Asia-Pacific market for halal food and beverages is projected to grow at a CAGR of 5.5 % during the forecast period (2020 to 2025).
- The rapid growth in the Muslim population and awareness regarding halal food among the non-Muslim population are the major market drivers for the halal food & beverage market.
- The need for halal certification by authorized bodies is strong and the certification requirements have contributed to an increase in the demand and the consumption of genuine halal food products.
- However, the production processes need to be upgraded in order to improve quality and satisfying domestic demand & export requirements.
Key Market Trends
Growing Demand for Halal Meat Products
Religious swing to Islam and migration from Muslim dominated nations in other regions are the other two vital dynamics responsible for the significantly rising Muslim population in the Asia Pacific. With the increase in the number of Muslims, the demand for these types of food has also increased and this trend is anticipated to continue over the forecast period and hence driving the Asia Pacific market. Supporting religious obligations and preserving halal identity for not only in meat products but also gradually extending capacities to cover services that are involved with halal meat and meat products. This is because the halal meat concept is no longer confined to food items only as it also includes the notion of storage, handling, packaging, transportation & delivery processes.
Indonesia is the Fastest Growing Market
Indonesia has the largest Muslim population in the world and spent an aggregate USD 218.8 billion across the Islamic economy sectors in 2017. The vendors operating in the APAC market are certified by halal certification organizations and these organizations operate under the Sharia law (rules and principles that a Muslim is required to follow). Indonesia is one of the major countries in the APAC region has the largest retail sales value of soft drinks with the halal label. The government has enforced new certification with BPJPH to provide convenience, security, safety, and certainty of the availability of the halal products for the public and increasing the added value for business operations in producing and selling halal products.
Asia-Pacific halal food and beverage market is highly fragmented with several players competing to get a major share in the market. The major manufacturers operating in the market are focusing on expanding their presence and developing various flavors in various product segments, partnerships and mergers and acquisitions in order to cater to the needs of consumers. The key players are Nestle SA, American Halal Company, Inc., Prima Agri-Products, Pampanga's Best, Inc., and Ecolite Biotech Manufacturing Sdn Bhd among others.
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