The halal foods market has a pre-existing market of nearly 2 billion people worldwide, which has not only allowed the halal food industry to survive the global recession, but positively thrive during it. The sector has seen an average overall growth of 10% annually, with the halal food industry becoming extremely lucrative, generating $580 billion in the last year.
Many industry experts believe there is extra room for growth if a wider product range is made available to general consumers, with an increase in the volume of supplies available coupled with an increased understanding of halal procedures potentially leading to and even larger boom in the market.
One major market that is ripe for penetration is the US, in which many Muslims are plumping for buying kosher food due to the complete lack of halal products on store shelves. The current ratio between halal and kosher products is 1:86, which has caused American-Muslims to spend $16 billion per year on kosher meats due to the lack of halal meats.
It is noted that demand for halal foods has seen a rise in recent years however, according to Alex Andarakis, “The halal food sector has shown great resilience and is growing at a substantial rate. One of the reasons is that it has a huge audience. Islam has the youngest population profile of any religious sects and has perhaps the most prosperous population in the world”.
Humza Foods aims to supply top quality halal frozen foods at all times.