Adnan Durrani is CEO of Saffron Road, which produces frozen foods, packaged broths and dry goods. The selling point? His products are halal, organic, and non-GMO
He said was fascinated by studies that delved into the demographics of the American Muslim market, and what he found amazed him: “What I saw was that they were much more educated than the average American. According to Gallup, 67 percent more educated; 80 percent of them are below the age of 40. And so I looked at these statistics and said, ‘Wow, this is really a marketer’s dream.’”
Durrani said his company saw $18 million in retail sales in 2013, and is projecting 100 percent growth this year—the kind of numbers that are unlikely to go unnoticed by traditional big manufacturers and retailers.
The global Halal market value for trade in Halal foods is estimated at US$547 billion a year. This large market has created interest from food producing countries worldwide. The increasing awareness of Muslim consumers on their religious obligations is creating greater demand for halal food and other consumer goods. There are approximately 2 billion Muslims out of the 6.5 billion world population.The trade in halal food is enormous with an estimated annual halal food value of US$347 billion (RM 1,317 billion) globally. It is a lucrative market and huge opportunities for halal food business – domestic and international trade. Many companies are looking at halal concept as a new tool for marketing. Some facts of market trend in abroad in the past few years did showed that the development of global Halal food market is up-rising. For example, the Australian Halal meat sales rose by 70% between 1997 and 2002. Annual Australian Halal exports in 2003 were valued at A$ 3.7 billion for meat and A$ 1 billion for dairy produce. The Australian Government has committed A$ 100 million over 5 years to promote their Halal food export business. Besides, the New Zealand Lamb exports account for 40% of the world market and 95% of all New Zealand lamb exports are now Halal while non-Halal production is being phased out.
In addition, the European Supermarket giants Carrefour and Auchan are now aggressively pursuing the Halal food retailing, while in the meantime the Port of Rotterdam is currently creating a “Halal DistriPark” to serve 30 million Muslims in Europe. The availability of Halal food from fresh meat to value added/processed food is increasingly visible in many EU countries. From butcheries, small stores, supermarkets and hypermarkets are gradually sells Halal food products, although this typically started in the Muslim-majority areas. Besides, there were also butcheries and grocery stores for the Muslims in China.