NEW YORK, March 4, 2022 — The halal food market in US is set to grow by USD 8.17 billion from 2019 to 2024. Technavio report projects the market to progress at a CAGR of over 5%. In addition, the report offers a detailed analysis of the current market scenario, the latest trends and drivers, and the overall market environment.
Halal Food Market: Increasing sales through retail channels to drive growth
The sales and distribution of products in the US happen primarily through organized and modern retail channels. Globally, the sales of halal food are mainly dominated by wet and traditional markets. However, in the US, the sales of halal food are maximum through modern retail channels such as supermarkets, hypermarkets, convenience stores, and more. With the growing demand for halal foods, several retailers are selling halal labeled food products. It is a mandate for the supermarkets and other retailers that supply halal food, to clearly label halal. In 2016, more than 7500 places sold halal food in the US as compared to nearly 200 places in 1998. These stores have dedicated space (shelf space) for halal foods and are kept separately from non-halal foods. Thus, most consumers trust this source of distribution for halal meat products. Such factors will drive the growth of the halal food market the in US at a CAGR of over 5% during 2020-2024.
Halal Food Market: Increasing concerns about hygiene and health among consumers is a major trend
The increase in consumption of halal meat is owing to the increasing concerns about hygiene and health among consumers. A small percent of the US population is Muslims. However, the market for halal foods is still growing owing to the rising awareness about the health benefits associated with halal among non-muslims. To leverage this preference, many restaurants, and food chains are adopting halal labels in the country.
Halal Food Market: Segmentation Analysis
This market research report segments the halal food market by Product (Halal meat, poultry, and seafood, Halal cereals and grains, Halal fruits, vegetables, and nuts, Halal beverages, and Other halal foods), Distribution Channel (Supermarkets and hypermarkets, Traditional retailers, and Others), and End-user (Retail and Foodservice).
Segmentation by Product – The rising purchasing power of the consumers and the increasing preference for pre-cooked and convenience foods will drive the demand for products such as sausages, salami, bacon, corned beef, beef ham, and others. This, in turn, will create a demand for halal meat, which is considered healthier meat than other meat (except kosher meat). Therefore, the growth of the halal food market share in the US by the halal meat, poultry, and seafood segment will be significant during the forecast period.
Segmentation by Distribution Channel -The growth of organized retail in the country has led to growth in the sales of halal food through supermarkets and hypermarkets. Usually, supermarkets purchase halal food products from traditional markets like wet markets and slaughterhouses. Then it modifies, processes the product, and price it accordingly. Many slaughterhouses have partnered with supermarkets and wholesalers as their supply channels. Therefore, the growth of the halal food market share in the US by the supermarkets and hypermarkets segment will be significant during the forecast period.
Related Reports:
Halal Food Market -The halal food market has the potential to grow by USD 388.11 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 4.46%. Download a free sample now!
Kosher Foods Market -The kosher foods market has the potential to grow by USD 13.73 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 7.48%. Download a free sample now!
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