Norman Bagley investigates why private equity firms may have their sights set on the global halal market.
No doubt you will have heard of subscription meal kit company Gousto. Enter almost any of the main supermarkets and, across several categories, you’ll see an Italian range called Crosta & Mollica, which, so the Perwyn website states, is “reimagining Italian classics… with a focus on pizza”.
Perwyn?
Perwyn describes its business as being “… a different kind of private equity investor” and, having looked at its website, it certainly appears to have an eye for where the fastest-growing categories and markets are across its target sectors of tech, services, healthcare, and food & ingredients.
It is reported that the global halal market (this includes finance, cosmetics and pharmaceuticals) was expected to reach $7.7 trillion by 2025, while the UK market for halal food is set for major growth and is projected to reach £2 billion by 2028.
Among Perwyn’s investments is French business Isla Délice, which manufactures branded fresh and frozen halal meat products in seven European markets: France, the UK, Belgium, the Netherlands, Germany, Spain, and Italy.
Its website states that: “30 years ago in France, Isla Délice began shaking up the habits of the halal market. Today, we continue to invent and innovate so you can experience more choice and more joy at every eating occasion through deliciously halal food.” The brand is now listed by Tesco and adds: “Europe’s leading halal foods brand is now delighting consumers in the UK.”
No doubt other UK supermarkets will follow.
At the start of 2025, Perwyn acquired German meat business Gurkan, which is the manufacturer of a premium halal beef product range that includes pastrami and other sliced cooked meats.
Perwyn’s press statement at the time stated: “Germany is one of the main halal markets in Europe… bringing access to a new market, as well as new product capabilities and a premium brand. Entering the German market underscores the Group’s strong commitment towards its international expansion.”
I am in no doubt that Isla Délice and its brands will deliver growth and good returns to its investors.
Why?
Currently, 6.6% of the UK population is Muslim, a figure that has increased by 44% over the last decade, which, according to the Pew Research Center, would grow to 9.7% by 2050 if we were to have zero migration.
However, recent ONS figures are already indicating that by the mid-2030s, the population will be more than 72 million and that the growth will be driven by migration, and it is believed, again by the Pew Research Center, that 17.2% of the population will be Muslim.
No doubt Muslim consumers are similar to non-Muslim consumers in moving away from scratch cooking to eating choices based on convenience, grab & go, finger foods, and taste. What is more, Isla Délice has, in the last six months, launched a range specifically targeted at foodservice. Presumably, these products will soon be on school and hospital menus and in the fast casual and cafe sectors.
At a time when the UK Government’s main mantra is “economic growth”, it is disappointing that, as a country with an exponentially rising population, it is UK equity that is financing European manufactured halal food’s growth, not just here but in the high-value, high-volume and fast-paced economies in the Middle East and Asia.
