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March-April . 2024 | @ Halal
Lifestyle
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Set to soar
Halal food market valuation to hit new heights by 2030
THE global halal food market is on track to hit a valuation of approximately US $ 4,569.69 billion by 2030 , according to the latest report titled ‘ Halal Food Market , Size , Global Forecast 2024-2030 , Industry Trends , Share , Growth , Insight , Impact of Inflation , Company Analysis ’ released by ResearchAndMarkets . com .
The report highlighted a surge in the global halal food market , driven by several factors , including increasing consumer health consciousness , a lifestyle shift towards a halal diet , and the rapid expansion of the Muslim population worldwide .
Anticipating a steady climb , the report had forecasted an impressive Compound Annual Growth Rate ( CAGR ) of 9.33 per cent from 2024 to 2030 in the global halal food market . This growth was attributed to a growing consumer base , not limited to Islamic nations but globally , indicating a unified demand for products aligning with halal standards .
Major industry players had actively expanded their portfolios to meet the market ’ s diverse needs by including a wide range of halal-certified products such as pasta , vegetables , dairy derivatives , and more .
These initiatives enhanced product visibility and reflected the growing market space for halal foods .
Imposing comprehensive global standards and regulations related to halal certification has further propelled market growth . Measures such as the extended requirement for halal certification by the Saudi Arabia Food and Drug Authority indicated the trend towards stricter regulatory environments , attracting new market entrants .
Key segments within the global halal food market encompassed a variety of products , with meat products holding a substantial market share due to increased demand for hygienic and microorganism-free meat .
Hypermarkets and supermarkets have played a pivotal role in distribution , benefiting from economies of scale and offering a wide range of products at competitive prices .
The report emphasised the potential of the Indian market , driven by migration trends and the growing Muslim demographic . The increasing purchasing power within this community has strengthened the market base for halal foods in India .
“ Anticipating a steady climb , the report had forecasted an impressive Compound Annual Growth Rate ( CAGR ) of 9.33 per cent from 2024 to 2030 in the global halal food market . ”
The report also highlighted leading market participants driving industry standards and innovation . These companies were characterised by their broad strategies , developmental milestones , and financial performance , including expanding product ranges and forming partnerships to propel the global halal food market forward .
The comprehensive analysis provided by the report included a breakdown of the market by various product types , distribution channels , and specific country insights . This made it an indispensable tool for stakeholders and businesses seeking to navigate the halal food landscape effectively .
Costa Rican high-value food products shine at Gulfood Dubai 2024
THE Middle East ’ s largest gourmet food fair , Gulfood Dubai 2024 , has become a platform for showcasing high-value food products from Costa Rica . From Feb 19-23 , 2024 , the event in Dubai , United Arab Emirates ( UAE ), saw a vibrant display of frozen tropical fruits , frozen shrimp , coffee-based energy drinks , roasted coffee , and chocolate powder .
The Trade and Investment Promotion Agency of Costa Rica ( PROCOMER ) led the charge to support new business development and enhance exports in the high-value food sector while also positioning Costa Rica as an attractive investment destination .
Among the Costa Rican companies attending were Fructa CR S . A ., Frutera La Paz , Tertulia Brugge S . A ., Thompson Coffee Ltda , Ecos Shrimp Group S . A ., Rooster Energy , Beneficio La Eva S . A ., and Café Montaña , with the latter four making their debut at the fair .
PROCOMER Export Development Manager Mario Sáenz said : “ The Middle East is a strategic market for the Costa Rican food industry since it has consumers with a high purchasing power who demand quality and innovation in the products they purchase .
“ For this reason , Gulfood is an opportunity for our export sector to position the diversity of the offer we produce and for us to be considered a strategic and differentiated commercial partner . Likewise , it represents a high potential to promote Costa Rica as an ideal investment destination , especially for the agri-food sector .”
Gulfood Dubai , hosting over 5,500 exhibitors from over 190 countries and attracting more than 100,000 visitors , served as a platform for Costa Rican exporters to familiarise themselves with market dynamics , forge new business connections , and stay abreast of industry trends and innovations .
Paul Homberger , representative of Rooster Energy , mentioned that , together with PROCOMER , they are exploring Gulfood , one of the world ’ s largest food and beverage fairs , to expose their products to the world and analyse the opportunities that could arise to expand their business .
Meanwhile , Luis Ávila , from Ecos Shrimp Group , commented that Gulfood Dubai is strategic for his company since it allows them to explore the possibility of opening new markets .
According to data provided by PROCOMER , the United Arab Emirates ranks as the third most crucial market for Costa Rican food exports in the Middle East , accounting for US $ 766,000 in trade and capturing a 16 per cent market share .
With Gulfood Dubai 2024 serving as a testament to the growing international presence of Costa Rican high-value food products , the event underscores the country ’ s commitment to fostering global trade partnerships and expanding its footprint in key markets . –