The South American market for halal food and beverages is projected to grow at a CAGR of 3.1% during the forecast period (2020 to 2025).
- The demand for halal certification is driving the South America halal products market. The rise of the request for halal products is due to the new trend followed by consumers such that the halal certification helps in meeting the increased need for quality assurance, where food security issues are being faced by a lot of countries in this region thus driving the demand for South America halal food.
- In emerging economies such as Brazil, there is an increasing interest in the consumption of organic and natural food products, which represents a strong adjacent market for halal food products to address. Halal food companies in South America are also focusing on expanding its offering by developing flavors that suit a particular South American country cuisine thus, increasing its reach in the other Latin American countries.
Key Market Trends
Surge in Demand for Halal Certified Products
The halal market has witnessed a universal shift in the demand and supply chains of halal food products. They are increasingly made available in Western-style grocery stores including supermarkets and hypermarket chains, which is getting a strong presence in Brazil, where its economy is emerging forward. In South America, supermarkets and food producers are starting to reach out to Muslim and non-Muslim consumers by offering a wider selection of halal food products. As the dynamics within the Muslim world change and globalization trends continue to shape consumers’ tastes, habits, and spending patterns across the world, the halal-based foods, and beverages acceptance are poised to grow in South America during the forecasted period.
Brazil Dominates the Market
Brazil is one of the largest export markets of halal-certified food products around the world and is the third greatest exporter of Halal products in the world, just behind China and the United States. Halal food has been extended to non-Muslim economies, where Halal food has become the new benchmark as a safe and hygienic form of food for consumers looking for alternative healthy and high-quality products. The factors responsible for growth are new market entrants, established players making inroads abroad through franchising and multinationals making major investments in Muslim-majority markets by anticipating demand.
South America halal food and beverage market is consolidated and some of the key players in the market are BRF SA, Nestle SA, Cordeiro da Estância, and Maricopa Alimentos among others. The companies are adopting various strategies such as expansion, mergers, and acquisitions to cater to the larger audience and thus meeting the growing demand.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support