wikimedia Commons
