Halal Market
The halal market has expanded beyond food and drink to include various industries such as cosmetics, pharmaceuticals, and services like banking and logistics. Global demand for halal products continues to grow, driven by Muslim consumers’ awareness of the importance of choosing products that comply with Islamic law.
The halal industry’s growth is not limited to the Middle East but is rapidly expanding in Asia and other regions. For instance, China is working to expand its domestic halal industry through the ‘One Belt One Road’ initiative, enhancing trade with Organization of Islamic Cooperation (OIC) countries. In many countries, Muslim communities require trusted halal products, making widely recognized halal certification a valuable asset for businesses meeting this demand.
Furthermore, the growing global Muslim population is a major driver of halal product demand. Countries like Indonesia, with the largest Muslim population in the world, are pushing for stronger halal certification regulations to support the domestic industry.
Not only Muslim-majority countries but also non-Muslim countries like Japan are beginning to address the need for halal products, indicating that the halal industry is increasingly becoming an integral part of the global economy.
Future of the Halal Industry
The future of the halal industry looks promising, with the global market value projected to reach USD 2.3 trillion. Growing at an annual rate of about 20%, the industry generates around USD 560 billion per year. This growth is driven not only by the increasing number of affluent Muslim consumers but also by the expanding range of halal lifestyle offerings, including travel, hospitality, fashion, and halal cosmetics.
Interestingly, halal products are now also popular among non-Muslim consumers, primarily due to health benefits, food safety, and high-quality taste. Awareness of healthy living and ethical food production practices is contributing to the rising demand for halal products worldwide.
With the increasing number of Muslim and non-Muslim consumers adopting halal products, the global halal market is rapidly evolving into a progressive component of the international economy. This positions the halal industry as a competitive force poised to capture a larger market share in the future.
