According to market research firm Euromonitor, the Halal logo is growing rapidly and is expected to grow by a quarter between now and 2020.
Players in the Asia-Pacific region are driving the growth in demand for Halal meat products. Asian meat processors such as the Charoen Pokphand Group, Malvolia and Sierad Produce have reassured Muslim consumers with clear Halal labeling. The Halal certification mark is also entering a period of high-speed growth.
Euromonitor's consumer and industry market research division released its data earlier this week. It revealed that the Halal market will generate USD 13 billion in annual sales from 2015 to 2020.
Euromonitor estimates the entire Halal market is worth USD 44 billion and will reach USD 58.3 billion within four years.
The UAE is expected to account for USD 27 million in the forecast period, making it one of the fastest-growing regions for Halal certification.
Alan Rownan, an analyst at the company, noted that it should be remembered that this forecast is only for Halal meat. Other meats may not have the same results.
"When analyzing a specific category, such as processed meat, it is important to recognize that a smaller number of products may have peculiarities, which can cause larger fluctuations. This is the case with processed meat," Rownan said.
The study covered the total sales of Halal-certified meat products across 26 key global markets. However, this market has only a small number of participants, meaning the forecast is based on a small sample, according to Rownan.
In addition, "demand for Halal meat products is growing rapidly," said Ewa Hudson, head of health at the Euromonitor group, at a press conference this week. She attributed this to the growth of the Muslim population, which will account for a quarter of the total population by 2030.
Although the Halal mark is expected to grow rapidly, Euromonitor expects Kosher-certified meat to decline by 6%, given that Kosher-certified meat is only found in Israel.