Halal food and beverage market set to jump to $1.6tr by 2018

The global halal food and beverage (F&B) market is forecast to grow from $1.1 trillion in 2013 to $1.6 trillion by 2018 at a compound annual growth rate (CAGR) of around 6.9 per cent, according to a report by the Dubai Chamber of Commerce and Industry.

The halal F&B market includes a range of products, such as raw chicken and beef, processed foods, and cold drinks. In 2012, it accounted for 16.6 per cent of the global F&B market, as per the report. That same year, the UAE halal food consumption market was valued at around $20 billion in 2012.

“We see opportunities to enhance the halal food industry. The research finding on halal food sector is of considerable importance for the UAE food and beverage business, especially since halal food is a key pillar in the Dubai Capital of Islamic Economy initiative launched in 2013. Based on the initiative, Dubai has the capability to create new avenues for growth in this sector, and become an international centre for the halal industy,” stated Abdul Rahman Saif Al Ghurair, Dubai Chamber’s Chairman.

Halal meat is an important part of the market, led by unpackaged meat which had a market share of an estimated 78.7 per cent in 2013, while packaged meat represented a 21.3 per cent share