The Halal Industry
The halal industry is one of the major and most important industries and the fastest growing global businesses across the world. Muslims which are 1.8 billion (24.1%) of the global population in 2015 are looking for halal food is a religious doctrine that must be fulfilled. The number of Muslims is expected to increase by 70% – from to nearly 3 billion in 2060. However, Halal industry is attracting both Muslims and non-Muslims with wholesome, hygienic and contamination-free principles of food production.
Over the past two decades, Halal products have been transformed from an exclusive niche market into a dynamic global market phenomenon. In recent years, halal expanded from consideration of the ingredients in food products to other sectors like cosmetics, pharmaceuticals, travel, and service.
According to the State of the Islamic Economy (SGIE 2017/18), global spend across lifestyle sectors was $2 trillion in 2016, where Food and beverage leads spend by category, at $1.24 trillion and are expected to exceed $3 trillion in the coming few years.
The Halal market does not merely cover food and beverage but it extends well into pharmaceuticals and health products, cosmetics and other consumer goods, food services, finance, logistics, and even tourism.