Saudi Arabia Halal food Market:
Growth opportunities in the Market look promising over the next six years. This is mainly attributed to the growing demand for packaged halal food products among the non-Muslims in the country and the growing awareness related to the halal food products.
Saudi Arabia Halal food Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Halal is the universal conceptions such as the concept of fresh, clean, and healthier food products and services regarding the food products. This is opposite to the traditional notion which is restricted to only slaughtering of animals according to the Islamic Law or merely free from swine and alcohol. The major factor that is surging the growth of the Halal Food market in Saudi Arabia includes the surging demand for packaged halal food products especially among the non-Muslims population. According to the State of the “Global Islamic Economy”, the total Muslim consumer spending specifically on halal food & lifestyle in 2014 accounted for USD 1.8 trillion, which surged to USD 2.6 trillion by 2020.
As per the Vision 2030, the Kingdom of Saudi Arabia introduced the 1st Saudi International Halal Expo 2021. The country has the objective to cover the multi-trillion-dollar global market for halal food and other items. The rising Muslim population is further the market to grow. As per the IJESD, the total Muslim population in Saudi Arabia in 2010 amounted to 24 million, which reached around 31 million by 2020. Thus, the rising population rate has increased the demand for halal food products owing to the awareness related to the need and necessity to consume only Halal food products. The government is emphasizing on maintaining the quality of halal food products in the country. It is compulsory the Halal Slaughter Certificate which shows that slaughter has taken place in an officially licensed slaughterhouse and according to the Islamic Law procedure.
Meat & alternatives meat halal products are experiencing a surge in the demand during the coming years. The significant shift of the world Muslim population in the halal meat and meat products is surging the market growth over the forecast period. According to the Organization of Islamic Cooperation (OIC), meat products are considered as the most preferred diets of the Muslim population.
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